Matt Siegel, Executive Managing Director, Colliers
In an interview with Invest:, Matt Siegel, executive managing director of Colliers, credited Tampa Bay’s strong talent pipeline and diverse economy for driving growth. “A market is only as good as its ability to attract and retain talent,” he said.
What makes Tampa Bay stand out as a commercial real estate market?
First and foremost, talent. A market is only as good as its ability to attract and retain talent, and Florida, particularly Tampa Bay, has been a major post-COVID beneficiary. We’re seeing people relocate here at every career stage — early, mid, and late — because Tampa offers a great quality of life, and compared to other coastal markets, it’s still relatively affordable for both residents and businesses. The area’s amenities, lifestyle, and job opportunities are driving long-term population growth. You also see a lot of students from Florida universities choosing Tampa as the place to start their careers and raise families, which accelerates that talent pipeline.
Another major factor is the diversity of Tampa Bay’s economy. It’s not reliant on just one industry. Healthcare, financial services, technology, cybersecurity, and innovation — Tampa has a well-rounded business ecosystem. That diversity is a huge asset, especially when you compare how Tampa holds up during macroeconomic headwinds versus other markets. It makes the region more resilient and attractive for long-term investment.
Which asset classes are seeing the strongest demand, and where do you see the biggest investment opportunities?
Across Florida and especially on the West Coast, retail remains incredibly strong. Retailers are chasing Florida’s population growth, and that demand is driving investor confidence. Retail occupancy is high, and we’re seeing strong investor and developer interest in quality retail centers across the region.
Office is certainly facing challenges, but high-quality products continue to perform. Tampa has some standout examples — Water Street, Midtown, and developments around Armature Works and Westshore. Strong real estate is still in demand, and Tampa’s office market has outperformed many peer cities over the last couple of years. That’s a testament to the talent pool here — companies want to be in Tampa because they can recruit and retain top talent.
On the industrial side, demand remains robust, especially along the I-4 corridor and throughout Greater Tampa Bay. There was a big wave of development in the last few years, and much of that new space is being absorbed. Florida’s population growth and logistics needs keep industrial activity strong, and Tampa continues to perform well across the major asset classes.
How is Colliers capitalizing on the strong performance of the industrial sector?
We’re doubling down on data and technology to help our clients make the most informed decisions. Industrial deals today are all about understanding distribution patterns, demographics, and supply chain efficiencies. Colliers has made significant investments in data analytics and technology platforms to provide real-time, actionable insights for our clients.
It’s about helping clients maximize their risk-adjusted returns, whether they’re investors or occupiers. We’re employing advanced market analysis tools to guide site selection, identify emerging logistics corridors, and track shifts in consumer demand. Those insights are critical to delivering best-in-class service and winning business in a competitive industrial landscape.
What sectors hold potential for future investment?
Build-to-rent (BTR), which is a niche multifamily asset class but one that’s seeing real momentum here in Tampa Bay. With rising home prices, BTR communities offer an alternative that’s attractive to both renters and investors. Healthcare real estate is another area where we’re seeing strong demand and growth potential, driven by Tampa’s expanding healthcare sector and aging population. Lastly, I’d point to redevelopment opportunities, particularly mixed-use projects. Tampa has older properties that are nearing or have reached functional obsolescence, and there’s growing investor interest in transforming these sites into modern, mixed-use developments. While mixed-use isn’t a formal asset class, it’s a focus area because it blends residential, office, and retail — offering diversification within a single project. Florida’s metro areas, especially Tampa, are well-suited for vertical mixed-use projects due to their dense, growing populations and demand for live-work-play environments.
What strategies are companies using to make office space more attractive?
It’s all about amenities and the live-work-play environment. The traditional 9-to-5 office setup isn’t extinct, but it’s evolved. Companies want spaces that are more than just offices, they’re looking for destinations where employees can work, socialize, and recharge. You see this with developments like Water Street and Midtown Tampa. They offer everything — restaurants, coffee shops, gyms, and green spaces — so employees don’t have to leave the area for anything. It’s about convenience and creating experiences that attract employees back to the office.
For landlords and office investors, it’s critical to focus on amenities that make their properties desirable, whether it’s fitness centers, food options, or outdoor spaces. The trend toward mixed-use plays into this because employees want easy access to dining, fitness, and social spaces before or after work. Office spaces in those types of environments are more competitive.
What strategies is Colliers using to recruit and retain top talent?
Colliers has made a significant investment in developing young talent. Our Accelerate Program has been a major success. It’s designed for early-career brokers and provides them with structured training, mentorship, and networking opportunities. The program also connects them with peers across North America, which helps them build relationships beyond their local market. The goal is to make a large firm feel smaller and more connected. When early-career professionals can quickly understand who does what across the organization, they can collaborate more effectively and feel like they’re part of something bigger.
We also pride ourselves on being nimble and entrepreneurial. For young professionals, that means they aren’t boxed into rigid roles, they can grow their careers in ways that match their strengths and ambitions. That’s key for retention: making sure people see a clear path to career growth within Colliers.
Are you seeing more alternative structures like joint ventures or private equity participation in response to higher interest rates?
It’s a relevant topic. Right now, I’d say we’re still in a bit of a wait-and-see mode. Investors are being cautious and creative in how they approach financing. There’s certainly more exploration of joint ventures, preferred equity structures, and alternative financing sources to bridge the gap created by higher interest rates. In residential sectors, we’re seeing some hard money lending to capitalize on opportunities, but that’s not really within our core focus. On the commercial side, many investors are holding capital and waiting for more clarity on where interest rates and economic conditions are heading.
The beginning of every year gives us signals from major industry conferences like NMHC (National Multi-Housing Council) in Vegas, CRE Finance Council (CREFC) in Miami, and the Mortgage Bankers Association (MBA) conference in San Diego. From what we’re hearing so far this year, capital is available, but investors are being patient. I’d say 2025 is shaping up to be a year of careful positioning — staying ready for opportunities but not rushing into deals without the right conditions.
What is your outlook for Tampa Bay’s commercial real estate market over the next few years?
What’s exciting about Tampa Bay is that it’s not just one project, it’s the collective momentum across multiple submarkets. Hillsborough, Pasco, Pinellas, Sarasota — they’re all experiencing significant activity, from residential to commercial redevelopment. We’re watching large-scale redevelopment opportunities closely in places like Britton Plaza, Ybor City, and areas around Downtown St. Pete. There’s a lot of potential to transform older properties into modern mixed-use destinations, which is something Tampa Bay is well-suited for. Even with the challenges from recent storms, there’s opportunity in hospitality and resort rebuilds along the coast. You’ll see new, resilient developments that modernize the waterfront experience.
Overall, the outlook for Tampa Bay remains incredibly strong. I think you’ll see the region continue to build on the momentum from the last decade. There’s a lot of runway ahead, and Tampa still has room to grow before it reaches the later innings of its growth cycle. As SPP’s Dave Bevirt often says, Tampa’s probably only in the second or third inning of its growth story. We’ve gone from being a “best-kept secret” to being on the world stage, but there’s still a lot of game left to play. The runway for growth here is long, and that’s what makes it such an exciting place to be.
