Adapting in a Tight Office Market

While the Tampa Bay market has several planned office developments underway, current inventory is tight. Here are a few ways office users should plan to adapt:

– Start early, consider properties that are listed and engage a seasoned real estate professional for those that aren’t.

– If you find a space well-suited for your needs, act quickly. Holding out for lower rental rates, higher tenant improvement allowances and other concessions is a poor strategy in this market.

– For office improvements, expect a longer permitting process and higher build-out costs than usual due to significant increases in construction and labor costs.

— Ryan Kratz, Colliers International Florida