Tampa Office Market Heads South

TAMPA, FL-The exiting of a single large user at the beginning of the first quarter has dropped Tampa Bay area office statistics into the basement from where they may not improve for a few years, according to a new market analysis by Colliers Arnold Commercial Real Estate Co.

MCI Worldcom Intermedia voided its 800,000-sf lease at its building in the Highwoods Reserves project in the northwest submarket of New Tampa, FL. “This tenant leaving is the main reason the Bay area dipped so heavily into negative absorption” in Q1, says Colliers Arnold analyst Jeremy Kral.

The North American arm of Germany-based Deutsche Bank in New York has been inquiring about the vacant space, Kral says.