Overall, the Tampa Bay commercial real estate market is strong going into 2016. During the fourth quarter of 2015, Tampa Bay office market experienced the greatest amount of absorption in recent years. Driving this activity was the concern for increasing rental rates, as many tenants locked in rates with long-term leases. The efficient use of space and “rightsizing” continue to be important as tenants looked to use space creatively to ensure their rent investments are well spent. Tampa Bay’s industrial market continued to show overall improvement supported by increased net absorption, low vacancy and the high number of completed transactions throughout the region. Activity levels remain high as industrial users, buyers and developers continue to show interest and confidence in owning assets or operating facilities within West Central Florida. Retail activity in Tampa Bay remained steady, while rental rates remain unchanged from the previous quarter. The market remained a landlord’s market, with many Class A properties receiving multiple tenant lease offers. Meanwhile, a number of new retail developments were completed, while several others are underway.
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