Large cities throughout the country continue to recover from the impact of the pandemic. Stay at home and quarantine orders hit small businesses hard, and cities were reeling from the economic impact of COVID-19. Some cities continue to struggle and push forwards, while others are well on their way to a return to pre-pandemic levels.
One city that is catching national attention for its financial recovery: Tampa.
What is Florida doing right?
A recent report by MSN notes that Tampa took the top spot for real estate investment opportunities. One of the biggest reasons for this is the fact that the area is currently reporting that its local economy is only 2.7% lower compared to pre-pandemic levels.
Additional reasons to invest in Florida listed within the report included high rankings for office space investment properties due to relatively low increases in vacancy and a strong multifamily market. The Tampa area specifically was also listed as second, overall, for retail market space according to the Newmark Opportunity Index.
How can I get in on this?
Entrepreneurs looking to take part in this strong investment opportunity are wise to complete due diligence before moving forward with negotiations for a real estate investment deal. It is also a good idea to make sure you have professionals to represent your interests. This could include an inspector to point out any potential issues with the property and a real estate attorney to conduct a thorough title search and draft real estate documents on your behalf. This will mitigate the risk of any surprises at and beyond closing.