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

TRD 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
Steven Hurwitz and Ryan Severino

JLL’s top economist forecasts low probability of a recession

1800 Southwest 27th Avenue

Freshwater Group buys Miami office building

Malcolm Butters, 950 Peninsula Corporate Circle in Boca Raton

Butters buys Boca Raton office building

From left: 3225 Aviation Avenue and 3250 Mary Street; Roberto Susi and Jose Sasson (Credit: Google Maps)

Madison Marquette pays $47M for Coconut Grove office buildings

2001-2005 West Cypress Creek Road, Alex D. Zylberglait

Office complex near Fort Lauderdale airport sells for $7M

Rendering of 119 Washington Avenue, Amit Egan Datwani of The Global Consulting Organization and Cyril Bijaoui of The Company Real Estate (Credit: Palma Architecture)

South Beach building near Joe’s Stone Crab hits market for $45M

There were plenty of offices leased in 2019 (Credit: iStock)

South Florida’s biggest office leases of 2019

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

arrow_forward_ios
Loading...