CoStar Office...

Tampa/St Petersburg Office Market

Y e a r - E n d 2 0 1 7

CoStar Office Statistics


©2018 CoStar Group, Inc. CoStar Office Statistics A

Year-End 2017 – Tampa/St Petersburg

Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AMethodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BTerms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CMarket Highlights & Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CoStar Markets & Submarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Inventory & Development AnalysisSelect Top DeliveriesSelect Top Under Construction Properties

Figures at a Glance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Figures at a Glance by Class & MarketFigures at a Glance by Class & SubmarketFigures at a Glance Grouped by CBD vs SuburbanHistorical Figures at a Glance

Leasing Activity Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Select Top Lease Transactions

Sales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Sales Activity AnalysisSelect Top Sales Transactions

Analysis of Individual CoStar Submarket Clusters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Central Tampa MarketHernando County MarketI-75 Corridor MarketNorth Hillsborough MarketPasco County MarketPinellas MarketPolk County MarketSarasota/Bradenton Market


B CoStar Office Statistics ©2018 CoStar Group, Inc.

Tampa/St Petersburg – Year-End 2017


©2018 CoStar Group, Inc. CoStar Office Statistics C


MethodologyThe CoStar Office Report, unless specifically stated otherwise, calculates office statistics using CoStar Group’s entire database of existing and under construction office buildings in each metropolitan area. Included are office, office condominium, office loft, office medical, all classes and all sizes, and both multi-tenant and single-tenant buildings, including owner-occupied buildings. CoStar Group's global database includes approximately 119 billion square feet of coverage in 5.4 million properties. All rental rates reported in the CoStar Office Report have been converted to a Full Service equivalent rental rate.

© Copyright 2018 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided ‘as is’ and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

CoStar Group, Inc.

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For information on subscribing to CoStar’s other products and services, please contact us at 1-877-7COSTAR, or visit our web site at www.costar.com


B CoStar Office Statistics ©2018 CoStar Group, Inc.



©2018 CoStar Group, Inc. CoStar Office Statistics C


Terms & DefinitionsAvailability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet.Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date. Build-to-Suit: A term describing a particular property, developed specifically for a certain tenant to occupy, with structural features, systems, or improvement work designed specifically for the needs of that tenant. A build-to-suit can be leased or owned by the tenant. In a leased build-to-suit, a tenant will usually have a long term lease on the space.Buyer: The individual, group, company, or entity that has purchased a commercial real estate asset.Cap Rate: Short for capitalization rate. The Cap Rate is a calculation that reflects the relationship between one year’s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price).CBD: Abbreviation for Central Business District. (See also: Central Business District)Central Business District: The designations of Central Business District (CBD) and Suburban refer to a particular geographic area within a metropolitan statistical area (MSA) describing the level of real estate development found there. The CBD is characterized by a high density, well organized core within the largest city of a given MSA.Class A: A classification used to describe buildings that generally qualify as extremely desirable investment-grade properties and com-mand the highest rents or sale prices compared to other buildings in the same market. Such buildings are well located and provide efficient tenant layouts as well as high quality, and in some buildings, one-of-a-kind floor plans. They can be an architectural or historical landmark designed by prominent architects. These buildings contain a modern mechanical system, and have above-average maintenance and management as well as the best quality materials and workmanship in their trim and interior fittings. They are generally the most attractive and eagerly sought by investors willing to pay a premium for quality.Class B: A classification used to describe buildings that generally qualify as a more speculative investment, and as such, command lower rents or sale prices compared to Class A properties. Such buildings offer utilitarian space without special attractions, and have ordinary design, if new or fairly new; good to excellent design if an older non-landmark building. These buildings typically have average to good maintenance, management and tenants. They are less appealing to tenants than Class A properties, and may be deficient in a number of respects including floor plans, condition and facilities. They lack prestige and must depend chiefly on a lower price to attract tenants and investors.Class C: A classification used to describe buildings that generally qualify as no-frills, older buildings that offer basic space and command lower rents or sale prices compared to other buildings in the same market. Such buildings typically have below-average maintenance and management, and could have mixed or low tenant prestige, inferior elevators, and/or mechanical/electrical systems. These build-ings lack prestige and must depend chiefly on a lower price to attract tenants and investors.Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries)Contiguous Blocks of Space: Space within a building that is, or is able to be joined together into a single contiguous space.Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certifi-

cate of occupancy must have been issued for the property.Delivery Date: The date a building completes construction and receives a certificate of occupancy.Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepreneurial efforts. Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased.Existing Inventory: The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation.Flex Building: A type of building designed to be versatile, which may be used in combination with office (corporate headquarters), research and development, quasi-retail sales, and including but not limited to industrial, warehouse, and distribution uses. A typical flex building will be one or two stories with at least half of the rentable area being used as office space, have ceiling heights of 16 feet or less, and have some type of drive-in door, even though the door may be glassed in or sealed off.Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insur-ance.Gross Absorption: The total change in occupied space over a given period of time, counting space that is occupied but not space that is vacated by tenants. Gross absorption differs from leasing Activity, which is the sum of all space leased over a certain period of time. Unless otherwise noted Gross Absorption includes direct and sublease space.Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings.Industrial Building: A type of building adapted for such uses as the assemblage, processing, and/or manufacturing of products from raw materials or fabricated parts. Additional uses include warehous-ing, distribution, and maintenance facilities. The primary purpose of the space is for storing, producing, assembling, or distributing product.Landlord Rep: (Landlord Representative) In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep.Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease.Leasing Activity: The volume of square footage that is commit-ted to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings.Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets)Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different


D CoStar Office Statistics ©2018 CoStar Group, Inc.

