Leasing Takes a Stroll
by Laurel S. McQueen

Only Pinellas's Bayside submarket saw a positive quarter. The completion of 380 Park Place, which opened at 64 percent pre-leased, gave the market net positive absorption. In downtown St. Petersburg construction was completed on the Offices at Bay Walk; the former Templeton Funds Building at 700 Central Avenue joined the survey. Together, the two buildings added over 125,000 sf to the stock of vacant space, driving up the vacancy rate by 5.9 points.

Manatee County's first quarter 2001 net absorption was just 10 percent of the first quarter 2000 level. This market will see a boost next quarter, however, when new buildings are completed at Lakewood Ranch.

Sarasota County's first quarter was flat, down 40 percent from fourth quarter and almost equal to first quarter 2000. Three buildings were added to the suburban submarket for a total of nearly 188,000 sf, 59 percent of which is vacant. In the Venice submarket, the newly constructed - and empty - St. Andrew's Medical Center was added to the survey.

Pasco County's first quarter net leasing was more than double the rate of the same quarter a year ago, and was up from a net loss in occupancy during fourth quarter 2000. This was attributed to the addition of the new Trinity Oaks Commerce Center (50 percent vacant) to the market.

Polk County saw a 62-percent increase in leasing activity from its position a year ago. However, the addition to the survey of the Lake Parker Business Center boosted the county's vacancy rate by 1.6 points.

NOTE: Office buildings which have been fully leased for two or more quarters do not appear in the survey charts. All office buildings are updated each quarter. Previous quarterly data is revised as new information is received. Survey charts may include sub-lease space, which is not included in analysis numbers.

For more complete information on the survey, or to receive a full survey chart, call the Maddux Report Research Department at 727/321-3225.

NOTE: Office buildings fully leased for two or more quarters do not appear in the survey charts. All office buildings are updated each quarter. Previous quarterly data is revised as new information is received. Survey charts may include sublease space, which is not included in analysis numbers.
For more complete information call the Maddux Report's Research Department at 727/321-3225.