2019-07-10_DTZ戴德梁行_Office_Q4_2018_Tampa_4页_655kb

报告摘要

Tampa Office Market Q4 2018 Summary

Core Content Overview

The Tampa office market in Q4 2018 showed positive trends despite some challenges, with a focus on rental growth, leasing activity, and new construction. The report highlights economic and market indicators, key lease and sales transactions, and the performance of different submarkets.

Economic Indicators

Tampa Bay MSA Employment: Increased by +23,500 jobs, leading to an annual growth rate of 1.7%.
Tampa (Hillsborough) Unemployment: Dropped to 2.9% in November 2018, a -70 bps decline from the previous year.
U.S. Unemployment: Decreased to 3.7%, a -40 bps decline from the previous year.

The Professional and Business Services and Financial Activities sectors experienced significant job growth, contributing to the overall economic strength.

Market Overview

Overall Vacancy Rate: Closed 2018 at 11.9%, a +20 bps increase from the previous year.
Full Service Rents: Increased by +4.8% year-over-year to $26.09 per square foot (psf).
Class A Rents: Closed the year at $29.58 psf, up +2.1%.
Class A Submarkets:
- CBD: Rents increased by +8.3% to $32.26 psf.
- Westshore: Rents increased by +6.0% to $33.35 psf, setting a new historical high for Class A asking rent in Hillsborough County.
Absorption: The market ended the year with +136,191 sf of net absorption, driven largely by Class A space which absorbed over +100,000 sf.
Leasing Activity: Over 2.4 million sf was leased by year-end, with suburban markets accounting for nearly 2.0 million sf of the total.
Construction: 580,051 sf of office space was under construction at the end of 2018, the highest level since 2008.

Market Highlights

Rental Trends: Rents continued to trend upwards, supported by strong tenant demand and reduced vacancies.
Leasing Activity: Sustained leasing activity throughout the year, with a strong pipeline into 2019.
Future Outlook: Cushman & Wakefield anticipates rents to rise further in 2019, with Class A leading the way.

Key Lease Transactions (2018)

4401 N Himes Avenue: The Art Institute of Tampa Bay renewed its lease in Westshore.
4301 W Boy Scout Blvd.: Greenway Health renewed and expanded its lease in Westshore.
6302 E MLK Blvd.: Convergys renewed its lease in I-75 Corridor.
5701 E Hillsborough Ave: WiPRo signed a new lease in I-75 Corridor.

Key Sales Transactions (2018)

201 N Franklin St.: Sold by Shidler Group to Banyan Street Capital for $110,000,000 or $147 psf in the Tampa CBD.
The Collection at Sabal Park (Portfolio): Sold by IP Capital Partners to Priam Capital for $52,787,000 or $120 psf in the I-75 Corridor.
3611 Queen Palm Dr.: Sold by Bridge Investment Group to Real Estate Value Advisors for $15,225,000 or $156 psf in the I-75 Corridor.
12750 Citrus Park Ln.: Sold by CPI Ryan to AZFD Fairfield for $18,500,000 or $242 psf in the Northwest.

Submarket Performance

Submarket	Inventory (sf)	Sublet Vacant (sf)	Direct Vacant (sf)	Overall Vacancy Rate	Q4 Net Absorption (sf)	YTD Net Absorption (sf)	YTD Leasing Activity (sf)	Under Construction (sf)	Avg Asking Rent (All Classes)	Avg Asking Rent (Class A)
Tampa CBD	6,017,990	12,948	556,083	9.5%	99,348	249,936	393,776	180,000	$28.07	$32.26
Westshore	12,594,881	178,360	1,200,920	11.0%	158,696	66,787	1,273,081	250,000	$29.28	$33.35
Northwest	4,273,183	22,444	439,553	10.8%	-13,016	133,741	200,991	0	$22.75	$24.28
I-75 Corridor	7,405,990	105,717	1,156,921	17.0%	-318,518	-332,884	390,874	0	$23.12	$24.35
Southwest	361,242	0	25,593	7.1%	4,586	3,450	31,895	0	$21.21	N/A
Hyde Park	335,456	0	4,764	1.4%	1,329	8,466	18,544	0	$40.00	N/A
Ybor City	192,517	12,493	0	6.5%	0	6,695	96,787	0	N/A	N/A
Non CBD	25,163,269	319,014	2,827,751	12.5%	-166,923	-113,745	2,012,172	400,051	$25.72	$29.09

Construction Activity

New Developments:
- SoHo Capital's Heights Union: Construction started on a 150,051 sf building in a mixed-use development with Armature Works.
- SPP's Water Street: Construction began on the 180,000 sf office portion of Sparkman Wharf, a multi-billion dollar mixed-use project.
- MetWest Three: A 250,000 sf building in Westshore predominantly preleased by PwC.
Expected Deliveries: Heights Union and Sparkman Wharf are expected to be completed in the first half of 2020.

Future Outlook

Sales Activity: Expected to increase in 2019 as assets purchased before 2018 show adequate occupancy and cash flow.
Market Sentiment: Landlords are more confident in increasing rents due to decreasing vacancies and strong tenant demand.
Absorption Trends: Continued positive absorption, with Class A driving the market, and CBD showing the most significant gains.

Contact Information

Cushman & Wakefield of Florida, LLC
Address: One Tampa City Center, Tampa, FL 33602
Michelle McMurray: Senior Analyst
- Tel: +1 813 204 5373
- Email: michelle.mcmurray@cushwake.com
Chris Owen: Director, Florida Research
- Tel: +1 407 541 4417

About Cushman & Wakefield

A leading global real estate services firm with 48,000 employees in 400 offices across 70 countries.
2017 Revenue: $6.9 billion from core services including property management, leasing, capital markets, and valuation.
Website: www.cushmanwakefield.com
Twitter: @CushWake

Disclaimer

The information in this report is gathered from multiple sources and is presented without warranty as to its accuracy. It may contain errors or omissions.

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