Asking Rents in Tampa Projected to Fall by 3.9% + Other Lease News
December 8th, 2009
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(TAMPA, FL) — As vacancy in the metro Tampa office market climbs and rents recede, property owners and investors continue to look for the turning point that will signal the onset of an economic recovery.
Marcus & Millichap predicts a 20.5 percent vacancy rate by year end. Rents are forecast to slide 7.9 percent to $17.23 per square foot.
To see complete story on the Real Estate Channel’s “Commercial Real Estate Round Up.”
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Jacksonville, Raleigh and Dallas. I am not sure how much of an issue this is when companies are looking to relocate to Tampa, but I am quite sure it is an issue for real estate prices in the downtown submarket when compared to other submarkets. Westshore, the downtown market’s closest competitor, maintains average office rates at roughly $3/square foot higher than those Downtown. Increased convenience to the Interstate and Expressway are part of the reason for the higher rates, but parking in most of the Westshore district is typically included in the rent, while it is priced separately in the downtown market.
