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LEASING RISES
Tenants leased 4 million square feet (msf) during the last four quarters, a 19.1% jump compared to a year ago and 21% above the market’s long-term annual average.
AVAILABILITY UNCHANGED
Tampa Bay’s overall availability rate was essentially unchanged at 15.2% for the quarter, but it has decreased by 150 basis points from a year ago. The Class A availability rate rose by 60 basis points to 12.3% this quarter, but has declined by 210 basis points compared to first quarter of 2017.
RENT CONTINUES TO RISE
Tenants once again encountered a slight increase in asking rent. Overall asking rent inched up by 1.2% to $22.81 and jumped by 1.9% year-on-year. Class A rent increased by 1.7% in the quarter to $28.16 and has spiked by 6.2% year-on-year.
SALES DOWN
Office property sales during the last sixmonths (through February 2018) totaled $356 million, a 36% decrease compared to the previous six-month total of $559 million.
“Water Street Tampa continues to capture much of the attention regarding the impending boom in new office product. Other developers are joining the fray, increasing the prospects that tenants will eventually benefit from muchneeded top-tier office space. Now the region just needs commitment from a few anchor tenants to get these projects rolling."
Cheri M. O'Neil, Senior Vice President