Tampa, FL - January, 14, 2010 - CB Richard Ellis is pleased to release the Fourth Quarter 2009 MarketView covering office, industrial & retail properties in the greater Tampa Bay area.
For a complete copy of the report, please contact lauren.crawford@cbre.com.
Tampa Bay Office
Recently, we have seen significant transactions that will set the bar as we move forward and establish value in 2010. Core Class A asset sales in 4Q09: Corporate Center IV and 4200 W Cypress St. sold this quarter, both located in the Westshore submarket.
Tampa Bay Industrial
Average asking lease rates continue to soften, currently standing at $5.69 NNN with all submarkets experiencing drops from last years asking rate of $6.31 NNN.
Overall vacancy ticked up by 330 bps from this time last year. Much of this increase in inventory can be attributed to a handful of large blocks of space vacated this quarter in the East Polk submarket, with this submarket's overall vacancy approaching 25%.
Tampa Bay Retail
Key indicators continue to lag recovery in 4Q09. Investors and users alike are seeing stabilization, while landlords are struggling for TI & build-out dollars.
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