Tampa/St Petersburg – Year-End 2017 Year-End 2017 – Tampa/St Petersburg


©2018 CoStar Group, Inc. CoStar Office Statistics 1

tenant needs. (See also: Tenancy).Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space.Net Rental Rate: A rental rate that excludes certain expenses that a tenant could incur in occupying office space. Such expenses are expected to be paid directly by the tenant and may include janitorial costs, electricity, utilities, taxes, insurance and other related costs.New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant.Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant.Office Building: A type of commercial building used exclusively or primarily for office use (business), as opposed to manufacturing, warehousing, or other uses. Office buildings may sometimes have other associated uses within part of the building, i.e., retail sales, finan-cial, or restaurant, usually on the ground floor.Owner: The company, entity, or individual that holds title on a given building or property.Planned/Proposed: The status of a building that has been announced for future development but not yet started construction.Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate of occupancy date.Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA).Property Manager: The company and/or person responsible for the day-to-day operations of a building, such as cleaning, trash removal, etc. The property manager also makes sure that the various systems within the building, such as the elevators, HVAC, and electrical systems, are functioning properly.Quoted Rental Rate: The asking rate per square foot for a par-ticular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease. RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area)Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets)Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant.Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant’s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets.Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis.Sales Price: The total dollar amount paid for a particular property at a particular point in time.Sales Volume: The sum of sales prices for a given group of buildings in a given time period.Seller: The individual, group, company, or entity that sells a particular commercial real estate asset.SF: Abbreviation for Square Feet.Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy)

Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space.Submarkets: Specific geographic boundaries that serve to delin-eate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market).Suburban: The Suburban and Central Business District (CBD) des-ignations refer to a particular geographic area within a metropolitan statistical area (MSA). Suburban is defined as including all office inven-tory not located in the CBD. (See also: CBD)Tenancy: A term used to indicate whether or not a building is occu-pied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant)Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep.Time On Market: A measure of how long a currently available space has been marketed for lease, regardless of whether it is vacant or occupied.Under Construction: Buildings in a state of construction, up until they receive their certificate of occupancy. In order for CoStar to consider a building under construction, the site must have a concrete foundation in place. Abbreviated UC.Vacancy Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations.Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space. Weighted Average Rental Rate: Rental rates that are cal-culated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces.Year Built: The year in which a building completed construction and was issued a certificate of occupancy.YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through whatever time period is being studied.


D CoStar Office Statistics ©2018 CoStar Group, Inc.

Tampa/St Petersburg – Year-End 2017 Year-End 2017 – Tampa/St Petersburg



Overview

Tampa/St Petersburg’s Vacancy Decreases to 7.0% Net Absorption Positive 731,930 SF in the Quarter

The Tampa/St Petersburg Office market ended the fourth quarter 2017 with a vacancy rate of 7.0%. The vacancy rate was down over the previous quarter, with net

absorption totaling positive 731,930 square feet in the fourth quarter. Vacant sublease space decreased in the quarter, end-ing the quarter at 426,073 square feet. Rental rates ended the fourth quarter at $20.80, an increase over the previous quarter. A total of four buildings delivered to the market in the quarter totaling 29,800 square feet, with 654,746 square feet still under construction at the end of the quarter.

AbsorptionNet absorption for the overall Tampa/St Petersburg office

market was positive 731,930 square feet in the fourth quarter 2017. That compares to positive 126,885 square feet in the third quarter 2017, positive 164,832 square feet in the second quarter 2017, and positive 470,672 square feet in the first quarter 2017.

The Class-A office market recorded net absorption of pos-itive 104,249 square feet in the fourth quarter 2017, compared to positive 38,936 square feet in the third quarter 2017, positive 195,743 in the second quarter 2017, and positive 136,154 in the first quarter 2017.

The Class-B office market recorded net absorption of pos-itive 555,017 square feet in the fourth quarter 2017, compared to positive 267,250 square feet in the third quarter 2017, nega-tive (85,462) in the second quarter 2017, and positive 279,083 in the first quarter 2017.

The Class-C office market recorded net absorption of positive 72,664 square feet in the fourth quarter 2017 com-pared to negative (179,301) square feet in the third quarter

2017, positive 54,551 in the second quarter 2017, and positive 55,435 in the first quarter 2017.

Net absorption for Tampa/St Petersburg’s central busi-ness district was positive 7,009 square feet in the fourth quar-ter 2017. That compares to positive 12,066 square feet in the third quarter 2017, positive 30,639 in the second quarter 2017, and positive 49,249 in the first quarter 2017.

Net absorption for the suburban markets was positive 724,921 square feet in the fourth quarter 2017. That compares to positive 114,819 square feet in third quarter 2017, positive 134,193 in the second quarter 2017, and positive 421,423 in the first quarter 2017.

VacancyThe office vacancy rate in the Tampa/St Petersburg mar-

ket area decreased to 7.0% at the end of the fourth quarter 2017. The vacancy rate was 7.4% at the end of the third quar-ter 2017, 7.5% at the end of the second quarter 2017, and 7.6% at the end of the first quarter 2017.

Class-A projects reported a vacancy rate of 7.3% at the end of the fourth quarter 2017, 7.6% at the end of the third quarter 2017, 7.7% at the end of the second quarter 2017, and 8.1% at the end of the first quarter 2017.

