Overall, the Tampa Bay commercial real estate market continues to show strong growth through Q1 2016 and into Q2.
The Tampa Bay office market remained steady and active through the first quarter of 2016. Overall leasing and subleasing activity increased compared to previous quarters, shifting the dynamic of the market in the landlords’ favor. Job growth throughout the region continues to prompt businesses to expand their operations. The supply of quality office space is dwindling, causing an increase in activity in Class B product and rising lease rates. Construction activity returned to the six county Tampa Bay industrial market as the lack of inventory stirred new development throughout the area, particularly in Polk County. The market registered robust activity in leasing and sales for distribution and flex space through the first quarter of 2016. An unprecedented total of approximately 4,150,000 square feet of new construction was recorded in the first quarter, spurred in part by the increased availability of capital for real estate financing, equipment and small business loans. Driven by Florida’s robust economy, regional job growth and rising household incomes, retail sales continue to climb. Class A product remains in low supply and is being gradually filled by new development. Nearly 330,415 square feet of retail space entered the Tampa Bay retail market in the first quarter with 221,000 square feet still under construction.
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Check out our Tampa Bay commercial real estate market infographic for a visual representation of the current market climate: