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Regional availability continues to increase
Tampa Bay’s regional availability continued to increase again this quarter, up 20 basis points from the end of Q2 to 15.9% in Q3. This marks a 140 basis-point increase over the year. Class A availability followed a similar trend, now at 14.8%. Conditions vary by submarket, with some submarkets like Westshore, Sarasota, St. Petersburg CBD and North Pinellas seeing availability contract over the year, while options in the Tampa CBD swelled, as overall availability jumped 540 basis points year over year to 15.2% with new inventory coming online.