Tampa Bay Office Space market
Tampa Bay office demand was negative in the last quarter but was not as bad as it was in the previous eight quarters, according to commercial property agents in the area. Around one fifth of the total of 44.5 million square feet of office space lies vacant. The figure was just under one fifth, 19.8 million, in Q2. So although demand in weak, the rate is slowing.
Observers are hoping that Q4 may be the first quarter when the market finally “bottoms out”. In the Westshore Business District, vacancies are currently running at 20.6% percent, up from 18.8% in the previous quarter. But with hope on the horizon, Q4 and Q1 of 2010 could be significantly better.