Tampa Bay Area Ranks Second in Nation for Low Office Vacancy

Strategic Insights -

The Tampa Bay area is thriving with a remarkably low rate of vacancy in top-quality suburban offices, boasting a 6.3 percent vacancy rate at the end of the first quarter in 2006. This achievement is significantly lower than the national average, solidifying the region's position as a sought-after destination for businesses. The Colliers International real estate firm conducted a survey of 56 markets across the United States to compile this data, with Las Vegas taking the top spot with a 6 percent vacancy rate.

Key Takeaways:

  • The Tampa Bay area ranked second in the nation for its low office vacancy rate, with a 6.3 percent rate in the suburbs.
  • The Highwoods Preserve business park in New Tampa was fully leased, contributing to the region's success.
  • The survey excluded downtown offices and less well-equipped class "B" and "C" offices to obtain accurate data.
  • Office vacancy in the region is approximately 10 percent, with a higher rate of 15 percent in downtown areas.
  • Downtown St. Petersburg had a lower vacancy rate than downtown Tampa, at 5.2 percent and 15.4 percent, respectively.
  • Some companies have chosen to vacate their downtown offices in favor of suburban locations.
  • The Colliers International survey was conducted among 56 markets across the United States.

Statistics:

  • Office vacancy rate in the Tampa Bay area's suburbs: 6.3 percent
  • Office vacancy rate in the region: approximately 10 percent
  • Office vacancy rate in downtown areas: 15 percent
  • Downtown St. Petersburg's office vacancy rate: 5.2 percent
  • Downtown Tampa's office vacancy rate: 15.4 percent
  • Las Vegas's office vacancy rate: 6 percent

Sources:

  • Colliers International real estate firm
  • James Thorner, The Tampa Tribune (Times staff writer)