Class-B projects reported a vacancy rate of 8.0% at the end of the fourth quarter 2017, 8.8% at the end of the third quarter 2017, 9.1% at the end of the second quarter 2017, and 8.9% at the end of the first quarter 2017.

Class-C projects reported a vacancy rate of 5.3% at the end of the fourth quarter 2017, 5.5% at the end of third quarter 2017, 5.1% at the end of the second quarter 2017, and 5.3% at

Vacancy Rates by Class 1999-2017

Source: CoStar Property®

Absorption & Deliveries U.S. Vacancy ComparisonPast 10 Quarters Past 10 Quarters

Source: CoStar Property® Source: CoStar Property®

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Tampa/St Petersburg United States

2 CoStar Office Statistics ©2018 CoStar Group, Inc.

Tampa/St Petersburg � Year-End 2017

Tampa/St Petersburg Office MarketYear-End 2017 – Tampa/St Petersburg



Overview

the end of the first quarter 2017.The overall vacancy rate in Tampa/St Petersburg’s cen-

tral business district at the end of the fourth quarter 2017 decreased to 8.0%. The vacancy rate was 8.1% at the end of the third quarter 2017, 8.2% at the end of the second quarter 2017, and 8.5% at the end of the first quarter 2017.

The vacancy rate in the suburban markets decreased to 6.9% in the fourth quarter 2017. The vacancy rate was 7.4% at the end of the second and third quarter 2017, and 7.5% at the end of the first quarter 2017.

Largest Lease SigningsThe largest lease signings occurring in 2017 included:

the 148,800-square-foot lease signed by AAA at Renaissance Center VI in the North Hillsborough market; the 125,000-square-foot deal signed by Amgen, Inc. at Corporate Center I in the Central Tampa market; and the 93,069-square-foot lease signed by EmCare at 5380 Tech Data Dr. in the Pinellas market.

Sublease VacancyThe amount of vacant sublease space in the Tampa/St

Petersburg market decreased to 426,073 square feet by the end of the fourth quarter 2017, from 520,985 square feet at the end of the third quarter 2017. There was 462,115 square feet vacant at the end of the second quarter 2017 and 468,884 square feet at the end of the first quarter 2017.

Tampa/St Petersburg’s Class-A projects reported vacant sublease space of 134,183 square feet at the end of fourth quarter 2017, down from the 134,575 square feet reported at the end of the third quarter 2017. There were 158,987 square feet of sublease space vacant at the end of the second quarter 2017, and 190,357 square feet at the end of the first quarter 2017.

Class-B projects reported vacant sublease space of 162,501 square feet at the end of the fourth quarter 2017, down

from the 260,892 square feet reported at the end of the third quarter 2017. At the end of the second quarter 2017 there were 232,419 square feet, and at the end of the first quarter 2017 there were 199,108 square feet vacant.

Class-C projects reported increased vacant sublease space from the third quarter 2017 to the fourth quarter 2017. Sublease vacancy went from 125,518 square feet to 129,389 square feet during that time. There was 70,709 square feet at the end of the second quarter 2017, and 79,419 square feet at the end of the first quarter 2017.

Sublease vacancy in Tampa/St Petersburg’s central busi-ness district stood at 45,336 square feet at the end of the fourth quarter 2017. It was 45,787 square feet at the end of the third quarter 2017, 55,773 square feet at the end of the second quarter 2017, and 48,084 square feet at the end of the first quarter 2017.

Sublease vacancy in the suburban markets ended the fourth quarter 2017 at 380,737 square feet. At the end of the third quarter 2017 sublease vacancy was 475,198 square feet, was 406,342 square feet at the end of the second quarter 2017, and was 420,800 square feet at the end of the first quarter 2017.

Rental RatesThe average quoted asking rental rate for available office

space, all classes, was $20.80 per square foot per year at the end of the fourth quarter 2017 in the Tampa/St Petersburg market area. This represented a 1.0% increase in quoted rental rates from the end of the third quarter 2017, when rents were reported at $20.59 per square foot.

The average quoted rate within the Class-A sector was $27.33 at the end of the fourth quarter 2017, while Class-B rates stood at $19.68, and Class-C rates at $16.43. At the end of the third quarter 2017, Class-A rates were $26.82 per square foot, Class-B rates were $19.64, and Class-C rates were $16.25.

The average quoted asking rental rate in Tampa/St Petersburg’s CBD was $26.58 at the end of the fourth quarter 2017, and $20.34 in the suburban markets. In the third quarter 2017, quoted rates were $26.44 in the CBD and $20.13 in the suburbs.

Deliveries and ConstructionDuring the fourth quarter 2017, four buildings totaling

29,800 square feet were completed in the Tampa/St Petersburg market area. This compares to eight buildings totaling 62,758 square feet that were completed in the third quarter 2017, nine buildings totaling 73,837 square feet completed in the second quarter 2017, and 52,299 square feet in six buildings completed in the first quarter 2017.There were 654,746 square feet of office space under construction at the end of the fourth quarter 2017.

Some of the notable 2017 deliveries include: Centauri





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Overview

Insurance, a 30,000-square-foot facility that delivered in third quarter 2017 and 5802 E Fowler Ave, a 30,000-square-foot building that delivered in second quarter 2017.

The largest projects underway at the end of fourth quar-ter 2017 were USF Morsani College of Medicine, a 230,000-square-foot building, and Renaissance Center VI, a 148,800-square-foot facility.

