The Tampa Bay area office market continued to feel the impact of the general economic downturn from July through September as the overall office vacancy rate increased to 13.1 percent from 12.4 percent for the second quarter and 12.1 percent for the first quarter of 2008, a report by Colliers Arnold showed.
The vacancy rate for the third quarter of 2007 was 10.6 percent.
Brokers are finding fewer prospective tenants and buyers in the market that are ready to make the decisions, the report said. Shorter renewals and new lease terms are becoming more of the norm.
Three new buildings were completed in the third quarter, adding 229,008 square feet of office space.
Among new construction in Hillsborough and Pinellas counties are three office buildings in Tampa's West Shore area that will add 547,000 square feet of office space in the next six months.
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