MIAMI—The Tampa Bay area has a strong and growing economy, healthy job growth, and an office market with declining vacancy rates and rising rents. Considering these factors, new office development might sound like a worthwhile and welcome addition to the area.
Why, then, has the market seen little to no new office development in recent years? GlobeSt.com spoke to Ryan Kratz, president of Colliers of International Florida, for his take on Tampa's lack of new office construction and the general state of the area's office market in part one of this this exclusive interview.
GlobeSt.com: Can you describe the overall climate of the Tampa Bay office market and explain how the current lack of new development is affecting it?
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