InventoryTotal office inventory in the Tampa/St Petersburg market

area amounted to 154,700,955 square feet in 13,585 buildings as of the end of the fourth quarter 2017. The Class-A office sec-tor consisted of 34,816,298 square feet in 237 projects. There were 5,001 Class-B buildings totaling 69,698,748 square feet, and the Class-C sector consisted of 50,185,909 square feet in 8,347 buildings. Within the Office market there were 561 owner-occupied buildings accounting for 15,985,389 square feet of office space.

Sales ActivityTallying office building sales of 15,000 square feet or

larger, Tampa/St Petersburg office sales figures fell during the third quarter 2017 in terms of dollar volume compared to the second quarter of 2017.

In the third quarter, 17 office transactions closed with a total volume of $210,129,209. The 17 buildings totaled 1,374,365 square feet and the average price per square foot equated to $152.89 per square foot. That compares to 23 transactions totaling $344,356,805 in the second quarter 2017. The total square footage in the second quarter was 2,125,869 square feet for an average price per square foot of $161.98.

Total office building sales activity in 2017 was up com-pared to 2016. In the first nine months of 2017, the market saw 63 office sales transactions with a total volume of $713,464,914. The price per square foot averaged $155.99. In the same first

nine months of 2016, the market posted 57 transactions with a total volume of $495,460,437. The price per square foot aver-aged $119.02.

Cap rates have been lower in 2017, averaging 8.23% com-pared to the same period in 2016 when they averaged 8.45%.

One of the largest transactions that has occurred within the last four quarters in the Tampa/St Petersburg market is the sale of Citicorp Center in Tampa. This 672,000-square-foot office building sold for $116,000,000, or $172.62 per square foot. The property sold on 12/13/2016, at a 0.00% cap rate.”

Reports compiled by: Latoya Jenkins , CoStar Research Manager.





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CoStar Submarket Clusters & SubmarketsIn analyzing metropolitan areas, CoStar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Markets are then divided into Submarket Clusters, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group.

Markets

Submarket Clusters Submarkets

Central Tampa South TampaTampa CBD*Westshore

Hernando County Hernando County

I-75 Corridor East TampaNortheast Tampa

North Hillsborough Northwest Tampa

Pasco County Pasco County

Pinellas BaysideClearwater CBDGatewayMid-PinellasNorth PinellasSouth PinellasSt Petersburg CBD

Polk County Polk County

Sarasota/Bradenton ManateeManatee OutlyingSarasotaSarasota Outlying

* Submarkets comprising the CBD. For statistics reference the CBD vs Suburban Figures at a Glance Page.






Historical Deliveries 1982 - 2017

Source: CoStar Property® * Future deliveries based on current under construction buildings.

Construction Activity Markets Ranked by Under Construction Square Footage

# Bldgs Preleased SF Preleased % All Existing U/C

Central Tampa 4 302,245 98.4% 20,054 76,819

North Hillsborough 5 177,280 93.6% 9,527 37,866

I-75 Corridor 1 29,150 55.0% 15,971 53,000

Sarasota/Bradenton 2 39,000 83.0% 9,495 23,500

Pasco County 3 12,540 39.8% 6,380 10,500

Hernando County 2 15,690 88.9% 6,960 8,820

Pinellas 1 4,080 68.0% 11,141 6,000

Polk County 1 3,000 100.0% 8,520 3,000

Totals 19 582,985 89.0% 11,388 34,460


Recent Deliveries Future Deliveries Leased & Un-Leased SF in Deliveries Since 2013 Preleased & Un-Leased SF in Properties Scheduled to Deliver


17,640

6,000

3,000

189,328

53,000

47,000

31,500

654,746

Market

Under Construction Inventory Average Bldg Size

Total RBA

307,278

2.93.3

6.3

8.6

7.2

4.4

5.6

3.8

2.4

1.3

2.3

1.1 1.00.7

1.4

2.2

4.23.8 3.9

3.4

2.42.8

3.4 3.4

4.1

5.0

3.7

1.6

0.6 0.6 0.50.8

0.40.8

0.5 0.3

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

1982 1986 1990 1994 1998 2002 2006 2010 2014

Millions

of

SF

Deliveries Average Delivered SF

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

2013 2015 2017

Millions

of

SF

Leased Un-Leased

0

50

100

150

200

250

2018 1q 2018 3q

T

Tho

usa

nds

of

SF

Preleased Un-Leased

Inventory & development






Historical Construction Starts & DeliveriesSquare Footage Per Quarter Starting and Completing Construction


Recent Deliveries by Project Size Breakdown of Year-to-Date Development Based on RBA of Project

Building Size # Bldgs RBA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant

< 50,000 SF 28 221,394 203,557 91.9% $22.25 20,407 200,987

50,000 SF - 99,999 SF 0 0 0 0.0% $0.00 0 0

100,000 SF - 249,999 SF 0 0 0 0.0% $0.00 0 0

250,000 SF - 499,999 SF 0 0 0 0.0% $0.00 0 0

>= 500,000 SF 0 0 0 0.0% $0.00 0 0


Recent Development by Tenancy Existing Inventory ComparisonBased on RBA Developed for Single & Multi Tenant Use Based on Total RBA

2017 Deliveries


Currently Under Construction By Class By Space Type

0.18

0.08

0.37

0.13

0.28

0.06

0.15

(0.01)

0.10 0.10

0.01

0.28

0.07

0.04

0.24

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0.16

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0.18

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0.1

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0.2

0.2

0.3

0.3

0.4

0.4

2014 1q 2015 1q 2016 1q 2017 1q

Millions

of

SF

Construction Starts Deliveries

90%

10%

Multi Single

92%

8%

Multi Single

32%

23%

45%

Class A Class B Class C

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Class A Market Statistics Year-End 2017

