Availability Holds fairly flat, options expand in class a space
Availability in Tampa remains stable, with overall availability holding flat while options and opportunities expand some in class A space. Overall availability saw a mere 30-basis-point decrease over the year, ending Q1 at 14.5%, while class A availability increased by 90 basis points over the same period to 12.7%. Availability in the Tampa CBD saw very little change with just a 10-basis-point increase over the year to 11.5%. With an increase in options in class A space, average asking rents are being pushed higher. Overall asking rents increased 11.5% year-over-year to $25.27 per square foot (psf) with class A asking rents following a similar trend, increasing 11.6% over the same period to $31.26 psf.