Tampa Bay Office Market Recovering From The Pandemic
27 Jul 2021
As Tampa’s leading commercial moving and office furniture installation company, we like to keep close tabs on commercial real estate.
When the local market is active, it means more companies are moving in and moving out of office space. The last few months have show increase activity – and that’s a good sign for our company as well as many other service providers who are closely attached to Tampa’s commercial real estate market.
A recent Business Observer article, outlines some of the recent activity:
Tampa Bay’s office market showed strong signs of recovery in the second quarter of this year, even deliveries in the Westshore section of Tampa pushed vacancy rates slightly upward, according to a new report.
Positive absorption, or the amount of space removed from the market through leasing activity, grew to above 100,000 square feet in the quarter, commercial real estate brokerage firm CBRE Group notes.
It marked the first time that the market went “in the black” regarding absorption of space since the second quarter of 2020, the firm states in its latest Marketviews report.
“Positive absorption this quarter was strongly influenced by the Class B market, especially in Westshore, thanks to a couple of key move ins” by Heritage Insurance and ID.me, the report states.
Read the full article here at BusinessObverver.com
What does that mean going forward though?
The article goes on to say that leasing vacancies in the market are still higher than what is optimal – at 16.7%.
Additionally, new space will hit the market soon with new office buildings welcoming companies to their space.
Per the article, “SkyCenter One at Tampa International Airport and a pair of buildings — Midtown West and The Loft — at the $500 million Midtown Tampa project brought 494,387 square feet to the market. In downtown Tampa, the 20-story Thousand & One office tower will add roughly 375,000 square feet when it is officially completed later this year.”
Economic signals point to Tampa’s business community continuing to rise and thrive however. These buildings would not have been constructed if projections indicated otherwise.
What does that mean going forward though?
Office Mover of Florida is here to support local companies as they move or reconfigure their workspaces. Call us today for a free consultation and estimate related to your next project.
