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Regional Summaries

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Tampa - St. Petersburg

Apartment
The Tampa apartment market vacancy rate at just 4.0% in the fourth quarter of 2016 was up 30 basis points for the period but was up only 20 for the year. Rent growth has remained strong, “tapering off” just a bit in 2016. At $1,015 and $975 per month, fourth quarter asking and effective averages were up 4.8% apiece for the year. Gains in the fourth quarter alone, however, were just 0.4% each. Marketwide vacancy closed January 2017 at 4.3%. Gains of 0.5% are reported for both mean rents for the month.
Industrial
Tampa warehouse/distribution vacancy, declining over the past few years, remains low. Reis put the fourth quarter 2016 rate at 7.9%, down 20 basis points for the period and down 50 for the year. January 2017’s 127,000 square feet of absorption alongside no new supply additions subtracted 10 additional points. An acceleration of rent growth is indicated for 2016. At $5.08 psf and $4.63 psf, fourth quarter average asking and effective rates were up 2.4% and 2.7% year-over-year. Gains in the fourth quarter alone were 0.8% and 1.1%. January brought no additional changes.
Office
Vacancy in the Tampa general purpose, multi-tenant office market ended 2016 at 18.3%, down 30 basis points since the third quarter, down 70 for the year. At $22.79 psf and $18.41 psf, fourth quarter 2016 average asking and effective rates were up 2.2% and 2.4% for the year. Gains in the fourth quarter alone were 0.6% and 0.5%. January 2017 followed with no supply deliveries, 45,000 square feet of positive net absorption, a 10-basis-points reduction in the vacancy rate, and increases of 0.1% and 0.2% in the mean asking and effective rents.
Retail
Vacancy in the Tampa community-neighborhood shopping center market ended the fourth quarter of 2016 at 10.8%, down 20 basis points from the quarter before but up 30 for the year. January 2017 closed with a 10-basis-points decline. Rents continue to strengthen. At $15.69 psf and $13.80 psf, fourth quarter asking and effective averages were up 4.0% and 4.2% year-over-year. Gains in the fourth quarter of 2016 alone were 1.0% apiece, to which January added increases of 0.1%.

Source: Data provided by Reis, inc.

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