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Tampa Office Rents Rise, As Does Vacancy

TAMPA-Asking prices reach an all-time high despite a glut of sublease space, CBRE reports.

By Carl Cronan | Updated on April 17, 2008

(Carl Cronan is editor of Real EstateFlorida.)

TAMPA-Average asking rents in the Tampa-St. Petersburg office market reached an all-time high in the first quarter, according to a research report by CB Richard Ellis. The report also notes that there is nearly one million sf of vacant sublease space in the office market surrounding Tampa Bay.

The current trend of negative absorption and corporate downsizing, which contributed to an overall vacancy rate of 14.7% through the first three months of 2008, is expected to continue, at least over the short term. Economic uncertainty is causing some tenants to put expansion or relocation plans on hold, CBRE reports.

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