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Market Trend: Tampa / St. Petersburg's Office Vacancy Decreases to 7.6%

Net Absorption Positive 338,579 SF in the Quarter
April 28, 2017
The Tampa / St. Petersburg Office market ended the first quarter 2017 with a vacancy rate of 7.6%.

The vacancy rate was down over the previous quarter, with net absorption totaling positive 338,579 square feet in the first quarter. That compares to positive 248,922 square feet in the fourth quarter 2016. Vacant sublease space increased in the quarter, ending the quarter at 458,747 square feet.

The Class-A office market recorded net absorption of positive 124,482 square feet in the first quarter 2017, while net absorption for Tampa / St. Petersburg's central business district was positive 49,249 square feet.

CoStar subscribers can access the recording and PDF for the State of the U.S. Office Market - 2017 Q1 Review & Forecast, which aired Apr. 20.
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Rental rates ended the first quarter at $20.34, an increase over the previous quarter.

A total of five buildings delivered to the market in the quarter totaling 28,415 square feet, with 347,632 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. National Office vacancy rate, which stayed at 9.7%, relatively unchanged from the previous quarter, with net absorption positive 10.78 million square feet in the first quarter. Average rental rates increased to $24.44, and 339 office buildings delivered this quarter totaling more than 21.29 million square feet, with 154.4 million square feet still under construction.
  Continued Reading  US Office Vacancy Rises 0.1% as Construction Peaks, Rent Growth Slows

The information in this news report is based on CoStar’s First Quarter 2017 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.

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