TAMPA, FL—Caleb Lewis recently transitioned from Bishop & Associates, where he started his commercial real estate career in 2004, to Cresa. He's represented clients in the leasing and purchase of 2.1 million square feet of office space since entering the business.
In 2014, Lewis inked the fourth-largest office lease in Tampa Bay market, a 97,416-square-foot lease renewal with Laboratory Corporation of America. He also works with ACPE, Inc., CB&I Engineering, Ryland Homes, KCI Technologies, Genesis Healthcare and a host of locally based law firms and professional service firms.
GlobeSt.com caught up with Lewis to discuss the Tampa office market. Be sure to come back to tomorrow's Orlando edition or part two of this exclusive interview.
GlobeSt.com: What current trends do you see in the Tampa market?
Lewis: The Tampa Bay office leasing market is very healthy. There is a lot more demand than in years past.
Downtown Tampa vacancy rates are at their lowest levels in 20 years. Westshore continues to be the bellwether market for office users wanting well located space close to numerous amenities and the airport.
GlobeSt.com: What about neighboring Pinellas County?
Lewis: In Pinellas County, Downtown Saint Petersburg is on fire with leasing activity and vacancy rates are very low. The Gateway-Carillon submarket is also very tight for class A users looking for significant blocks of space.
Further, the Sarasota market has shown signs of life in the last 12 months and tenants seeking 25,000-square-foot-plus in the Sarasota CBD and Interstate 75 Corridor submarkets are finding limited options.
GlobeSt.com: What are you seeing in terms of investor activity in the region?
Lewis: Office building sales activity is very brisk as well. Recently in the Tampa CBD, Tampa City Center, Fifth Third and Wells Fargo Center traded for rich valuations and with SunTrust Financial Centre currently on the market and being a trophy class A asset, investors are seeing the value in the Tampa CBD. In the Westshore submarket, Rocky Point Centre, Westshore Center, Westshore Corporate Center and Cypress Center I, II and III are on the market as owners are cashing in on the current environment.
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