Overall, the Tampa Bay commercial real estate market continues to show strong growth through the end of the year. The landlord’s market continued as the Tampa Bay office market posted steady results through the second quarter of 2016. The Tampa Bay office market remained strong through the third quarter of 2016. Many office tenants maintained or expanded their office footprint as leases came up for renewal.The Tampa Bay industrial market began with a typical summer
slowdown in third quarter of 2016, then took off with increased activity in September. Leasing activity was steady to higher throughout the market, resulting in a low vacancy rate of 6.7 percent. The Tampa Bay retail market remained strong through the third quarter of 2016. Tenants reported strong activity and sales throughout Tampa Bay. Job growth, rising incomes, new housing development and increased tourism have positively influenced the market. Landlords are holding firm on rates and nearly all submarkets are experiencing robust activity.
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Check out our Tampa Bay commercial real estate market infographic for a visual representation of the current market climate: