St. Petersburg is losing large companies that provide high-paying jobs to other cities due to its lack of premium office space and aging inventory.
That was Mack Feldman’s “definitive” message to city council members as local business, development and government leaders recently came together to discuss the need for more downtown office space and brainstorm potential solutions to a complex problem.
Feldman, vice president of Feldman Equities, was joined by Jason Mathis, CEO of St. Petersburg Downtown Partnership and Wendy Giffin, managing director for Cushman & Wakefield, at the April 27 Economic and Workforce Development Committee meeting. Several administrators also participated in the comprehensive conversation.
“Normally, if you have a lot of people wanting to be in downtown St. Petersburg, people would be able to pay higher rates for those office products, and you would be able to finance new buildings,” Mathis said. “For a variety of reasons, we have a market failure in downtown St. Petersburg right now when it comes to office development.”