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Tampa - St. Petersburg

Apartment
Reis put Tampa’s apartment market third quarter 2016 vacancy at just 4.3%, up 10 basis points for the period and up 20 year-to-date. Rent growth has remained strong. At $1,009 and $969 per month, third quarter asking and effective averages were up 4.2% and 3.2%, respectively, year-to-date following gains of 5.1% and 5.3% all told in 2015. Gains for the latest quarter alone were 1.7% each. The lack of new additions to supply and the weak absorption that followed for the metro market as a whole in October were accompanied by gains of 0.1% for both mean rents.
Industrial
Reis put the third quarter 2016 Tampa warehouse/distribution vacancy rate at 8.1%, down 10 basis points for the period and down 30 year-to-date. October’s positive absorption subtracted 10 additional points. Accelerating rent growth is indicated. At $5.04 psf and $4.58 psf, third quarter average asking and effective rates were up 1.6% each for the period. Gains for the latest quarter alone were 0.4% and 0.2%. October followed with respective increases of 0.2% and 0.4%.
Office
The overall vacancy rate in the third quarter of 2016 for the Tampa Bay general purpose, multi-tenant office market was 18.5%, unchanged for the period but down 50 basis points year-to-date. At $22.66 psf and $18.31 psf, third quarter 2016 average asking and effective rates were up 1.7% and 1.8% year-to-date. Gains for the latest quarter alone were 0.3% each. October followed with increases of 0.1% apiece.
Retail
Vacancy in Tampa’s community-neighborhood shopping center market ended the third quarter of 2016 at 10.9%, unchanged over the past two quarters and up 40 basis points year-to-date. October closed with no substantial change. Rents continue to strengthen. At $15.54 psf and $13.66 psf, third quarter asking and effective averages were up 3.0% each year-to-date. Gains for the third quarter alone were 1.0% apiece, to which October added increases of 0.1%.

Source: Data provided by Reis, inc.

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