YTD Net YTD Under Quoted

Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

Central Tampa 62 13,686,387 1,232,573 1,328,026 9.7% 84,676 0 230,000 $29.62

Hernando County 0 0 0 0 0.0% 0 0 0 $0.00

I-75 Corridor 48 7,348,062 296,339 310,158 4.2% 96,897 30,000 0 $25.81

North Hillsborough 13 1,210,984 27,087 27,087 2.2% 13,072 0 180,800 $24.04

Pasco County 6 291,893 21,977 21,977 7.5% 3,008 0 0 $0.00

Pinellas 75 8,779,109 684,021 698,565 8.0% 276,279 0 0 $24.53

Polk County 7 1,016,750 0 0 0.0% 1,489 0 0 $26.00

Sarasota/Bradenton 26 2,483,113 156,724 167,091 6.7% (339) 30,000 0 $25.28

Totals 237 34,816,298 2,418,721 2,552,904 7.3% 475,082 60,000 410,800 $27.33


Class B Market Statistics Year-End 2017



Central Tampa 436 11,469,874 670,249 739,434 6.4% 158,261 38,462 77,278 $23.41

Hernando County 177 1,322,073 97,191 98,591 7.5% 7,012 0 17,640 $16.25

I-75 Corridor 572 9,875,404 952,788 967,781 9.8% 121,815 8,500 53,000 $19.18

North Hillsborough 593 6,342,098 760,044 782,318 12.3% 53,614 23,323 8,528 $19.10

Pasco County 689 4,934,624 328,055 328,055 6.6% 73,253 14,055 31,500 $17.52

Pinellas 824 15,860,533 1,481,083 1,512,663 9.5% 563,711 14,848 6,000 $18.85

Polk County 676 7,255,534 401,283 410,612 5.7% (63,915) 31,800 3,000 $17.73

Sarasota/Bradenton 1,034 12,638,608 729,399 743,139 5.9% 102,137 27,706 47,000 $19.88

Totals 5,001 69,698,748 5,420,092 5,582,593 8.0% 1,015,888 158,694 243,946 $19.68


Class C Market Statistics Year-End 2017



Central Tampa 1,129 7,471,984 240,719 248,170 3.3% 51,658 0 0 $20.12

Hernando County 124 772,875 18,273 18,273 2.4% 26,872 0 0 $12.37

I-75 Corridor 716 4,113,197 142,822 201,592 4.9% (35,726) 0 0 $15.47

North Hillsborough 529 3,260,221 276,006 276,006 8.5% (11,557) 0 0 $15.06

Pasco County 608 3,086,219 215,823 218,073 7.1% 36,998 0 0 $13.69

Pinellas 2,832 16,927,225 938,035 994,095 5.9% (123,729) 0 0 $15.84

Polk County 830 4,618,225 250,746 250,746 5.4% 35,566 0 0 $15.96

Sarasota/Bradenton 1,579 9,935,963 451,093 455,951 4.6% 23,267 0 0 $18.35

Totals 8,347 50,185,909 2,533,517 2,662,906 5.3% 3,349 0 0 $16.43


Total Office Market Statistics Year-End 2017



Central Tampa 1,627 32,628,245 2,143,541 2,315,630 7.1% 294,595 38,462 307,278 $26.43

Hernando County 301 2,094,948 115,464 116,864 5.6% 33,884 0 17,640 $15.27

I-75 Corridor 1,336 21,336,663 1,391,949 1,479,531 6.9% 182,986 38,500 53,000 $19.92

North Hillsborough 1,135 10,813,303 1,063,137 1,085,411 10.0% 55,129 23,323 189,328 $18.43

Pasco County 1,303 8,312,736 565,855 568,105 6.8% 113,259 14,055 31,500 $16.01

Pinellas 3,731 41,566,867 3,103,139 3,205,323 7.7% 716,261 14,848 6,000 $19.49

Polk County 1,513 12,890,509 652,029 661,358 5.1% (26,860) 31,800 3,000 $17.13

Sarasota/Bradenton 2,639 25,057,684 1,337,216 1,366,181 5.5% 125,065 57,706 47,000 $20.04

Totals 13,585 154,700,955 10,372,330 10,798,403 7.0% 1,494,319 218,694 654,746 $20.80


