Mike Griffin, Co-Head of Florida Region, Vice Chairman, Savills

In an interview with Invest: Mike Griffin, co-head of the Florida Region at Savills, highlighted the firm’s strong growth in Florida. He emphasized Tampa Bay’s resilience, citing robust leasing activity and transformative projects like Water Street and Gas Worx as pivotal to the region’s continued appeal as a dynamic hub for investment and innovation.

What are some of the most notable achievements for Savills over the past year?

I’m really excited about our growth in Florida. Over the past year, we’ve made significant progress with our Florida strategic plan, which was adopted in November 2023 by our Global Board in London. Seeing the results of the first full year of that plan in 2024 and into 2025 has been incredible.

One major milestone was the addition of Donna Abood as a co-leader for Florida, based in Miami. Her leadership, along with her team joining us mid-last year, doubled the size of our Miami operations overnight. Donna is both an industry icon and a prominent civic leader in South Florida. She and I share a deep commitment to supporting our alma maters and advancing higher education. She serves as Chair of the College of Business at Florida State, and I serve as Vice Chair of the Board of Trustees at USF.

After completing the first year of a five-year plan, we’re already ahead of schedule — a clear reflection of our strong commitment to growth in Florida. We’re focusing on hiring, recruiting, and supporting new businesses here. As we move further into 2025, we remain optimistic about both Florida’s economic growth and Savills’ position in the market. The outlook is strong, and I’m confident we will continue to build on this success.

What makes Tampa Bay an ideal location for Savills to operate?

Tampa Bay continues to experience remarkable growth. It’s a combination of good public policy, appealing weather, and a welcoming, diverse community. New residents always talk about how engaging and inclusive the region is. This has been a key driver behind Tampa Bay becoming one of the fastest-growing metro regions in the U.S.

From a commercial real estate perspective, we’ve seen resilience despite macroeconomic challenges like higher interest rates and changes in capital markets. Leasing activity is strong. We’ve returned to pre-pandemic levels and continue to see positive absorption of real estate space. However, the growing demand for high-quality office space, especially as businesses relocate or expand here, is becoming a concern. Without significant new speculative office construction, we’re facing a scarcity of the types of spaces businesses want.

Projects in St. Petersburg are helping, but the question for 2025 is whether supply can keep pace with demand. Rental rates and facility management costs are rising alongside strong demand, reflecting the strength of the market. Tampa Bay’s momentum is undeniable, fueled by effective policies, a talented workforce, and robust real estate opportunities.

What are some of the trends you’re seeing in commercial real estate?

When looking ahead, life sciences and healthcare stand out as the leading drivers of growth in commercial real estate. There’s been significant investment from healthcare entities across the region, ranging from acute care hospitals to clinics and beyond. This growth is exciting to watch and is complemented by large projects like the SPEROS FL initiative led by Moffitt Cancer Center in Pasco County and the health innovation district being developed by USF Health and TGH.

Life sciences are emerging as our next major focus. While progress in this sector has been somewhat tempered by challenges in the capital markets, the potential remains tremendous. The facilities required for life sciences are highly specialized, and speculative construction is complex and costly. However, Tampa Bay is well-positioned to attract occupiers in this field due to our talent pool, lower cost of living, and relatively affordable real estate compared to established life sciences hubs.

Beyond healthcare and life sciences, the industrial and manufacturing sectors remain robust. While demand for these spaces has started to stabilize after a surge, advanced manufacturing facilities continue to attract interest. These sectors will play a key role in the region’s continued growth.

From a traditional office leasing perspective, there’s been strong activity. Between Q3 and Q4 of last year, we saw a 14% increase in office leasing activity, with over 1 million square feet leased in Q4 alone. That level of activity demonstrates the resilience of Tampa Bay’s office market, even as the broader industry navigates the long-term impacts of remote and hybrid work models.

While hybrid work remains a factor, the pendulum is swinging back toward in-office work for many occupiers. Companies like JPMorgan and Amazon are pushing for more consistent in-office attendance. Tampa Bay, however, has been relatively insulated from the larger trend of office space reduction caused by remote work. The exception is the tech sector, where we’ve noticed some reductions and subleasing.

What role do you think real estate companies like yours play in balancing growth with quality of life?

Addressing infrastructure and transportation needs is an ongoing process. These issues aren’t “solved” in the traditional sense but are continuously refined through innovation and investment. Thanks to federal, state, and local support, we’ve made progress in enhancing roads and public transit, though much work remains. Efficiently moving people through better roads, expanded bus services, and alternative transportation is essential. At the same time, we need to focus on the less-visible aspects of infrastructure — like water systems, pump stations, and utilities. Hurricanes have exposed vulnerabilities in these areas and fixing them must be prioritized before we focus on major new transit projects that may not deliver immediate impact.

Another crucial factor in supporting regional growth is strengthening the talent pipeline. My work with USF, for example, highlights how partnerships between universities and the business community are addressing workforce needs. Companies benefit from these collaborations, allowing them to tap into local talent rather than importing it from other states. This alignment between educational institutions and businesses is a unique advantage for Tampa Bay and one of the key differentiators we highlight when attracting new businesses to the area.

With the impact of recent hurricanes, what are some of the lessons learned?

The 2024 hurricanes emphasized the importance of prioritizing infrastructure improvements. Local governments need to be more intentional in allocating tax dollars to critical areas such as stormwater systems and basic infrastructure, especially after we saw neighborhoods outside of designated flood zones sustain unexpected damage.

That said, the resilience and sense of community here stood out. During these crises, neighbors helped neighbors, and strangers supported one another. This collective spirit is why so many of us love living here. At Savills, we had colleagues who lost their homes, but they were uplifted by the community and are rebuilding stronger than before.

From a real estate perspective, Florida’s post-Hurricane Andrew building codes proved effective, with newer structures performing well against the storms. While older buildings faced challenges, the existing regulations are robust, and we trust them to continue providing protection.

The focus now should be on improving infrastructure at the municipal level to minimize disruptions and prevent future damage. While we were prepared for the recent hurricanes, we’ve learned valuable lessons to ensure even greater readiness moving forward. Tampa Bay is a resilient community, and as we address these issues, we’re better equipped to face future challenges.

What is your outlook for Tampa Bay?

When I think about the future of Tampa Bay, I’m excited by transformative developments happening across the region. Projects like the redevelopment of USF’s golf course into a mixed-use district, phase two of Water Street, and Darryl Shaw’s work in Ybor City with Gasworx are changing our urban landscape. These aren’t just isolated projects — they’re interconnected and reflective of the innovative spirit of our region.

Take Midtown, Armature Works, and even the airport’s new terminal as examples. Each embodies a bold vision and a commitment to enhancing how people live, work, and play here. Across the bay, St. Petersburg is also seeing monumental growth, with its first speculative office developments in over 30 years. And, of course, the long-anticipated resolution around the Rays’ stadium could further transform the area.

USF is another bright spot. The new football stadium is going to be a generational game-changer for the surrounding community. Developments such as RITHM and the potential redevelopment of the university golf course into a major district align with Tampa Bay’s upward trajectory. The new development planning around MOSI is another example. These are the kinds of projects that make this region stand out nationally, and they all contribute to an ecosystem that’s forward-looking and cohesive.

Despite broader economic challenges, Tampa Bay continues to advance steadily. Over the next five years, this region will undergo significant change, much like the transformation it has experienced in the past five years. Savills is fortunate to be part of these changes, and we’re committed to helping tell the story of why Tampa Bay is an exceptional place to invest, work, and live.