Tampa, FL – October 28, 2011 – (RealEstateRama) — Westshore continues to hold the position of Tampa Bay’s strongest submarket, with a 20 basis point improvement in vacancy rates during the third quarter and three sustained quarters of positive absorption. Contributing to the positive activity in this submarket was more than 28,000 SF in new leases signed at Colonial Place, located at 4350 West Cypress Street, just off I-275.
The largest new lease was completed October 21st when One Call Medical signed a 10-year term agreement for 17,000 square feet. CBRE Vice President Clay Wommack and First Vice President Brian Devlin provided representation to the owner, DRA/Colonial Properties Trust. An additional 11,000 square feet comprising smaller lease transaction were signed over the last 60 days, all of which were new leases.
According to CBRE’s 3Q2011 MarketView report covering Hillsborough and Pinellas markets, absorption in the Westshore submarket is 236,870 square feet year to date. With a vacancy rate only slightly lower than the overall market average of 21.0%, Westshore still commands the highest average asking rates, at $24.16 Full Service Gross per square foot as of third quarter.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