Existing Inventory Vacancy

Vacancy



Existing Inventory

Figures at a Glance






Figures at a Glance

Class A Submarket Statistics Year-End 2017



Bayside 10 1,083,435 135,964 143,720 13.3% 40,364 0 0 $22.05

Clearwater CBD 5 501,377 92,950 92,950 18.5% 3,768 0 0 $18.78

East Tampa 24 3,380,702 67,301 71,119 2.1% 53,575 0 0 $25.46

Gateway 27 3,396,760 74,328 77,169 2.3% 87,427 0 0 $25.56

Hernando County 0 0 0 0 0.0% 0 0 0 $0.00

Manatee 2 378,572 11,070 11,070 2.9% (6,675) 0 0 $16.98

Manatee Outlying 3 203,840 0 10,367 5.1% 0 0 0 $0.00

Mid-Pinellas 5 420,605 1,250 3,216 0.8% 45,511 0 0 $25.00

North Pinellas 17 1,390,635 168,888 168,888 12.1% (21,130) 0 0 $19.47

Northeast Tampa 24 3,967,360 229,038 239,039 6.0% 43,322 30,000 0 $25.88

Northwest Tampa 13 1,210,984 27,087 27,087 2.2% 13,072 0 180,800 $24.04

Pasco County 6 291,893 21,977 21,977 7.5% 3,008 0 0 $0.00

Polk County 7 1,016,750 0 0 0.0% 1,489 0 0 $26.00

Sarasota 20 1,848,101 145,654 145,654 7.9% 6,336 30,000 0 $25.61

Sarasota Outlying 1 52,600 0 0 0.0% 0 0 0 $0.00

South Pinellas 2 261,220 61,585 61,585 23.6% 79,190 0 0 $25.27

South Tampa 3 159,502 0 0 0.0% 1,168 0 0 $0.00

St Petersburg CBD 9 1,725,077 149,056 151,037 8.8% 41,149 0 0 $28.40

Tampa CBD 15 5,347,115 605,849 633,601 11.8% 47,249 0 230,000 $28.45

Westshore 44 8,179,770 626,724 694,425 8.5% 36,259 0 0 $30.56

Totals 237 34,816,298 2,418,721 2,552,904 7.3% 475,082 60,000 410,800 $27.33


Class B Submarket Statistics Year-End 2017



Bayside 49 1,800,962 262,616 270,569 15.0% 84,376 12,348 0 $19.34

Clearwater CBD 55 684,607 44,311 44,311 6.5% 1,996 0 0 $17.96

East Tampa 330 4,711,786 494,571 509,564 10.8% 78,237 8,500 53,000 $19.77

Gateway 109 3,962,911 372,953 383,437 9.7% 143,737 0 6,000 $19.52

Hernando County 177 1,322,073 97,191 98,591 7.5% 7,012 0 17,640 $16.25

Manatee 278 3,108,764 137,624 139,822 4.5% 20,689 5,206 0 $16.92

Manatee Outlying 80 983,938 48,729 50,688 5.2% 6,107 0 0 $22.50

Mid-Pinellas 163 2,394,225 241,949 250,692 10.5% 107,535 0 0 $18.21

North Pinellas 228 3,145,893 324,760 328,760 10.5% 23,350 2,500 0 $17.75

Northeast Tampa 242 5,163,618 458,217 458,217 8.9% 43,578 0 0 $18.36

Northwest Tampa 593 6,342,098 760,044 782,318 12.3% 53,614 23,323 8,528 $19.10

Pasco County 689 4,934,624 328,055 328,055 6.6% 73,253 14,055 31,500 $17.52

Polk County 676 7,255,534 401,283 410,612 5.7% (63,915) 31,800 3,000 $17.73

Sarasota 606 7,992,037 469,332 478,915 6.0% 71,962 22,500 47,000 $20.80

Sarasota Outlying 70 553,869 73,714 73,714 13.3% 3,379 0 0 $19.37

South Pinellas 182 2,772,403 149,469 149,469 5.4% 215,997 0 0 $18.52

South Tampa 216 2,405,358 96,426 101,578 4.2% (8,820) 38,462 6,000 $24.90

St Petersburg CBD 38 1,099,532 85,025 85,425 7.8% (13,280) 0 0 $21.22

Tampa CBD 36 2,747,024 85,776 98,072 3.6% 29,598 0 0 $21.28

Westshore 184 6,317,492 488,047 539,784 8.5% 137,483 0 71,278 $23.71

Totals 5,001 69,698,748 5,420,092 5,582,593 8.0% 1,015,888 158,694 243,946 $19.68









