Flex Space Rents Rise

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TAMPA, FL-Tampa Bay’s 21-million-sf flex space market remains “very healthy” despite a lackluster finish in 2005, according to a new market study by the Tampa office of Colliers Arnold. Of the total 808,780 sf of new supply, only 372,038 sf or about 46% is still available. Flex buildings are selling at an average $76 per sf, the highest price in years. The 808,780 sf of new product is the largest delivered to the area in four years.

Russ Sampson, vice president and brokerage director at Colliers Arnold, tells GlobeSt.com his firm “projects positive momentum for the rest of 2006.” He says the market is “being driven by the growth in the job market.”