Colliers has formed a new Tampa-based industrial team with the hire of veteran broker Tom Quinlan, as the firm seeks to win more business across west Florida.
In his new role, Quinlan will work alongside partners Kyle Kidd and Dominic Hewitt to form the Kidd Hewitt Quinlan Industrial team. Quinlan's focus will be on industrial properties throughout western Florida.
Quinlan's "industry expertise, strong institutional relationships and superior client service will be instrumental to our already strong industrial team," said Matt Siegel, executive managing director and market leader for west Florida, in a statement.
Kidd and Hewitt joined Colliers as a team earlier this year, and have since won over 1 million square feet of listings across seven submarkets.
The industrial market in the Tampa Bay region "continues to outperform" major U.S. markets, according to a report from CoStar Market Analytics. However, a recent development wave, slowdown in large leases being signed and tenant move-outs from aging buildings have combined to push vacancies to a decade high of 7.3%, although the rate remains below the national 7.5% average, a CoStar report states.
Changing market conditions have contributed to a drop in new construction, with only 2.4 million square feet of industrial space underway, according to CoStar. That represents a 45% decline from last year.
Quinlan joins Colliers from CBRE, where he served as a member of the group's West Florida Industrial team and played a major role servicing a 12 million-square-foot portfolio, representing various institutional clients and their assets during his six-year tenure.
The new Tampa industrial team will collaborate with Robyn Hurrell, Colliers' executive vice president of industrial capital markets, Quinlan said.
"As opportunities transition from leasing to disposition," the Kidd Hewitt Quinlan Industrial team will work with "our capital markets colleagues to finish the play," Quinlan said in a statement.