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In light of the region’s job losses and economic volatility, this second quarter report on business parks is pretty good stuff. The two biggest counties – Hillsborough and Pinellas – both returned to positive ground. And Polk hit its greatest annual volume in the 20 years this magazine has covered that county.
Only two other times has Polk’s annualized activity exceeded
1-million sf. Its volume this period is almost
identical to first quarter’s while its vacancy
rate dropped 1.2 points. Construction was
started on a 150,000-sf Bobby T Warehouse in Lake Alfred.
Three large leases were signed at AMB Palmetto Industrial in
Davenport and at Interstate Commerce Park and Lakeland Interstate
Business Park, both in Lakeland.
Hillsborough, after turning negative last period for the first
time in four years, moved back on to solid ground, but only
slightly to 77,900 sf. The drag on the county is the market west
of I-275, which now has experienced four consecutive quarterly
losses. Five locations there reported net move-outs totaling
25,000 sf or more.
East of I-275 is better. American Tire Distributing leased a
147,200 sf building at Madison Business Center, giving this market
a big boost. Elsewhere, large leases were reported at five other
locations. Space was completed at Oak Creek Commerce Park
(62% leased), and the first building in South Shore Corporate Park
opened (all available). Tampa International Center (565,770 sf)
has been demolished and is removed from the survey.
Pinellas stopped its slide after three consecutive losses. Nonetheless,
its annualized volume dropped 87 percent from last
period as ValPak’s opening a year ago was removed from the
12-month moving average. Space was completed at STAR Center,
75 percent of which is leased to Monin Gourmet Flavorings.
Four other locations reported leases totaling 23,200 sf or more
while three other locations saw large move-outs. Construction
finally started on 166,000 sf at St. Petersburg’s Dome Industrial
Park, for the U.S. Job Corps Center.
Pasco’s numbers are adjusted downward because last quarter’s
volume was overstated by 135,000 sf. Dade City Business
Center added more space to its inventory, prompting a one-point
rise in the county’s vacancy to 19 percent, easily the region’s
highest rate. A building in Scheer Commerce Park was sold to an
end user.
Sarasota squeaked out a slight gain this quarter, but after
three quarters of losses the annual rate dropped squarely into
loss territory.
Manatee’s quarterly volume was flat once again. Yet the annualized
rate fell 47 percent as above average activity a year ago
dropped out of the moving average.
Across the region, 1.3-million sf of space is currently under
construction. Another 2-million sf is in the planning stage, about
half of which appears to be imminent.
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