Something significant happened in Pasco County on January 26, 2026. The doors opened at the Moffitt Speros Outpatient Center in Land O’ Lakes, and the commercial real estate market in that corridor will not look the same five years from now.
This is not a prediction. It is pattern recognition. When a 775-acre life sciences campus backed by over a billion dollars in capital investment opens its first building and begins treating patients, the surrounding real estate market moves. Specialty clinics follow. Diagnostic labs need space. Medical supply companies want proximity to the anchor. Physician groups that have operated out of Tampa for decades start doing the math on commute times for their Pasco-based patients and start looking north.
Tom Brubaker, a state-certified appraiser and principal broker at TAMBAY Commercial, has watched this pattern play out across Tampa Bay for more than 35 years. His take is straightforward: the landlords and tenants who move early in a corridor like this are the ones who capture the best deals. Those who wait get priced out or end up with whatever inventory is left.
What the Speros Campus Actually Represents
Most of the coverage around the Speros opening has focused on the medical and scientific side of things, which makes sense. The 120,000-square-foot outpatient facility is the first completed project on a campus that will eventually include 140 buildings. The Richard M. Schulze Family Foundation Proton Center, located on the same grounds, is scheduled to open in June 2026. The Moffitt Discovery and Innovation Center, a 250,000-square-foot research facility, is also in active construction.
When this campus reaches full build-out, the Pasco Economic Development Council projects it will generate more than 11,000 jobs and $2.5 billion in total economic impact over the next decade. The campus itself is larger than all of downtown Tampa. You can read more about the full scope of the project directly on the Moffitt Speros website.
For the commercial real estate market, that footprint translates into sustained, long-term demand for medical office space in Land O’ Lakes and the surrounding submarkets including Wesley Chapel, Lutz, and Odessa.
Why Medical Office Tenants Are Moving Now
The demand for medical office space near a major cancer center does not wait for the ribbon cutting. Physician groups, imaging centers, infusion clinics, and ancillary service providers plan their real estate moves months in advance. By the time a major medical anchor is open and treating patients, the most strategic tenants have already signed leases or are deep in negotiations.
That dynamic is already playing out in the Land O’ Lakes corridor. Flex space and professional office inventory within a reasonable drive of the Speros campus is drawing serious interest, and rental rates in the submarket are beginning to reflect that pressure.
For tenants looking to position near the campus, the window to find quality space at current rates is narrow. The longer you wait, the more you will compete with other medical users for a shrinking pool of available inventory. Working with an experienced tenant representation broker who understands both the lease structure and the specific build-out requirements of medical users is not optional in a market moving this fast. It is the difference between landing the right space and settling for whatever is left.
What Landlords in the Corridor Need to Understand
If you own commercial property within 10 to 15 miles of the Speros campus, you are sitting on an asset that is appreciating in strategic value whether you realize it or not. The problem is that many landlords in Pasco County are still pricing their flex and office product based on 2023 comps. That math no longer works in your favor, and not in the way you might think.
Medical tenants have specific requirements. They need higher electrical capacity, plumbing infrastructure for clinical use, ADA compliance, and in many cases significant tenant improvement allowances to make a conventional space functional. If your property cannot accommodate those needs without substantial capital investment, the headline rental rate you are chasing may be the wrong metric entirely.
Tom Brubaker’s background as a state-certified appraiser means he approaches landlord assignments differently than a conventional broker. Before a property goes to market, TAMBAY runs a full valuation analysis to understand what the asset can realistically command given its physical characteristics and the current tenant pool. That process protects landlords from both underpricing and from signing leases with tenants whose build-out demands will erode returns over the lease term.
If you own property in this corridor and have not had a current market valuation done, that is the first conversation to have. Reach out through TAMBAY’s landlord representation page to get started.
The Business Angle: Not Just Real Estate
The Speros corridor is not just attracting tenants looking for office space. It is attracting business owners who are thinking about their exit.
Physician practices and medical businesses that have operated in Tampa and Hillsborough County for years are now looking at Land O’ Lakes as a growth market. Some are opening satellite locations. Others are considering full relocations. And some are at the stage of their careers where a growing market like this represents the right moment to sell.
TAMBAY Commercial works closely with its sister company on the business brokerage side. If you own a medical practice or healthcare-related business in the Tampa Bay area and are considering a sale, the team at TAMBAY Mergers handles medical practice transactions with the same appraisal-backed precision that defines the commercial real estate side. A market in transition like the Speros corridor tends to attract buyers. That is worth knowing if you are thinking about timing.
Wesley Chapel, Lutz, and Odessa Are Not Sitting Still
Land O’ Lakes gets the headlines because that is where the campus sits, but the demand pressure radiates outward. Wesley Chapel has seen sustained commercial development along the SR-54 corridor for years and is already home to several medical users. The addition of a world-class cancer center less than 15 minutes away adds another layer of demand for professional office and medical flex space in that submarket.
Lutz and Odessa, both positioned between the Speros campus and the broader Tampa market, are picking up spillover interest from tenants who want Pasco proximity without paying Land O’ Lakes pricing. If you own commercial property in either of those areas, the trajectory of this corridor is working in your favor.
The Bottom Line
The Moffitt Speros campus is a generational development for Pasco County. The outpatient center is open and treating patients. The proton center opens in June 2026. The research center is under construction. The economic ripple from this campus will be felt across Land O’ Lakes, Wesley Chapel, Lutz, and Odessa for the next decade.
The commercial real estate market in this corridor is moving. The question is whether you are positioned to benefit from it or watching from the sideline.
TAMBAY Commercial serves landlords, tenants, and business owners across the Tampa Bay and Pasco County markets with appraisal-backed brokerage services. Contact Tom Brubaker directly to discuss how the Speros corridor affects your property or your search.
