Tampa, FL Healthcare Market Report
Market Overview
The Tampa Bay area is among the most rapidly expanding areas in the U.S., with Tampa serving as its focal point. The market boasts a robust economy characterized by a broad spectrum of industries, encompassing finance, healthcare, technology, and tourism. Tampa’s employment scene is flourishing, offering numerous prospects for career advancement and a reasonable cost of living, rendering it an appealing destination for families and young professionals seeking to reside there. BayCare Healthcare Systems is one of the major employers in the metro.
Market Performance
The 12-Month Sales Volume for the Tampa, FL healthcare sector is $273M.
In 2022, Florida experienced the highest population growth rate among all states, with a total increase of 1.9%, according to Revistamed. Nearly the entirety of this growth can be attributed to people moving into the state from other parts of the U.S. Additionally, Florida has a relatively high proportion of residents aged 65 and above, accounting for more than 21% of the population. This demographic composition is undoubtedly leading to a growing demand for healthcare services, and the state’s healthcare markets have been exhibiting considerable robustness in recent times, especially in the Tampa Bay region.
In the last 12 months, there have been 47 healthcare transactions, with the highest selling at $29 million in the Tampa market. Over 1.4 million square feet of healthcare space has been sold, with an average square foot of 28,900. With an average cap rate of 7.3%, the sector has proven to be an excellent investment opportunity.
Tampa Bay is not just the location of Tampa General Hospital/Florida Health Sciences Center, a prominent academic health system in the country; It’s also emerging as a thriving center for innovation, research, and biotechnology. The Tampa market possesses a distinctive advantage in fostering a top-tier medical and research district.
Tampa By the Numbers Last 12 Months
- Cap Rate: 7.3%
- Sale Price/SF: $201
- Average Sale Price: $5.9M
- Sales Volume: $273M
- Salve vs Asking Price: -34.3K
- Average SF: 28.9K
- Months to Sale: 8.2
