Excerpt from the Tampa Bay Business Journal:
Vacancy rates are continuing to rise in the Tampa Bay area’s office market as regional employment is expected to decline by 54,600 jobs by year’s end, states a fourth-quarter report by Marcus & Millichap.
About 2,100 office jobs have been eliminated monthly throughout 2009, dropping overall office employment to a level last seen in 2003, states the report. A resumption of hiring is still several months away.
That means vacancy rates will continue to climb while rental rates decline. (Complete Story)
Commentary: We continue to see sprouts of green on the barren economic landscape right now, but unfortunately, employment and subsequently vacancy is going to continue to be an issue in to the first quarter of 2010, if not further. As has been stated many times in this blog, Tampa, Hillsborough County and the State of Florida have been entirely too reliant on construction and growth with limited thought or planning as to what would happen when the music stopped.
For those interested, we have started a LinkedIn group to discuss the issues at hand. (Click here for the LinkedIn Group)
Tampa Office Vacancy Continues to Climb
Excerpt from the Tampa Bay Business Journal:
Commentary: We continue to see sprouts of green on the barren economic landscape right now, but unfortunately, employment and subsequently vacancy is going to continue to be an issue in to the first quarter of 2010, if not further. As has been stated many times in this blog, Tampa, Hillsborough County and the State of Florida have been entirely too reliant on construction and growth with limited thought or planning as to what would happen when the music stopped.
For those interested, we have started a LinkedIn group to discuss the issues at hand. (Click here for the LinkedIn Group)