Another 2.78 million square feet of vacant industrial space in Tampa Bay

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JULY 30, 2009

Industrial property in the Tampa Bay area has lost that loving feeling, according to a new report by the Colliers Arnold real estate firm:

The downturn in the economy and the housing market continued to cause companies to vacate or downsize. Net absorption during the quarter was a negative (1,625,637) square feet bringing the year-to-date net absorption to a negative (2,775,806) square feet. Vacancy has doubled from a low of 4.7 percent in the fourth quarter of 2006 to the current average of 9.3 percent.

To keep things in perspective that 2.78 million square feet of new vacancy makes up 1.3 percent of the total inventory of 206 million square feet. But the trend isn't encouraging.

Posted by James Thorner at 4:43:37 pm on July 30, 2009 | Permalink | Comments |

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