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Renewals Rule the Office Sector

TAMPA, FL-Convincing tenants to stay put is imperative to sustaining rents and building values.

By Carl Cronan | Updated on March 23, 2009

(Carl Cronan is editor of Real Estate Florida.)

TAMPA, FL-Now that all of Florida’s major office markets are in double-digit vacancy and face the prospect of shrinking rental rates, renewals of existing leases are as important as ever. They mean even more for landlords who are trying to sustain property values in a tough investment sales market.

“Renewals are integral to building stability, especially in down markets,” Vince La Mariana, senior director with GVA Advantis in Tampa, tells GlobeSt.com. “Maintaining an existing tenant base is critical at times like this.”

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