Availability is increasing, new construction will open even more options in the CBD
Tampa’s overall availability rate increased by 130 basis points over the last year, ending Q2 2019 at 15.7%. Class A availability rose 240 basis points over the same period to 14.7%. Fundamentals in the Central Business District (CBD) submarkets are slightly tighter, with current availability at 12.7%, compared to 16.5% throughout the suburban submarkets. Submarket availabilities range from just 2.3% in South Tampa and 6.2% in Polk to 26.4% in Northeast Hillsborough and 28.2% in Pasco. More than 1.0 million square feet (msf) will be under construction by the end of this year, the most seen across the market in recent history.