NAIOP Tampa Bay Report 2009 (Maddux Business Report)

By Bob Andelman

June 2009

If you’re in the middle of what once seemed like a market rate office lease that now seems precariously expensive, you’re probably looking at rising vacancy rates—and presumably dropping costs per square foot—with envy.

And if you’re near the end of one of those leases, you’re probably rubbing your hands with glee over the prospects of landlords competing with vastly reduced rents to attract your business.

Not so quick, friend.

Office brokers around the Tampa Bay area are advising caution in making major lease changes. Rates haven’t plummeted the way you might think because, unlike previous downturns, this one wasn’t preceded by a building boom in the office sector. And while landlords are offering concessions such as free rent, many are being tight-fisted with build-out budgets.

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