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.
Buying Vs. Leasing
"Pros and Cons of Buying Vs Leasing Commercial Real Estate"
A common question we get asked from business owners is whether or not they should buy or lease. This can be a very overwhelming decision for them. We have gone ahead and broken down the main differences between buying and leasing commercial real estate.
Whether you are looking to lease commercial real estate or you have decided that purchasing a property is the best choice for you, please give our team a call today so we can help you make the best choice possible!