my name is eric odum, principal broker for Florida ROI Commercial Property Brokerage in tampa fl. welcome to another edition of the market minute. our firm provides tenant and leasing representation in the tampa bay area. this is not the only service we provide. it’s one the primary services we provide in commercial leasing and commercial property sales and brokerage in the area.
we are frequently asked for comparisons of properties in the area, so the purpose of this video is to talk about 4 great values in the downtown tampa sub-market we’re going to highlight 4 office properties.
first, downtown tampa is the oldest and second largest sub-market in the area after westshore. the market is dominated by professional firms, primarily law firms, as it is home to the federal court house and county seat for hillsborough county. as a result, vacancies in the downtown core tend to be less volatile than some of the other area office sub-markets. 
downtown tampa has 9 million sq feet of office space and is the home of close to 15% of the entire work force of the county. average rent runs about $21/ sq foot full service, which means all inclusive, electric janitorial, and maintenance. this doesn’t mean much unless you do a comparison. so let’s talk about westshore.
westshore tends to be about $2/sq foot more expensive than the downtown tampa rents, but that does not necessarily mean that it is less expensive than downton, as parking is handled differently in downtown than in westshore. westshore tends to have more expansive buildings and have more land so parking is included in the rent, whereas it is typically not included downtown.
in order to get an apple to apple comparison between properties you might be looking at in downtown tampa vs. westshore, you really need to consider parking. if you have a lot of employees, this can be a fairly significant expense.
now, let’s talk about value. rents have generally been increasing across all asset classes of office space in the market from lows following the beg
inning of the great recession. there are still values in the market.
i will address downtown’s upscale class a addresses in another video, so in this video, we will focus on the value plays. the spaces entry level properties in to the submarket
while not in the heart of downtown, the perry paint and glass building @ 109 brush street is close enough to be considered the downtown submarket.
perry paint was constructed in 1928 and is a historic building. it’s on the outskirts of town, so if you’re looking for that walking area close to restaurants and other activity this might not be the best place. asking price is $17/sq ft, full service, adjacent parking is $30/mo uncovered and $60/mo covered. having close access to food and activity is not high on your list of priorities. you might feel like you are not in the thick of downtown action at this location, but all and all, perry paint is an excellent value .
next on the list is, the franklin exchange building at 655 n franklin street. the building was built in 1965 and is attached to the historic exchange bank building. it is in the epicenter of downtown tampa, one block from the tampa theatre, about 75% of all your downtown restaurants and steps from both federal and county court houses.
covered parking is currently offered at $72/mo plus tax, although this is a special price and will most assuredly be increasing soon, as the parking garage is close to filled.
recently, the building just took down a large space for brown and brown insurance and significantly increased its occupancy with this one tenant. space is offered at $18/sq ft. it’s a great space for tenants looking to be in the core of downtown tampa.
the madison building at 412 madison
parking is $55/mo for tenants and clients can park for free for the first 30 minutes. this perk is a rarity in downtown, where parking is tight. space is offered at $14/sq and is the lowest price of our 4 value buildings.
finally, let’s talk about the last space….tampa theatre @ 707 n franklin. this building is a bit of an anomaly as it is actually a condominium, and not owned collectively. it is home to some of the best known attorneys in tampa. rent can vary wildly, depending on the individual owner, but deals can be had in this building between $15 and $17/sq ft at any given time.
it is one of the coolest buildings in tampa and for someone looking for the ny gothic feel; it is one of the few. certainly, for an attorney having to conduct business at the federal court house, you can’t beat the location.
that is it for our 4 great values in downtown tampa.
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i am eric odum, principal real estate broker for Florida ROI Commercial Property Brokerage in tampa, fl thank you for listening.
***note: at the time of this post, Florida ROI Commercial Property Brokerage represents 2 owners in the tampa theatre building, but has no representation agreement with owners of the other three buildings.
