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Clearwater, FL Commercial Real Estate
Clearwater, FL commercial real estate offers a diverse array of opportunities for both business owners and investors. The city's strategic location, coupled with its vibrant economy and growing population, makes it an ideal ground for commercial real estate endeavors. Whether you're a growing enterprise looking to expand your footprint, an investor looking to capitalize on rental income, or anything in between, Clearwater, FL real estate is a place where you can make significant returns.
In the following sections, we'll delve into Clearwater’s commercial property market to provide insights and guide you on your commercial venture in Clearwater.
Overview of Clearwater, FL
Situated in Pinellas County on Florida's Gulf Coast, Clearwater is a city that offers the best of both worlds. As part of the Tampa Bay Metropolitan area, it is nestled between the bustling cities of Tampa to the east and St. Petersburg to the south. This advantageous geographical position means that Clearwater, FL commercial real estate benefits from a diverse and dynamic economic ecosystem.
The proximity to these major cities provides an abundant flow of potential clients and customers for businesses operating in Clearwater. Additionally, the city's strategic location offers easy access to several major highways, ports, and airports, which are essential for businesses that rely on logistics and transportation. The city's robust infrastructure, combined with its vibrant local economy, makes commercial real estate for sale in Clearwater, FL an attractive proposition for both business owners and investors.
Moreover, Clearwater is not just about business. It’s also a city renowned for its stunning beaches and thriving cultural scene. These elements contribute to a high quality of life, attracting both tourists and long-term residents alike. This blend of lifestyle and economic opportunity is what sets Clearwater apart in the commercial real estate landscape.
The Local Economic Landscape
Clearwater's economy is a vibrant mix of traditional industries and emerging sectors which creates a dynamic and resilient economic landscape. The city's economy has seen steady growth over the years, driven by local business expansion, new business formation, and inward investment from companies outside the area.
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Key industries driving commercial real estate
A major player in Clearwater's economy is the tourism industry. Its stunning beaches, especially Clearwater Beach, attract millions of visitors each year. This influx of tourists not only boosts the local economy but also increases demand for commercial properties like retail spaces, restaurants, hotels, and other types of investment property in Clearwater Beach, FL.
The tech industry is also rapidly growing in the area. Several international tech companies, like AnyDesk and KnowBe4, have opened offices in Clearwater. A wide range of tech startups are also choosing Clearwater as their base, further fueling demand for office and commercial spaces.
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Employment trends and growth
In terms of employment trends, Clearwater has seen steady job growth over the past few years. The city's unemployment rate is consistently lower than the national average, reflecting a healthy job market. This positive employment trend has increased the local population's purchasing power, resulting in a favorable environment for business owners looking to acquire commercial property for sale in Clearwater, FL.
More and more people have moved into Clearwater due to the increasing number of available jobs and those who have invested in multi-family homes and other similar commercial real estate for sale in Clearwater, FL have been able to enjoy fantastic returns on their investments.
Clearwater’s Commercial
Real Estate Market
Clearwater's commercial real estate has shown considerable strength compared to the overall U.S. market, especially in sectors such as tourism, healthcare, and technology. Despite some fluctuations in residential property prices, the commercial sector remains robust, characterized by good demand and competitive pricing.
A significant factor contributing to this resilience is the diversity of industries driving the demand for commercial property for sale in Clearwater, FL. From rows of retail spaces catering to tourists on Clearwater Beach to beautiful duplexes along Greenbriar being rented out to new residents moving to the city, the market is buoyed by a variety of needs.
Common commercial property types
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Multi-family homes: Multi-family homes, such as duplexes and apartment buildings, are prevalent throughout Clearwater, especially in the Downtown area. They're a popular choice for real estate investors due to the potential for significant rental income. With Clearwater's steady population growth and high demand for rental housing, investing in multi-family homes can yield attractive returns. The average price per square foot for multi-family homes varies but generally between $150 and $300.
Industrial properties: Industrial properties in Clearwater usually come in the form of warehouses and distribution centers. These properties are primarily located on the outskirts of the city or near major transportation routes. The price per square foot for industrial properties typically ranges from $100 to $150.
