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

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

999 Ponce and Benjamin H. Silver  

Downtown Coral Gables office building asks $40M

One Financial Plaza with Clay Hamlin III and Jay Shidler of Alliance HSP (Credit: Google Maps)

Alliance buys One Financial Plaza in downtown Fort Lauderdale

Clockwise from left: Jason Hochman, Dominic Montazemi, Miguel Alcivar, Michael Ciadella, and Scott O’Donnell with 2601 Building

Netz USA sells Fort Lauderdale office building to NAI/Merin fund

Brickell office skyline (Credit: iStock)

Office construction in Miami hits a new record

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

Javier Rabinovich and Mariano Karner with the Flamingo Commons buildings

Prive Group pays $17M for Davie office buildings