Market

The Tampa Bay Region is located on the west coast of Florida, roughly halfway down the peninsula. According to The Planning Commission, our fast-growing Metropolitan Statistical Area (MSA), with a 2009 estimated population of 2,732,839, is made up of Hillsborough, Pinellas, Pasco and Hernando counties, and includes the cities of Tampa, St. Petersburg and Clearwater. Known for its job creation, the MSA’s a 2009 annual average labor force reached 1,309,164.

The Tampa Bay Economic Region is more extensive than the MSA, according to the reliable Maddux Report. It includes the economies of Hillsborough, Pinellas, Manatee, Sarasota, Pasco, Hernando and Polk counties.

REGIONAL OFFICE SUMMARY – 2^ndQuarter 2011

The Office Segment of the Tampa Bay Economic Regional Market resumed its previous improvement by increasing occupancy close to three hundred thousand square feet. As a result, the vacancy rate dropped to the lower twenty percent level (excluding space available for subleasing - a standard exclusion in this Summary).

The Hillsborough County Office Market, the largest in the Region, had it best quarter in over a year, increasing occupancy by slightly over 100,000 SF, and bringing its vacancy rate to just over 22%. The Pinellas County Office Market, the second largest in the Region, continued its improvement by increasing occupancy over 100,000 SF (close to that of Hillsborough), and bringing its vacancy rate to over 28%.

REGIONAL BUSINESS PARK SUMMARY – 2^nd Quarter 2011

The Business Park Segment of the Tampa Bay Economic Regional Market experienced a so so performance this quarter, with most of the counties experiencing decreases in occupancy. Consequently, the vacancy rate went up to the mid fourteen percent level (excluding space available for subleasing – a standard exclusion in this Summary).

The Hillsborough County Business Park Market, the largest in the Region, saw a vacancy increase of slightly over 14,000 SF, but its vacancy rate stayed close to the same at slightly under 16%. The Pinellas County Business Park Market, the second largest in the Region, experienced a vacancy increase of slightly over 55,000 SF, but its vacancy rate was only slightly over 12%.

REGIONAL RETAIL SUMMARY – 1^ST Half 2011

The Retail Segment of the Tampa Bay Economic Regional Market, with the exception of Pasco County, experienced a significant vacancy increase in the 1^st half of 2011, with a climb of well over three hundred and fifty thousand SF. The vacancy rate also increased to over the eleven percent level (excluding space available for subleasing – a standard exclusion in this Summary).

The Hillsborough County Retail Market, the largest in the Region, experienced a significant vacancy increase of over 330,000 SF (mostly in community centers), raising its vacancy rate to the low 11% level. The Pinellas County Retail Market, the second largest in the region, had a vacancy increase of about 140,000 SF, while its vacancy rate rose to the low 10% level.

Source: The Maddux Report, in continuous publication in printed form between 1984 and 2010 and since then in online form, is a well-known and respected source of business and real estate information in the Tampa Bay Economic Region. Its reliable real estate analyses feature one market segment at a time.

Click on the links below to gain more insight on market conditions in the Tampa Bay Region.

The Planning Commission*

Created in 1959, The Hillsborough County City County Planning Commission is the central planning agency for Hillsborough County and its cities. It also serves as a central source of statistics for Hillsborough County and the Tampa Bay Region MSA.

FACTS AND FIGURES: A report on Hillsborough County and the entire Tampa Bay Region.
http://www.theplanningcommission.org/library/library/factsfigures/view

THE TAMPA-HILLSBOROUGH EXPRESSWAY AUTHORITY*

Created in 1963 by the Florida Legislature, the Authority owns and operates the Selmon Crosstown Expressway (SCE). It planned the existing Veterans Expressway. The Authority recently opened the “award-winning” express reversible segmental bridge lanes, built in the median of the SCE. The I-4 Connector to the SCE is underway. Other important projects are under consideration.

NEWS
http://www.tampa-xway.com/news.aspx

NEWSLETTERS

http://www.tampa-xway.com/Newsletter.aspx

*Links listed in these sections open up in a new window. To return to the Resource Realty Group website, simply exit the new window that was opened.