Retail properties: With its thriving tourism industry and vibrant local economy, Clearwater has a robust market for retail properties. These properties include standalone stores, strip centers, and the like. Individual spaces in shopping strips are also very popular among service providers and restaurateurs. The price per square foot for retail properties in Clearwater usually falls between $150 and $200.
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Office buildings: Office buildings in Clearwater cater to a wide range of businesses, from startups to established corporations. These properties are primarily located in downtown Clearwater and other commercial hubs like the Countryside Mall District. The average price per square foot for office space in the city is approximately $150.
Land: Clearwater commercial land for sale offers a unique opportunity for businesses and investors who prefer to build their own facilities. The type of property that can be built on a particular lot will depend on zoning regulations, so make sure to discuss this with an experienced local commercial real estate agent. The price per square foot for commercial land in Clearwater varies significantly based on location and zoning.
Major commercial districts in Clearwater
Clearwater's diverse commercial districts each offer different opportunities for businesses and investors. For those looking to invest in Clearwater, FL commercial real estate, these are some areas you may want to look at.
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1. Downtown Clearwater
Downtown Clearwater is the city's central business district, bustling with various office buildings, retail stores, and entertainment venues. The district’s significant redevelopment initiatives, make it a hotspot for investors seeking high-potential properties. A notable landmark here is the Capitol Theatre, a restored venue that hosts a variety of live performances that contribute to the cultural vibrancy of the area. Additionally, the recent revitalization efforts in the downtown area, such as the Cleveland Street District, have brought in new boutiques, restaurants, and art galleries, further enhancing its appeal.
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2. Clearwater Beach
Clearwater Beach is a world-class tourist destination known for its pristine sandy beaches and vibrant nightlife. Investment property in Clearwater Beach, FL primarily caters to the tourism industry by offering a plethora of opportunities for businesses in hospitality, retail, and entertainment. Pier 60, a popular fishing pier and park, is an iconic location that draws significant foot traffic, especially during the daily sunset festival. The presence of high-profile establishments like the Hilton Clearwater Beach Resort & Spa also contributes to the area's allure.
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3. Countryside
Countryside is a thriving suburban district with a mix of retail, office, and multi-family properties. It's anchored by the Westfield Countryside Mall, a major shopping center featuring over 150 retailers, including big names like Macy's and Sears. This mall, along with several other shopping plazas in the area, draws significant foot traffic, which benefits surrounding businesses. The district also features several residential neighborhoods which provide a ready customer. Its balanced blend of commercial and residential spaces makes Countryside an attractive location for a variety of businesses.
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4. East Bay Drive
East Bay Drive is a significant corridor with a variety of commercial properties. Notably, it hosts the Clearwater Airpark, a general aviation airport. This increases the area's appeal, especially for businesses that benefit from proximity to air travel facilities such as hotels and restaurants.
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5. Gulf to Bay Boulevard (State Road 60)
Gulf to Bay Boulevard, also known as State Road 60, is one of Clearwater's main commercial arteries. This busy thoroughfare is home to Clearwater Mall, a large open-air shopping center hosting big-name retailers like Super Target and Costco. Additionally, the strategic location of this boulevard which connects downtown Clearwater to Tampa, makes it a highly sought-after location for businesses looking for a high-traffic area with excellent visibility.
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6. U.S. Highway 19
U.S. Highway 19 serves as a major commercial artery in Clearwater. It hosts numerous shopping centers, standalone retail stores, and office buildings. A notable mention is the Tri-City Plaza, a large shopping center with a variety of retail stores. The highway also features several industrial properties, making it a versatile district suitable for a range of commercial real estate investment options. Easy access to other parts of the city and the region via the U.S. Highway 19 further enhances the area’s appeal to businesses and investors.
Notable developments and projects
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1. Imagine Clearwater
This $84 million waterfront revitalization project transformed Coachman Park into a pedestrian-friendly area with performance spaces and restaurants. It opened in 2021 and has attracted significant traffic and investment to the downtown area. Imagine Clearwater's success story underscores the city's commitment to revitalization which has made the area a highly desirable location for forward-thinking investors looking to capitalize on a thriving downtown scene.
