Ten-X ranks Tampa among top five U.S. markets for office investors

The online real estate transaction platform cited Tampa's concentration of office jobs in financial services and business and professional services

Miami /
Feb.February 10, 2018 02:30 PM

Downtown Tampa

Ten-X Commercial ranked Tampa among its top five “buy markets” in a report on U.S. office markets. The online real estate transaction platform ranked Tampa as the fourth-best market in the nation for office property investors.

The firm reported that a lack of newly built office space held Tampa’s office vacancy rate at 17.9 percent in last year’s third quarter, and rents have been growing about two percent a year. Office rents in Tampa averaged $18.71 per square foot in last year’s third quarter.

Ten-X cited a robust Tampa economy “heavily weighted towards financial activities and professional and business services, two major creators of office jobs.”

Ten-X forecast that Tampa’s office vacancy rate “will reach the low-17 percent range through 2018 as demand stays healthy. Rents will peak at an all-time high in 2018 before contracting modestly during the [economic] downturn.” The forecast was modeled to include the effects of an economic recession in the 2019-2020 period.

Ten-X ranked the most promising and least promising office markets as part of its latest U.S. Office Market Outlook report. No Florida city other than Tampa was in either its top five “buy markets” or its top five “sell markets” for office properties. – Mike Seemuth


Related Articles

arrow_forward_ios
3750 West 16th Avenue in Hialeah (Courtesy of RG Property Group)
KEI Properties buys Hialeah office-retail property for $8M
KEI Properties buys Hialeah office-retail property for $8M
Fortune International Realty’s former Miami office sells for $8M
Fortune International Realty’s former Miami office sells for $8M
Fortune International Realty’s former Miami office sells for $8M
830 Brickell and the co-developers Cain's Jonathan Goldstein and Vlad Doronin (Getty, OKO Group / Cain International)
Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
3301 Quantum Boulevard in Boynton Beach and Apex Capital Investments CEO John Gaghan (JLL, Apex)
Apex Capital pays $37M for Boynton Beach office building
Apex Capital pays $37M for Boynton Beach office building
1905 Clint Moore Road in Boca Raton with Healthcare Trust of America interim President and CEO Peter Foss (Google Maps, Healthcare Trust of America)
Healthcare Trust of America buys Boca Raton medical offices for $50M
Healthcare Trust of America buys Boca Raton medical offices for $50M
Vlad Doronin, Jonathan Goldstein and CEO Satya Nadella (Getty)
Microsoft to lease 50K sf office at under-construction Brickell tower
Microsoft to lease 50K sf office at under-construction Brickell tower
2229 North Commerce Parkway in Weston and Montecito CEO Chip Conk (Google Maps, Montecito)
Weston medical office building trades for $17M
Weston medical office building trades for $17M
Office building by Lincoln Road in Miami Beach trades for nearly $50M
Office building by Lincoln Road in Miami Beach trades for nearly $50M
Office building by Lincoln Road in Miami Beach trades for nearly $50M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...