TAMPA, FL-The Tampa Bay office market ended 2011 on several positive notes. Fourth quarter absorption was close to 500,000 square feet, bringing 2011 annual absorption to more than one million square feet, according to CBRE.
For the first time since 2008, vacancy is less than 20%, yet average asking lease rates have dropped below $20 per square foot—rates not seen since 2006. At the core of the Tampa’s growth is the Westshore submarket, where vacancy stands at 17.2%. That’s down 6% since this time last year.
GlobeSt.com caught up with Dale Peterson, an investment property specialist at CBRE, to talk about what 2012 has in store for Tampa’s office investment market.
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