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2. Cleveland Street Streetscape
This multi-phase project completed in 2023 enhanced the streetscape along Cleveland Street and improved walkability and aesthetics. Wider sidewalks, designated bike lanes, and inviting landscaping create a welcoming and accessible environment for customers and employees. These welcome changes foster a sense of community and encourage exploration of the area. This investment in infrastructure signals the city's commitment to creating a business-friendly environment, making Cleveland Street an attractive location for businesses seeking a vibrant and easily accessible storefront.
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3. Clearwater Marina Replacement Project
Set to begin construction in mid-2024, the Clearwater Marina Replacement Project presents a lucrative opportunity for investors seeking to capitalize on the growing boating industry. The $34 million project will deliver a modern marina with upgraded facilities to attract boaters and visitors from across the region. This influx of high-spending clientele will translate to increased potential for nearby businesses, particularly those catering to tourism and leisure activities. The project's proximity to existing commercial districts further enhances the investment potential.
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4. U.S. 19 Corridor Development
The city is actively seeking developers to revitalize the U.S. 19 corridor, aiming for denser, mixed-use development with office space, technology companies, and more. This influx of population and the growing economic activity create a highly desirable market for commercial ventures catering to a diverse range of needs. With its focus on innovation and development, the U.S. 19 Corridor represents a promising investment opportunity for those seeking to be part of Clearwater's dynamic future.
Commercial Investment Opportunities
Apart from retail and tourist services and amenities, office property is booming in Clearwater, FL commercial real estate. This has led to stable occupancy rates and healthy rental growth. The average office rent per square foot in Clearwater has been on a steady increase over the last few years. In 2021, the rent per square foot for Class A and A+ office spaces was $22.87. In 2022, it jumped to $24.51; and in 2023, rent per square foot increased to $25.41.
The growing demand for mixed-use developments presents an avenue to capitalize on the desire for live-work-play environments. The rise of e-commerce has created opportunities for strategically located warehousing and logistics facilities.
Additionally, the influx of young professionals and retirees fuels the need for coworking spaces, medical facilities, and senior living communities. By aligning investments with these trends, investors can position themselves to capture the full potential of Clearwater's dynamic and evolving commercial landscape.
Local Amenities and Infrastructure
When considering commercial investment in Clearwater, you’ll need to know about the amenities and infrastructure. A good understanding of the locale should help you determine what investment property will work best in a particular area.
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Transportation and connectivity
Clearwater enjoys excellent transportation and connectivity, making it easy for people to commute within the city and beyond. The city is served by the Pinellas Suncoast Transit Authority (PSTA), providing convenient public transit options. Clearwater also benefits from its proximity to major highways like U.S. Highway 19 and State Road 60, which offer easy access to Tampa and surrounding areas.
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Educational institutions
The city is home to numerous well-regarded educational institutions, from primary schools to higher education establishments. Clearwater has several high-performing public and private schools catering to families in the area. The city is also home to St. Petersburg College - Clearwater Campus. As such, businesses that primarily target students living in Clearwater, FL should try to look for a property close to these schools.
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Recreational facilities and lifestyle
Clearwater offers a rich array of recreational facilities and lifestyle amenities. Aside from Clearwater Beach, the city also has venues like Ruth Eckerd Hall, which has hosted plenty of big-name performers like Pink, Kenny G, Bob Dylan, and more. Naturally enough, businesses around the area can expect to see a boost in sales whenever these artists perform in the city.
Clearwater is also home to a number of exceptional parks like Moccasin Lake Nature Park and Cliff Stephens Park. It isn’t uncommon to see a large number of families enjoying the recreational facilities in these green spaces. Family-friendly restaurants will want to explore Clearwater, FL commercial real estate close to their target market.
Explore the
Clearwater Commercial
Real Estate Market
If you’re looking to invest in Clearwater, FL commercial real estate, make sure you work with a trusted real estate broker
With over 10 years of experience in Clearwater’s commercial real estate space, I have the expertise and local knowledge to guide you through every step of the process. From finding the right property to closing the deal, I'm committed to helping you make the best investment decisions for success now and in the future.
For inquiries, don’t hesitate to call me, Julie Drolshagen at 727.902.9233 or email me here.
