Summary ~ Office
"Asking Rates Increase as Economy & Job Growth Improve"
Consensus amongst the Tampa Bay Brokerage Community and market researchers is that Office "asking" rental rates will continue to rise as the demand for space increases. 2019, 1st Quarter "asking" rental rates for the North Pinellas County Office Market averaged $20.43 (FS) per square foot. The overall Tampa Bay Office Market showed "asking" rates averaging $25.64 (FS) per square foot.
North Pinellas County vacancy rates slowly declined over 2018 with Clearwater having the biggest decline, posting a +- 2% decrease in vacancy. Please note that the overall vacancy numbers are significantly higher than reported due to the fact that many researchers focus on space with at least 10,000 - 20,000 square feet.
Market indicators point towards slight increases in the "asking" rates as Florida's economy and job growth continues to improve.
Summary ~ Industrial
"Limited inventory driving sale and lease rates"
The consensus amongst the Tampa Bay Brokerage Community and market researchers is that "asking" rental rates have continued to rise as available inventory remains low. 2019, 1st Quarter "asking" rental rates for the overall Pinellas County Warehouse Market averaged $6.85 for standard warehouse and $ 9.56 for Flex Space. The overall Tampa Bay Warehouse Market showed asking rates of $6.50 for basic warehouse and $9.31 for Flex Space. Total Pinellas County Industrial Vacancy levels have dropped averaging only 2.9% while the overall Tampa Bay Industrial Vacancy rate averaged just over 3.7%. Please note that the vacancy numbers are significantly higher than reported due to the fact that many researchers focus on spaces with at least 10,000-20,000 Square feet.
With continued increase in demand for Industrial properties for sale throughout the Tampa Bay Market, Institutional and owner/user sales price averaged over $ 65.00 per square foot. While there was a small portion of institutional sales, most were attributed to the owner/user market.