David Bradley, Senior Managing Director & Market Leader, Marcus & Millichap

July 2026 — In an interview with Invest:, David Bradley, senior managing director and market leader at Marcus & Millichap, discussed investor activity across Tampa Bay’s commercial real estate market, including capital movement, sector performance, and long-term optimism for the region. “As long as sunshine and low taxes are in style, we’re going to do okay,” Bradley said.

What changes over the past year have impacted Marcus & Millichap in Tampa Bay?

The past year has had a couple of ebbs and flows. Coming into the end of the fourth quarter, there was an overwhelming sentiment that interest rates were going to come down. There was a lot of capital starting to be put to work, and we had a very strong fourth quarter.

Moving into the first quarter of this year, the conflict in the Middle East sent a shockwave through the markets and created uncertainty around interest rates. That caused a brief pause in activity, but business picked up quickly afterward. As it stands today, we have a robust pipeline, and business is looking favorable going into the second half of the year.

You compound that with AI and all the unknowns that come with it, including what it means for businesses, tenants, and real estate owners. Right now, the overwhelming sentiment is that we do not know, but we are continuing to do business as usual, put dollars to work, and close deals in a region that seems to be doing very well despite everything else happening in the world.

What trends are having the greatest impact on investor decision-making today?

As long as sunshine and low taxes are in style, we’re going to do okay. Political decisions tied to geography are having a bigger effect than anything I have seen before. If you look at the Northeast, the West Coast, and cities enacting certain policies, a lot of wealth is looking elsewhere. There has always been demand from New York and California buyers looking to invest in Florida, but those trends have accelerated.

The thing that underpins the entire thesis is the ability to attract and retain quality people. Good jobs continue to be created across a variety of industries, and that fuels demand and the attractiveness of being a real estate owner and investor here.

When you compare Tampa to markets around the country, it consistently ranks among the top places to invest in real estate. These are structural, multiyear trends. Interest rates and geopolitical events can change quickly, but capital investment, business expansion, and favorable tax policy are longer-term forces that continue to support the region.

How are you attracting and developing the next generation of commercial real estate professionals?

We have invested significant time and resources into our internship programs and university partnerships. That has been a bright spot for us.

We maintain strong relationships with institutions including the University of Tampa, the University of South Florida, Florida State University, and the University of Florida. The goal is to give students both classroom education and real-world exposure to the business.

That approach has worked well. We have been able to train people through their senior year and develop them into brokers who are ready to contribute immediately after graduation. There are a lot of smart and talented people coming out of school, and we want to continue helping them build careers in the industry.

Which property sectors are currently attracting the strongest investor interest?

The hottest sector right now is smaller-bay industrial properties. There has not been a lot of development for smaller tenants, and demand remains strong. We have seen significant rent growth in that segment, and those deals continue to perform well.

Retail has also been a major bright spot. Ten years ago, the narrative was that Amazon would destroy brick-and-mortar retail, so very little new retail space was built. What businesses learned is that people still want to go shopping, dine out, go to the gym, and access services in person. That has created a renaissance in local shopping centers, and rent growth has been strong.

Office remains the least popular sector among many investors because of its negative stigma. After the COVID-19 pandemic, the narrative was that companies no longer needed offices. What many companies have found is that while some jobs can be done remotely, work still gets done when teams are together. In Tampa, rent growth and occupancy remain strong. While office faces challenges in some markets, Tampa presents a compelling opportunity for investors willing to take a contrarian view.

Multifamily is dealing with a large amount of new supply. The market has seen significant construction activity, and much of that inventory has either been delivered or will be delivered within the next year. As those units are absorbed, I expect rent growth to return.

The softness we are seeing today is temporary. Demand remains strong, and the gap between the cost of homeownership and renting remains exceptionally wideAs long as that remains the case, rental housing will continue to be in demand. Over a five-, seven-, or 10-year period, multifamily investors in Tampa should do very well if they can tolerate some short-term softness.

What are investors most concerned about heading into the next year?

There are always things to worry about, and many of them are outside our control. In Florida, hurricanes are always a consideration. Insurance costs were a major concern a few years ago, although we have seen some relief over the past couple of years.

Investors are also paying close attention to rising costs. Fuel prices and other inputs can affect businesses in ways that are difficult to predict. The biggest concern is understanding what these factors mean for the health of the businesses operating within their properties. Will tenants continue to perform well, or will changing economic conditions create challenges?

We have also seen what some describe as a K-shaped recovery. Asset owners have generally seen their wealth grow, while many wage earners have experienced declining purchasing power. That can affect certain businesses. For example, some quick-service restaurants have experienced softness as consumers cut back on discretionary spending.

There are so many factors in motion that every situation has to be evaluated individually. Investors need to understand their properties, their tenants, and the businesses operating within them more than ever before. Those who remain informed and adaptable will be in the best position to succeed.

What gives you the greatest optimism about the market?

If you believe that people are going to live somewhere, work somewhere, and do things in places, then real estate is a pretty good place to be. It is a basic necessity.

The question then becomes where you want to own real estate. You want to be in a place where more people are going to want to live, work, and invest over time. When you look at those factors, Tampa stands out.

The lifestyle component is important. People want to live in places that offer a high quality of life, and Tampa continues to attract residents and businesses alike. When I look at all of those factors together, this is where I would want to be.

People are voting with their feet by moving here and voting with their dollars by investing here. I’m highly optimistic about the future and about being here. There will always be challenges to work through, but the long-term outlook remains very strong.