Overall, activity in Tampa Bay’s office market increased during the first quarter, with rental rates inching upward and as did sustained interest from office asset investors. Activity in Tampa Bay’s industrial market in the first quarter was consistent with the previous quarter. A notable difference was the quicker speed at which transactions were closing, indicating increased confidence and a sense of urgency among tenants and investors as they make real estate decisions. An improving housing market and increasing retail sales in Tampa Bay were key drivers in the positive momentum seen in the region’s retail market during the first quarter.
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