TAMPA BAY, FL -- Trends in the Tampa Bay office market are
providing clear evidence of a gradual recovery in the near term and offer
prospects for more robust property performance beyond 2013, according to new
research from Marcus & Millichap.
Year to date, the
availability rate, which measures all space marketed for lease, declined.
Positive net absorption signals that move-ins and expansions
are outnumbering tenant departures and down-sizings.
Construction also remains restrained and does not pose an
impediment to the recovery’s progress. The office sector’s demand-driven
recovery is being fueled by steady and broad-based job creation.
Within the primary office-using segments of the job market,
all of the professional and business services jobs lost during the recession
have been restored. Less than 60 percent of financial services positions,
however, have been recovered.
Financial services employment was at its highest when the
housing market peaked, and many of those residential brokerage and mortgage
positions have yet to return.
The recent recovery in home building and home
sales is gaining traction, signaling a potential for additional hiring in
residential real estate positions.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations
Manager
Marcus &
Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
(925) 953-1700 ext.
1716
(510) 999-1284 mobile
(925) 953-1710 fax
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