CBRE Tampa Releases Q2 Marketview Reports

TAMPA, FL--The Tampa office of CB Richard Ellis Group Inc. has released second-quarter market reports on the Tampa Bay office and industrial markets and the Polk County industrial market.


For copies of the complete reports, please contact Lauren Crawford at lauren.crawford@cbre.com.

Tampa Bay Office Highlights:
·
· Over one million sq. ft. of new Class A office space will be delivered to the Tampa Bay market in the next 12 months.
· The overall vacancy rate ticked up 0.3% over the first quarter 2008 to 15%--the highest since fourth quarter 2008.
· Buschwood I & II was purchased by Eola

Tampa Bay Industrial

· The [industrial] economy remains fairly strong, the biggest challenge is battling the perception that it's not.
· Over one millions sq. ft. of industrial space is actively under construction.
· Answering to the rise in vacancy rates, average asking lease rates decreased slightly to $6.65 per sq. ft. (down $0.50 over the quarter.)

Polk Industrial

· Of the six properties under construction (902,000 sq. ft.), 46% is pre-leased..
· Year-to-date, the Polk County industrial market has experienced over one million sq. ft. of positive net absorption.
· Swiss fragrance company, Firmenich, announced it will expand its Lakeland operations with a new 12,000-sq.-ft. bldg.