Gregory Williams, Principal, Cardinal Point Management

July 2026 — Gregory Williams, principal and co-founder of Cardinal Point Management, spoke with Invest: about Tampa Bay’s commercial real estate market, capital challenges, and the company’s development pipeline. “We’re very fortunate to live in a growing, dynamic market like Tampa Bay,” Williams said.

What have been some of Cardinal Point Management’s key developments or highlights over the past year?

We have been working on several large development parcels in Brooksville at State Road 50 and I-75. One is a 143-acre site approved for up to 2.4 million square feet of industrial and logistics development. We also have a 57-acre site with retail outparcels and a larger commercial pad. We hope to break ground on those projects within the next 12 months after several years of pre-development work.

We also sold a retail center in Belleair Bluffs last September. It was a good outcome for us and our investors. It was the first asset we have sold in several years because rising interest rates have had a major impact on real estate capital markets. Transaction activity has slowed, but we remain fortunate to be operating in Tampa Bay and Florida, where the long-term demand drivers are strong.

What trends are you seeing across the different asset classes you work in?

We have a multifamily site in Westshore that has been rezoned for 398 units, and we are working on a potential sale to a national multifamily developer. The multifamily market has been working through a large amount of supply delivered between 2021 and 2024, which has led to concessions and pressure on operating metrics.

That said, the pipeline of new deliveries is declining significantly. We are very positive on the long-term outlook because Tampa continues to grow. We believe the market will reach equilibrium, concessions will burn off, and rent growth will return, making it a good time to look at future multifamily development opportunities.

The industrial sector experienced a similar wave of deliveries in 2022 and 2023, but much of that space is being absorbed. We are seeing stronger tenant activity and more inquiries on our industrial development site, which reflects confidence in both the economy and business growth plans.

What made the Belleair Bazaar project successful, and what lessons did it reinforce about today’s market?

The project benefited from a great location. We acquired the property in 2018 when it had deferred maintenance and an outdated appearance. We upgraded the facade, improved the curb appeal, and invested the capital needed to reposition the center.

The location was the key driver of success. It sits on a high-traffic corridor and serves an affluent surrounding community. That allowed us to improve tenancy, increase rental rates, and ultimately create significant value in the asset.

Which commercial real estate sectors offer the greatest opportunities in Tampa Bay right now?

I think opportunities exist across all sectors because Tampa Bay remains a growing and dynamic market.

Historically, we have been active in office, and while the sector faces challenges, it also presents interesting opportunities. Distress in the office market and uncertainty around long-term demand have impacted values. For investors willing to take a contrarian approach, there may be attractive opportunities to acquire assets at favorable pricing.

For more core investments, multifamily, industrial, and retail remain strong sectors supported by favorable demand drivers. Those markets are functioning more efficiently than office today, while office falls further along the opportunistic end of the risk spectrum.

How are investors adapting to higher interest rates and financing conditions, and how has Cardinal Point adjusted its strategy?

The cost of borrowing has increased significantly, affecting cap rates and transaction activity. Many owners who do not need to sell are holding assets longer while waiting for rent growth or potentially lower rates in the future.

At Cardinal Point, we continue to execute our business plans and work with both long-standing and new lending relationships. There is capital available in the market, but every transaction has become more customized. Since we focus on value-add and opportunistic investments, each capital structure is tailored to the specific deal we are pursuing.

Are you finding more opportunities to reposition existing assets rather than pursue ground-up development?

Not particularly. The closest example would be a hotel we acquired on West Shore Boulevard that is expected to be demolished and redeveloped into a multifamily project.

Adaptive reuse, particularly office-to-residential conversions, is certainly becoming more common across the country, especially in older and more established cities. While opportunities may exist, it is not an area where we are currently very active.

How is Cardinal Point using technology and data analytics to improve decision-making and asset performance?

Technology helps support both our asset management and property management teams. It improves productivity, allows us to evaluate acquisitions more efficiently, and helps us analyze property performance more effectively.

These tools allow us to identify changes in operating metrics earlier, flag issues more quickly, and respond faster. Ultimately, technology enables our team to make decisions in a more efficient and timely manner.

What are some of the biggest challenges facing commercial real estate owners today, particularly around operating costs, insurance, and capital availability?

Insurance remains one of the largest expense items for commercial real estate owners in Florida. Because we are primarily focused on Florida assets, we do not have the geographic diversification that larger national portfolios may have, which can make insurance placement more challenging.

The positive news is that the insurance market has softened over the past two years. Recent Florida legislative reforms have resulted in an increase of capital flowing to the property and casualty market which has  provided some relief. Rates remain well above where they were several years ago, but renewals have become more manageable.

Real estate taxes are another major expense category. We have also seen higher operating expenses in certain areas due to wage increases, but insurance has been the most significant challenge and remains a key factor for property owners in Florida.

What is your outlook for Tampa Bay’s commercial real estate market, and what are Cardinal Point’s priorities moving forward?

The outlook is very positive. We’re very fortunate to live in a growing, dynamic market like Tampa Bay. Florida continues to benefit from strong migration trends, a favorable tax environment, pro-business leadership, and an attractive quality of life. Those advantages position Tampa Bay and the broader state for continued growth.

Our priorities are to continue advancing our existing land development projects and bring several of those sites into development over the next few years. Beyond that, we will continue pursuing opportunities where we can leverage our operating platform, execute effectively, and provide solid risk-adjusted returns for our investors.