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Office Insight

United States | Tampa, FL

Report | Tampa Bay Office Insight - Q1 2011

Summary

• The Tampa Bay economy is currently bottoming and beginning the road to recovery.
• In the first quarter of 2011, direct net absorption returned a little more than half of the gains from the second half of last year. This continues the market’s woes, as Tampa Bay has now shown negative absorption in all but two of the previous 17 quarters, dating back to the first quarter of 2007.
• We expect increased employment will drive up demand for office space, helping to stabilize vacancy and rental rates. This stabilization process is aided by the lack of new product hitting the market this year, forcing new demand to take up the current surplus.

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