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Slowdown Affecting Local Office Demand

TAMPA, FL-Vacancy remains steady at midyear despite growing inventory, researcher says.

By Carl Cronan | Updated on August 15, 2008

(Carl Cronan is editor of Real EstateFlorida.)

TAMPA, FL-The local vacancy rate for office space appears to be holding steady at 15.1% midway through this year, though available inventory has grown by at least 800,000 sf over the past 12 months, according to the latest market review by GVA Advantis. Job losses, particularly in the financial services sector, are bringing about tepid demand.

“Despite some erosion of Tampa’s office fundamentals in the first half of 2008, the market seems to be transitioning into a more stabilized mode, which will limit sharp swings in the future,” Randy Smith, local research director for GVA Advantis, stated in the report. He added that most local market players have come to grips with the reversal of fortune in office demand, which was on a favorable track until the latter half of last year.

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