Figures at a Glance

Class C Submarket Statistics Year-End 2017



Bayside 76 755,745 150,107 150,107 19.9% 19,426 0 0 $15.87

Clearwater CBD 277 1,794,189 78,602 78,602 4.4% 7,163 0 0 $13.56

East Tampa 438 2,319,786 98,177 148,775 6.4% (32,585) 0 0 $15.62

Gateway 153 1,759,596 142,733 191,733 10.9% (52,422) 0 0 $16.94

Hernando County 124 772,875 18,273 18,273 2.4% 26,872 0 0 $12.37

Manatee 643 4,380,354 221,582 221,582 5.1% 14,763 0 0 $16.66

Manatee Outlying 18 102,114 0 0 0.0% 0 0 0 $21.72

Mid-Pinellas 515 3,243,010 153,338 153,338 4.7% (5,133) 0 0 $13.06

North Pinellas 612 3,382,840 122,368 129,428 3.8% (2,537) 0 0 $18.05

Northeast Tampa 278 1,793,411 44,645 52,817 2.9% (3,141) 0 0 $15.05

Northwest Tampa 529 3,260,221 276,006 276,006 8.5% (11,557) 0 0 $15.06

Pasco County 608 3,086,219 215,823 218,073 7.1% 36,998 0 0 $13.69

Polk County 830 4,618,225 250,746 250,746 5.4% 35,566 0 0 $15.96

Sarasota 766 4,665,101 189,436 194,294 4.2% 24,562 0 0 $19.44

Sarasota Outlying 152 788,394 40,075 40,075 5.1% (16,058) 0 0 $19.27

South Pinellas 1,070 4,676,833 239,306 239,306 5.1% (72,993) 0 0 $15.72

South Tampa 624 2,508,371 58,246 60,409 2.4% (10,275) 0 0 $22.43

St Petersburg CBD 129 1,315,012 51,581 51,581 3.9% (17,233) 0 0 $24.53

Tampa CBD 70 1,680,932 47,744 53,032 3.2% 22,116 0 0 $18.75

Westshore 435 3,282,681 134,729 134,729 4.1% 39,817 0 0 $19.45

Totals 8,347 50,185,909 2,533,517 2,662,906 5.3% 3,349 0 0 $16.43


Total Office Submarket Statistics Year-End 2017



Bayside 135 3,640,142 548,687 564,396 15.5% 144,166 12,348 0 $19.06

Clearwater CBD 337 2,980,173 215,863 215,863 7.2% 12,927 0 0 $15.42

East Tampa 792 10,412,274 660,049 729,458 7.0% 99,227 8,500 53,000 $19.40

Gateway 289 9,119,267 590,014 652,339 7.2% 178,742 0 6,000 $21.35

Hernando County 301 2,094,948 115,464 116,864 5.6% 33,884 0 17,640 $15.27

Manatee 923 7,867,690 370,276 372,474 4.7% 28,777 5,206 0 $16.80

Manatee Outlying 101 1,289,892 48,729 61,055 4.7% 6,107 0 0 $22.43

Mid-Pinellas 683 6,057,840 396,537 407,246 6.7% 147,913 0 0 $15.53

North Pinellas 857 7,919,368 616,016 627,076 7.9% (317) 2,500 0 $18.37

Northeast Tampa 544 10,924,389 731,900 750,073 6.9% 83,759 30,000 0 $20.49

Northwest Tampa 1,135 10,813,303 1,063,137 1,085,411 10.0% 55,129 23,323 189,328 $18.43

Pasco County 1,303 8,312,736 565,855 568,105 6.8% 113,259 14,055 31,500 $16.01

Polk County 1,513 12,890,509 652,029 661,358 5.1% (26,860) 31,800 3,000 $17.13

Sarasota 1,392 14,505,239 804,422 818,863 5.6% 102,860 52,500 47,000 $21.32

Sarasota Outlying 223 1,394,863 113,789 113,789 8.2% (12,679) 0 0 $19.32

South Pinellas 1,254 7,710,456 450,360 450,360 5.8% 222,194 0 0 $17.89

South Tampa 843 5,073,231 154,672 161,987 3.2% (17,927) 38,462 6,000 $23.63

St Petersburg CBD 176 4,139,621 285,662 288,043 7.0% 10,636 0 0 $26.64

Tampa CBD 121 9,775,071 739,369 784,705 8.0% 98,963 0 230,000 $26.58

Westshore 663 17,779,943 1,249,500 1,368,938 7.7% 213,559 0 71,278 $26.58

Totals 13,585 154,700,955 10,372,330 10,798,403 7.0% 1,494,319 218,694 654,746 $20.80









Figures at a Glance

Class A Market Statistics Year-End 2017



CBD 15 5,347,115 605,849 633,601 11.8% 47,249 0 230,000 $28.45

Suburban 222 29,469,183 1,812,872 1,919,303 6.5% 427,833 60,000 180,800 $26.99

Totals 237 34,816,298 2,418,721 2,552,904 7.3% 475,082 60,000 410,800 $27.33


Class B Market Statistics Year-End 2017



CBD 36 2,747,024 85,776 98,072 3.6% 29,598 0 0 $21.28

Suburban 4,965 66,951,724 5,334,316 5,484,521 8.2% 986,290 158,694 243,946 $19.64

Totals 5,001 69,698,748 5,420,092 5,582,593 8.0% 1,015,888 158,694 243,946 $19.68


Class C Market Statistics Year-End 2017



CBD 70 1,680,932 47,744 53,032 3.2% 22,116 0 0 $18.75

Suburban 8,277 48,504,977 2,485,773 2,609,874 5.4% (18,767) 0 0 $16.38

Totals 8,347 50,185,909 2,533,517 2,662,906 5.3% 3,349 0 0 $16.43


Class A & B Market Statistics Year-End 2017



CBD 51 8,094,139 691,625 731,673 9.0% 76,847 0 230,000 $27.08

Suburban 5,187 96,420,907 7,147,188 7,403,824 7.7% 1,414,123 218,694 424,746 $21.66

Totals 5,238 104,515,046 7,838,813 8,135,497 7.8% 1,490,970 218,694 654,746 $22.15


Total Office Market Statistics Year-End 2017



CBD 121 9,775,071 739,369 784,705 8.0% 98,963 0 230,000 $26.58

Suburban 13,464 144,925,884 9,632,961 10,013,698 6.9% 1,395,356 218,694 424,746 $20.34

Totals 13,585 154,700,955 10,372,330 10,798,403 7.0% 1,494,319 218,694 654,746 $20.80












Figures at a Glance

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Historical Rental RatesBased on Full-Service Equivalent Rental Rates


Vacancy by Available Space Type Vacancy by ClassPercent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Class


U.S. Rental Rate Comparison Future Space AvailableBased on Full-Service Equivalent Rental Rates Space Scheduled to be Available for Occupancy*

Source: CoStar Property® * Includes Under Construction Spaces Source: CoStar Property®

Tampa/St Petersburg United States Tampa/St Petersburg United States

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

1999 3q 2001 3q 2003 3q 2005 3q 2007 3q 2009 3q 2011 3q 2013 3q 2015 3q 2017 3q

A B C Total Market

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

2015 3q 2016 3q 2017 3q


96%

4%

Direct Sublet

95%

5%

Direct Sublet

24%

51%

25%


1.21

0.03

0.28

0.01 0.00 0.000.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

2018 1q 2018 3q 2019 1q

13%

45%

42%


Leasing Activity






Leasing Activity


* Renewal

Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company

1 Renaissance Center VI Northwest Tampa 148,800 2nd AAA N/A Vision Properties, LLC

2 Corporate Center I Westshore 125,000 2nd Amgen, Inc. N/A N/A

3 5380 Tech Data Dr Bayside 93,069 3rd EmCare N/A Colliers International Tampa Bay Fl

