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Tampa Office Market May Bottom Out

TAMPA, FL-Negative absorption for the first quarter of 2010 is half of what it was for 1Q09.

By Hortense Leon | Updated on April 05, 2010

TAMPA, FL-The Tampa Bay office market may be beginning to turn a corner, with the amount of negative absorption in the first quarter of 2010 significantly smaller than in the 1Q09, according to brokers at Grubb & Ellis and CB Richard Ellis. Plus, activity in the market is up from late 2009, they report.

“In 2009, people were uncertain about the economy,” but now company executives are interested in making decisions about renting space, says Paula Buffa, senior vice president, Grubb & Ellis Commercial Florida at the Tampa office. Buffa and colleagues Jim Moler, senior vice president, and associate Maria Camarinos Hall, of the new “office agency team,” at Grubb and Ellis in Tampa, recently added the Turtle Creek property, a 120,000-square-foot First Industrial Realty Trust office/flex project in Clearwater, to their portfolio of properties for which they are in charge of leasing.

At the end of first quarter 2010, there was negative absorption of 200,000 square feet of office space in the Tampa/St. Petersburg market, reports Buffa. “We will continue to have negative absorption for the rest of the year, but significantly less than in 2009, which ended with 1.2 million square feet of negative absorption,” she says. In contrast, if the market activity continues the way it has been in first quarter 2010, there will only be 800,000 square feet of absorption 2010. “The negative absorption in first quarter 2010 was about half the amount in first quarter of 2009, when there was a little over 400,000 square feet of negative absorption in the area, says Buffa.

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