Office Enterprise, Inc.

The Maddux Report, a St. Petersburg publication that covers Florida's central west coast, reports,

IT’S OFFICIAL: 2009 is the worst on record for Tampa Bay’s office leasing market. The region’s vacancy rate rose to its highest point in 17 years; meanwhile, net move-outs plunged to the worst levels seen in years; 25 years – a negative 1.14 million sf. The two largest counties, Hillsborough and Pinellas, account for nearly 80 percent of that hemorrhaging.

One bright spot was downtown St. Pete which actually showed a net gain in leased commercial space. However, further investigation revealed that most of the absorbed footage came from a single transaction. St. Petersburg Medical took 34,000 sq. ft. in a 109,000 sq. ft. building (built in 2007) at 625 6^th Avenue S. The building’s remaining 75,000 sq. ft. remain vacant.

Dealing only on the tenant's behalf, my clients are firmly in the driver's seat when it comes to terms and rates. Hopefully this reversed situation will last a while longer.

Just How Low Can This Go - Maddux Report