While the Tampa Bay market has several planned office developments underway, current inventory is tight. Here are a few ways office users should plan to adapt:

– Start early, consider properties that are listed and engage a seasoned real estate professional for those that aren’t.

– If you find a space well-suited for your needs, act quickly. Holding out for lower rental rates, higher tenant improvement allowances and other concessions is a poor strategy in this market.

– For office improvements, expect a longer permitting process and higher build-out costs than usual due to significant increases in construction and labor costs.

— Ryan Kratz, Colliers International Florida

As retailers continue to adjust to shoppers’ changing habits, three statistics presented in a Colliers International panel discussion at the International Council of Shopping Centers’ Florida Conference were particularly instructive:

– Industry consolidation resulted in more than 3,000 U.S. store closings this year.

– Our society has become more casual in its dress. In 1996, women bought an average of 51 clothing items a year. By 2016, that number was 36.

– We want to put our best face forward. Beauty products account for nearly 32% of retail sales nationally, followed by home (20%), electronics (16%), grocery (15%) and apparel (13%).

– Kyle Parks, B2 Communications

For the latest real estate trends, insights and forecasts, look no further than the Urban Land Institute’s (ULI) 2017 Fall Meeting. Set for Oct. 23-26 at the Los Angeles Convention Center, the meeting will explore a wide range of issues such as: housing affordability, gentrification and social equity, technology advancements, and retail challenges.

World-renowned architect Frank Gehry will headline the impressive list of keynote speakers and thought leaders, and findings from the anticipated “Emerging Trends in Real Estate 2018” will be discussed as well.

This annual meeting draws over 6,500 members and guests. Will you be there?

– Sarah Weston, The Atlanta 100

Tampa’s office market has seen little to no new development in recent years despite low vacancy rates, rising rents and healthy job growth.

Several interconnected factors contribute to this:

– Rental rates for existing Class A office space are about 20% lower than what developers require to justify new construction.

– Office users’ uncertainty over space needs makes them hesitant to pre-lease space in an undeveloped building.

– Lenders have tightened underwriting requirements for developers to secure financing for new office properties.

– New technology, condensed office spaces, and more flexible work environments allow tenants to improve the utility of their current spaces.

— Ryan Kratz, Colliers International Florida

Each year, the Tampa Bay Builders Association’s Parade of Homes showcases the latest trends in new home construction and interior design.

During this year’s parade, which runs throughout April, homebuyers (and anyone who enjoys a well-furnished model home) have the opportunity to tour more than 90 homes by 39 homebuilders in dozens of Tampa Bay area communities.

The parade comes at a time when Tampa’s housing market is among the healthiest in the country. That’s according to real estate data company TenX, which rated cities based on population and job growth, unemployment rates, wage growth and other related factors.

— Tyler Killette, B2 Communications

If you’re considering buying a home this year, you should act soon. Conditions are currently favorable for homebuyers, but that could change by year’s end.

Mortgage rates are still low, in the mid-4% range for a 30-year fixed mortgage, but according to Realtor.com, mortgage rates could rise by 0.75% over the year. And now is a good time to buy to acquire equity while values around the region continue to go up.

You may also save money versus renting. Buying a home is currently 37.7% cheaper than renting, according to a Trulia national trends report.

– Steve Seeger, Lennar

With the Fed raising interest rates, mortgage rates are following suit. Mortgage rates have been moving up slowly since last summer, and the pace of increases has picked up since the election.

Small rate changes matter. For example, if you were planning to get a $250,000 loan and mortgage rates move up between .75 and 1 percentage point, you would need to scale back your purchase by $20,000 to keep the same monthly payment.

It’s always hard to predict the future, but this is a good time to lock in at a rate that is still historically low.

– Scott Gibertini, USAmeriBank

Tampa’s Westshore area, one of Florida’s largest office communities, is quickly becoming more than a 9 to 5 business district. Several new luxury apartment communities are making the neighborhood a desirable place to live and transforming it into a bustling live-work-play community.

Communities like Crescent Westshore, which has 115 leases since opening in September, feature upscale apartments with proximity to over 4,000 companies and many retail and dining options, including a new World of Beer.

Pedestrian-friendly amenities such as widened sidewalks and convenience to I-275 and Tampa International Airport add to Westshore’s growing residential appeal.

– Tyler Killette, B2 Communications

Townhome development in Tampa Bay is up 54% year over year, according to research company Metrostudy.

While townhome living is a natural fit for busy metro areas, local submarkets are also seeing more development. In fact, in the quickly developing South Hillsborough County, townhome starts increased 143% year over year in such communities as Apollo Beach and Riverview, where prices start in the $180s.

Buyers are attracted to townhomes’ affordability, low-maintenance home ownership and size – some are just as large as single-family homes (up to 2,000 square feet). Townhome living is also an attractive alternative to renting.

– Steve Seeger, Lennar Tampa