October 25, 2014
Regional Snapshots - Tampa Bay

Photo:

Trammel Crow plans to start construction next year on its 20-story Southgate, the first downtown Tampa office tower in 20 years.

Commercial Real Estate

Regional Snapshots - Tampa Bay

Mike Vogel | 9/8/2012

The Tampa market is improving slowly but steadily, says Patricia Nooney, senior managing director for institutional services for Florida for CBRE, who oversees brokerage in the Tampa Bay market. With occupancy rates rising, rents should begin to rise in 2013, she says.

Early this year, Parkway Properties paid $46.9 million for The Pointe, a 252,000-sq-ft.

Westshore office building, bringing it to more than 1 million square feet owned or managed in Westshore. “Of all of Tampa’s absorption in 2011, Westshore had the lion’s share,” says Parkway COO Jayson Lipsey.

In retail, vacancies remain high. New leadership in civic and governmental posts — including Mayor Bob Buckhorn — has real estate players encouraged.

Sector Vacancy Rent (per sq. ft.)
Office 21.7% $21.10
Industrial 9.4 5.02
Retail 8.2 15.09
» 1-Year Employment Change +23,300 jobs (+2.1%)

 

Perspectives

Daniel Woodward
Vice president
Highwoods Properties, Tampa

“One of the notable things in the Tampa market is, if you have a customer who needs 100,000 square feet, there’s not a lot of choices left in the market. You’re going to start to see more people build to suit.”

Tags: Tampa Bay, Real Estate, Commercial Real Estate, Regional Snapshots

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