Pasco County, FL - Urban Land Institute

Figure 3
Pasco County Office Demand
Annual Average Annual
Market Capture Rate Demand Demand Over 20 Years
Region (percent) (sq. ft.) Square Feet Acres Jobs
Coastal 10 45,000 900,000 100 4,000
Inland West 10 45,000 900,000 100 4,000
Central 30 135,000 2,700,000 300 12,000
East 5 22,500 450,000 50 2,000
South 45 202,500 4,050,000 450 18,000
Total 100 450,000 9,000,000 1,000 40,000
Source: THK Associates.
Figure 4
Pasco County Industrial Demand
Annual Average Annual
Market Capture Rate Demand Demand Over 20 Years
Region (percent) (sq. ft.) Square Feet Acres Jobs
Coastal 5 36,000 720,000 80 1,600
Inland West 5 36,000 720,000 100 1,600
Central 20 144,000 2,880,000 320 6,400
East 35 252,000 5,040,000 560 11,200
South 35 252,000 5,040,000 560 11,200
Total 100 720,000 14,400,000 1,600 32,000
Source: THK Associates.
Office
Today, metropolitan Tampa has almost 62 million
square feet of office space of which 11.5 percent
is vacant. There is currently a ratio of 20 square
feet of office space per capita. The Tampa MSA
is projected to grow by 35,130 new jobs per year
with 57 percent housed in office space. This area
will need to add 4.3 million square feet of office
space annually. Today, the northern outlying area,
which includes Pasco County, has an office space
inventory of approximately 600,000 square feet
operating at an 11.5 percent vacancy rate.
Based upon Pasco County’s location and projected
growth, it is estimated that over the next two
decades it will experience an annual demand for
450,000 square feet of office space on 50 acres.
Over the next 20 years, approximately 1,000 acres
will urbanize for nine million square feet of office
space which will employ almost 40,000 people. It
should be noted that a majority of this office space
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An Advisory Services Panel Report