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LEASING RISES
Quarterly leasing activity was stable, totaling just over 870,712 sf. Tenants leased 3.9 million square feet (msf) during the last four quarters, 19.3% higher than a year ago and 16.5% above the market’s long-term annual average.
AVAILABILITY STABLE
Tampa Bay’s overall availability rate held steady at just under 15%. Class A overall availability remains tighter, holding at 12.6%, down by 10 basis points from last quarter.
RENT STILL RISING
Overall rents continue to rise, increasing by 1.4% to $24.11 this quarter, a 6.9% spike year on year. Class A average rent was $28.78, consistent with last quarter and 5% higher year over year.
SALES SLOWING
Office property sales year over year totaled $391 million, a decrease of 30% compared to the same period in 2017.
“The long-discussed mega projects that will transform Tampa are finally gaining traction. In both the Tampa CBD and Westshore submarkets, construction is underway. Tenants with lease rollovers in 2020 will have significantly more options to consider.”
Cheri M. O'Neil, Senior Vice President