Overall, the Tampa Bay commercial real estate market is healthy heading into the second half or 2015. Office market activity in Tampa Bay continued improving through the 2nd quarter as rental rates inched upwards and vacancy levels decline. The result reflecting continued interest from investors as buildings trade and expected to persist through the end of this calendar year. Activity in Tampa Bay’s industrial market showed moderate growth over the previous quarter with continued positive growth anticipated throughout 2015. The industrial market continues to see interest from out-of-state users and investors seeking to relocate business operations to Florida due to the state’s improved economic growth, affordable tax structure and low costs of doing business. The Tampa Bay retail market was healthy and improving during the second quarter. Among the most active tenants were fast-casual and full-service restaurant concepts looking to open their doors in the area. With high demand for these properties for space, many concepts were competing for the same spaces in prime locations. As a result, restaurant tenants paid increasingly higher rental rates for premium space.
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