TAMPA, FL—After stabilizing in Tampa, the Bay area’s office market is expected to see improvements in 2012. Leasing activity picked up slightly in 2011 and the market saw positive absorption. The vacancy rate wound up at 19.2% in 2011, according to Grubb & Ellis, and is forecast to dip to 18.6% in 2012.

Indeed, the improving climate leads Grubb & Ellis to predict a substantial recovery in the foreseeable future. For example, the new construction pipeline was empty in 2011 but 115,000 square feet is coming online in 2012, according to the firm’s research. Still, that shouldn’t negatively impact the market since no major tenants are expected to downsize or exit the market.

“Companies are using space more efficiently,” Katie Trott, vice president of CNL Commercial Real Estate’s Tampa office, tells GlobeSt.com. “Hoteling cubicles, fewer actual offices, smaller IT rooms and higher parking ratios allow tenants to take less space, which can really affect the bottom line.”