Our Understanding/State of the Market
Tampa Market as a Whole 7% increase in rental rates 20% increase in Tampa CBD rental rates 72% of all leasing activity is within the CBD and Westshore 93% of activity is in Class A properties
Northeast/I-75 Corridor Market Stats Inventory: 8M SF Vacancy Rate: 20.8% 1.5M SF of space on the market in Northeast Tampa 2021 Year End Activity: 280,000 SF Big Tenants in the Market • CITI – in direct contact with account manager; requirement & timing still being refined. • AdventHealth – leaning towards extension at Hidden River. • TECO – rumored to be pursuing build-to-suit at Midtown northeast tower (up to 300,000 RSF). • SimplyHealth – leases out at SkyCenter.
Challenges • Campus style projects continued to be sparsely populated
• Decisions to introduce shadow space have been delayed by many companies • Timing/Syniverse’s remaining lease obligation • In-park competition (sublease/direct) • Limited access to food service & amenities
HIGHWOODS PRESERVE I
Cushman & Wakefield | 7
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