With two new tenants moving in since October, the Westshore neighborhood of Tampa is experiencing continued growth in office space, according to CB Richard Ellis, a commercial real estate firm.
says Westshore is already the Tampa Bay region's strongest submarket, while the addition of new leases signed at Westshore's 10-story, 240,000 square-foot Colonial Place I
, 4350 West Cypress St., is influencing even more positive growth activity.
is Florida's second-largest office submarket by rentable square feet,” says CBRE VP Clay Wommack. “Activity in this area has a ripple effect on the surrounding submarkets in the greater Tampa Bay region.”
The largest new lease in the Westshore area, a 10-year term agreement for a 17,627-square-feet space that will ultimately becoming One Call Medical
, was completed in October. The acquisition of an additional 11,000 square feet will be completed by year's end. One Call Medical will relocate from its previous Westshore location.
“This transaction is a perfect example of 'flight to quality' where this existing tenant in the Westshore market has taken advantage of market conditions to better their location and quality of building and ownership/managment,” says Wommack.
According to CBRE, a trend for growth is occurring in the medical services industry, specifically with companies supporting medical services such as health insurance, medical supplies and technologies. Moving to higher quality spaces with less square footage is allowing the companies to do more business than they would in an older, less efficient building.
Writer: Alexis Quinn Chamberlain
Source: Clay Wommack, CBRE