CB Richard Ellis (CBRE) recently released its Second Quarter 2011 MarketViews report for Florida.
Tracking commercial real estate trends in Florida, a portion of the report focuses on the Tampa Bay region's retail, office and industrial markets.
The report shows the retail office market softening with average rental rates remaining stable, while leasing activity is picking up in the industrial market. The user and investment commercial real estate office market remained unchanged in the second quarter with market lease rates continuing to weaken.
"Florida's commercial real estate market continues to show signs of recovery -- positive trends sustaining at the end of 2010 through mid-year 2011," according to CBRE research. "An obvious 'bottoming-out' is shown in 2009, but very little new developments have occurred since the downturn in 2008, resulting largely from the decrease in space demand."
Founded in 1998, CBRE is a multinational real estate corporation based out of Los Angeles. Considered to be the world's largest real estate firm, the company applies insight, experience and resources to markets around the globe, assisting clients in making real estate decisions. CBRE regularly publishes data on specific cities/regions in MarketView reports, which provide information on recent economic, vacancy, absorption, rental rate and construction trends.
"Positive absorption is the strongest indicator of recovery in commercial real estate today. After several years of tenants vacating, downsizing and adding sublease space to the market, Florida's absorption activity has countered these unfavorable conditions and moved absorption figures to the positive," reports CBRE research. "Additionally, rental rates have stabilized and even increased in select sub-markets, but most remain below pre-recession levels."
For more information on CBRE and to view the Second Quarter 2011 Tampa MarketViews report, visit the company's website.
Writer: Alexis Quinn Chamberlain
Source: Lauren Crawford, CB Richard Ellis