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Regional Summaries

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Tampa - St. Petersburg

Apartment
The Tampa-area third quarter 2017 vacancy rate was 4.6%, same as the quarter before but up 50 basis points year-to-date following a gain of 30 basis points all told the year before. October 2017 closed with vacancy at 4.5%. Although slowing, rent growth remains substantial. At $1,056 and $1,006 per month, third quarter asking and effective averages were up 3.6% and 2.7% year-to-date following increases of 5.1% for both averages all told in 2016. Gains for the third quarter alone were 0.9% and 0.7% to which October added increases of 0.3% apiece.
Industrial
Tampa warehouse/distribution vacancy, declining over the past few years, leveled off in 2017. Low at 7.8%, the third quarter 2017 rate was up 10 basis points for the period and year-to-date following a decline by 100 basis points over the preceding two years. No change had followed by the end of October. A notable acceleration of rent growth is indicated for 2016 with another under way in 2017. At $5.22 psf and $4.76 psf, third quarter average asking and effective rates were up 2.4% and 2.5% year-to-date following increases of 2.6% and 2.7% through all of 2016. Gains for the third quarter alone were 1.0% asking and 0.8% effective, to which October added respective increases of 0.4% apiece.
Office
Tampa’s general purpose, multi-tenant office market overall vacancy rate ended the third quarter of 2017 at 17.9%, down 10 basis points for the period and down 90 year-to-date following a loss of 50 all told in 2016. The modest net absorption that followed in October along with no additions to supply took 10 additional basis points from the rate. At $23.12 psf and $18.71 psf, third quarter average asking and effective rates were up 1.5% and 1.8% year-to-date after increases of 2.2% and 2.3% through 2016. Gains for the third quarter of 2017 alone were 0.5% and 0.6%. October followed with increases of 0.2% apiece.
Retail
Vacancy in the Tampa-area community-neighborhood shopping center market ended the third quarter of 2017 at 10.2%, down 30 basis points for the period and down 60 year-to-date following a 30-basis-points increase through 2016. October’s negative absorption added back 30 basis points. Rent growth has slowed markedly in 2017. At $15.89 psf and $13.99 psf, third quarter asking and effective average rents for community-neighborhood shopping center space were up just 1.3% each year-to-date following gains of fully 4.0% and 4.2% all told in 2016. Gains for the third quarter of 2017 alone were 1.0% apiece. Increases of 0.2% asking and effective followed in October.

Source: Data provided by Reis, inc.

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