Office and Retail Rentals in New Tampa and Wesley Chapel
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New Tampa Commercial Rental Market
The rental market in New Tampa has compelling options in office or retail space if you are looking to relocate a business to the area or looking for a location to start a new business. Recent development activity has led to a significant quantity of vacant New Tampa offices and retail space in New Tampa. Navigating the options to acquire the best office or retail space for rent is no simple task.
For those unfamiliar with New Tampa, it is not a city with clear boundaries. New Tampa was once thought to be all of zip code 33647, beginning at Tampa Palms and running North and East along either side of Bruce B Downs up to the Hillsborough and Pasco county line. With all the new development, including a New Mall and proposed hospital in Wesley Chapel, New Tampa is now considered by most to extend past the Hillsborough and Pasco border at County Line Road along Bruce B Downs until CR 54 and now includes zip code 33543.
New Tampa an excellent location for both new and relocating businesses
There are plenty of reasons to locate a business in New Tampa. New Tampa is primarily a middle to upper class area, with residences ranging from $150,000 for a 2 bedroom condo up to several million dollars for an executive level home. The majority of the development has occurred in just the last ten years. New Tampa residents are a great resource for businesses that need access to a large and diverse group of potential employees. Additionally, those businesses that excel in an upscale, young, vibrant and fast growing area will do well here. Another compelling reason to locate a business, particularly one that will need to recruit employees from a higher learning education center, is the close proximity of University of Southern Florida (USF) just south of New Tampa on Bruce B Downs.
The really good news is for anyone considering a commercial rental is that market conditions have reduced lease prices of New Tampa retail and office rentals significantly over the last several months. New Tampa commercial real estate owners have also become more flexible in negotiating lease terms. Commercial real estate in New Tampa averages $18-$24 per square foot total for an office rental, slightly higher for retail space. Negotiating skills, length of lease and several other factors will ultimately determine the lease price of an office or retail space.
Navigating the New Tampa Commercial Rental Market
When searching for commercial rentals, beware of tricky advertising. Someone may advertise a rate of $13 per square foot on a New Tampa office building for rent. This may seem like a great rate, but it is probably not. A little more research will unveil an additional cost known as CAM (Common Area Maintenance) which is the cost associated with maintaining the common areas, parking lot, trash collection etc. In New Tampa CAM will generally add $5-$8 per square foot on a commercial rental property. If you do the math, a base rate of $13 + a CAM of $7 will be a total cost of $20 per sq ft and a property that is priced in line with other commercial rentals that are advertised with the CAM included.
Commercial real estate has less advertising standardization and more pass through expenses then residential real estate and rentals. Generally it takes some effort to determine the true total cost. Understanding what is included is critical when evaluating an advertised rate such as $18 Triple Net or $18 NNN. This indicates that the base rate includes Taxes, Association Fees and Insurance, but does NOT include utilities and may or may not include CAM. Most advertised rates are Triple Net, but some are not.
Another strategy is commercial rental properties advertised by a monthly or annual cost. For example a New Tampa Office for rent could be listed at 1250 sq. ft and advertised for a monthly cost $2000 per month. Comparing this New Tampa office rental property to a similar 1350 sq. ft. office for rent in New Tampa advertised at $18 NNN will require some math.
Additionally, renting a shared office suite may be an option. The price per square feet will be higher, but the minimum size will be significantly smaller. Access to a receptionist, conference room, copy machines, internet, phone system and other conveniences are usually available in New Tampa executive office suites making the overall cost more tolerable for a small business with just a few employees. Lease terms are often more flexible as well, as units can be rented for as little as 3 months.
Assistance offered to find a New Tampa commercial rental
It’s a good idea to get some help when looking for commercial property to lease or buy, particularly in New Tampa where the conditions are dynamic and have changed every year. Any licensed real estate agent could be of some assistance, but it is certainly better to deal with a more knowledgeable resource that understands commercial real estate and the New Tampa commercial real estate and rental market. A commercial real estate consultant will handle much of the leg work and help manage all negotiations. In most cases, the owner will pay for the services provided by the renters agent. Keep this in mind, as directly responding to an ad, will be contacting the landlord or rental owners agent directly and their goal will be to keep the price and lease terms as beneficial to them as possible. A commercial real estate agent can negotiate with the tenants best interests in mind.If you would like to advertise your COMMERCIAL RENTAL on this site, please contact us