Monday, September 24, 2018
Business

Office rents rising in Tampa Bay

Tampa Bay was among the four major Florida markets in which Class A office rents rose more than 4 percent over the past year.

According to Cushman & Wakefield, bay area rents climbed 4.7 percent to $26.85 per square foot. Also recording significant gains were Broward County, Palm Beach and Miami-Dade, which had the highest average Class A rent at $46.21 per square foot. Jacksonville and Orlando had more modest gains.

Overall, higher rental rates were not driven by increased levels of new construction, but by heightened leasing demand and absorption.

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