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Skyline construction dry spell could soon be at an end

It’s no secret, downtown Tampa has not seen multi-tenant, Skyline grade office development in what may seem like decades - and that’s because it actually has been that long. We are currently looking at a two decade long gap in skyline office construction – even longer if your talking true office towers like the Sun Trust Financial Centre and 100 N Tampa which were delivered back in the early 90’s. Historically, the construction gap between towers has only been a handful of years, but chalk it up to the development of competitive areas like Westshore or the latest recession and we find ourselves with older, albeit renovated inventory. Yet the near future looks promising, as developments like Strategic Property Partner’s mixed use district and Feldman’s Riverwalk Tower could bring new office product online over the next few years. The current landscape of upward creeping asking rates and a skyline vacancy that has nearly halved since the recession (currently hovering around 13 percent) could provide the confidence that our city is ready for a new tower(s). 

Source: JLL Research​

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