Tampa Commercial Real Estate | Florida Commercial Property

“We are going to see distress continue to mount this year,” Bach said.

Leasing rates for all sectors, including multifamily, retail, industrial and office, will continue to rise at least through the first six months, he said.

Grubb & Ellis’ Chief economist Robert Bach was in Tampa today to speak with Florida Gulf Coast Association of Realtors (FGCAR) and West Coast CCIM’s to discuss the outlook for commercial real estate.  (Complete story at the Tampa Bay Business  Journal)

The U.S. average apartment vacancy rate was 8 percent and the asking rental rate was $1,026.

Of the other major Florida markets, Miami had the lowest vacancy rate at 5.8 percent as well as the highest asking rental rate at $1,063. Tampa-St. Petersburg had a 10.7 percent vacancy rate and an $827 asking rent and Orlando had a 11.2 percent vacancy rate and an $869 asking rent.

New York-based Reis (Nasdaq: REIS) is a commercial real estate performance information and analysis company.

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601 Ashley - Office Space in Downtown Tampa

I just learned that  601 N. Ashley sold last month. Besides the fact that the building is immediately next to our office, I find the sale interesting as I believe it is a microcosm of what is going on in the Tampa market. Novare Development and partners purchased the building in 2005 with the intent  to convert the building to condos.

Well, life happened in the wake of what seemed like a great plan and the market downturn torpedoed any opportunity to break the building down and sell it.  The purchase price in 2005 was $7,000,000 or $114.27/sq ft.  The price on last month’s sale was $4.1 million, or  $67/sq foot, a 41% decrease.   While the Tampa Downtown Sub market hovers around 20% vacancy, it will be interesting to see what the new owners have in store for the property.

“This is a generational opportunity for law firms, for those whose leases are up in the next couple years,” said Jack Lowell of Flagler Real Estate Services. “We’ve been through this a few times before in Miami. These cycles last for two to three years.”

This was a piece from the  Miami Herald today.  It is interesting to  watch the way law firms are handling the current  downturn in the Tampa Bay area.  Some are looking for the 10  year leases  to really capitalize on their positions in the market.  Others are moving in to sub-leases  at 30%  below  market  rents,  with 2  year terms.   Confidence  in the staying power of their firms is a big factor  in which way they decide to go.

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We have a new listing.  It is a PRIME retail/office space on Hillsborough  Av in Tampa.

For further details, please see:

the Retail Space Website &

the Loopnet Listing Flyer

Tampa Retail Space – Video

4123 W Hillsborough Av
Tampa, Fl 33614

For further details, please contact:

Eric W Odum, Broker
813.514.1070