4 Women’s Care Florida Women’s Health Westshore 63,288 4th Womens Care Florida N/A N/A

5 PCC #5 HSBC Facility East Tampa 60,000 1st United Health Care JLL Cushman & Wake�eld

6 Tampa International Business Center - Bldg Northwest Tampa 59,792 3rd WellCare N/A CBRE

7 Roosevelt III Gateway 54,900 4th N/A N/A Cushman & Wake�eld

8 Sabal VI East Tampa 50,121 4th N/A N/A Cushman & Wake�eld

9 Woodland Corporate Center - Bldg K Northwest Tampa 42,615 1st N/A N/A Workspace Property Trust

10 Northdale Plaza Northwest Tampa 41,430 3rd N/A N/A Cantor Properties

11 Northdale Plaza Northwest Tampa 41,295 3rd N/A N/A Cantor Properties

12 Buschwood III Northwest Tampa 40,607 1st CoAdvantage JLL CBRE

13 Woodland Corporate Center - Bldg F Northwest Tampa 39,155 2nd N/A N/A Workspace Property Trust

14 Franklin Templeton I Gateway 37,900 3rd N/A N/A Cushman & Wake�eld

15 Orange Ave Storage Sarasota 31,190 2nd GPSI Holdings LLC N/A Ian Black Real Estate

16 LakePointe One Westshore 31,043 1st PriceWaterhouseCoopers N/A Highwoods Properties

17 Bayfront Medical Plaza South Pinellas 30,528 3rd Johns Hopkins All Children’s Hospital N/A Colliers International Tampa Bay Fl

18 1 Urban Centre Westshore 29,970 3rd HDR Inc JLL JLL

19 Brandon Gateway Medical Plaza I East Tampa 29,254 4th Florida Orthopedic Institue Colliers International Tampa Bay Fl N/A

20 Pinellas Business Center - Building I Gateway 29,076 1st Pinellas County Sheri�’s O�ce N/A Cushman & Wake�eld of Florida, Inc

21 Presidents Plaza II Westshore 29,030 3rd Bristol Myers Squibb N/A Avison Young

22 Sarasota Commerce Center II* Sarasota 28,390 4th Universal Group, Inc. JLL N/A

23 MetWest One Westshore 26,587 3rd N/A N/A Newmark Knight Frank

24 6428 Parkland Dr - Building 1 Manatee 26,284 4th Manatee Community Action Agency N/A High Associates

25 Park Centre Northeast Tampa 26,066 4th N/A N/A JLL

26 Netpark* Northeast Tampa 25,861 1st Terminix Newmark Knight Frank NNN Netpark, LLC; Bluett Capital Re

27 Buschwood I Northwest Tampa 25,600 2nd Liberty Mutual Insurance N/A JLL

28 Cypress Center II Westshore 25,327 3rd N/A Direct Deal Savills Studley

29 Fountain Square - Anchor Plaza* Westshore 23,518 4th M/I Homes JLL N/A

30 Bay Vista Gardens II - Building A Bayside 22,600 4th Malware Bytes JLL CBRE

31 Highwoods Bay Center 1* Westshore 22,233 3rd Microsoft Corp JLL Highwoods Properties

32 Concourse Center 3 Westshore 22,022 3rd Pegasus TSI Inc N/A CBRE

33 Tampa International Business Center-Bldg E Northwest Tampa 22,000 3rd Wellcare N/A CBRE

34 Franklin Templeton I Gateway 21,908 3rd Jabil, Inc N/A Cushman & Wake�eld

35 2000 E 11th Ave East Tampa 21,500 2nd TransferWise N/A Franklin Street

36 Park Place Bayside 21,056 2nd N/A N/A Colliers International Tampa Bay Fl

37 Cardinal Point At Gateway Gateway 20,963 4th N/A N/A Cardinal Point Real Estate, LLC

38 Centrepointe Westshore 18,844 1st Ace American Insurance N/A Avison Young

39 Glades Building Gateway 18,208 1st SPOOR & ASSOC PA CPA’S N/A Cushman & Wake�eld

40 Bayfront Medical Plaza South Pinellas 18,101 2nd Sports Medicine Clinic N/A Colliers International Tampa Bay Fl

Select Top O�ce Leases Based on Leased Square Footage For Deals Signed in 2017






Sales Activity

The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter

Source: CoStar COMPS®

Sales Volume & Price Sales Analysis by Building SizeBased on Office Building Sales of 15,000 SF and Larger Based on Office Building Sales From Oct. 2016 - Sept. 2017

Bldg Size # RBA $ Volume Price/SF Cap Rate

< 50,000 SF 165 1,996,564 $319,217,176 159.88$ 7.73%

50K-249K SF

32 3,706,105 $531,398,190 143.38$ 8.18%

250K-499K SF

3 1,090,814 $197,525,000 181.08$ 7.10%

>500K SF 2 1,371,306 $217,000,000 158.24$ 7.80%

Source: CoStar COMPS® Source: CoStar COMPS®

U.S. Price/SF Comparison U.S. Cap Rate ComparisonBased on Office Building Sales of 15,000 SF and Larger Based on Office Building Sales of 15,000 SF and Larger

Source: CoStar COMPS® Source: CoStar COMPS®

$70

$120

$170

$220

$270

$320

2014 1q 2015 1q 2016 1q 2017 1q

Dol

lars

per

SF

Tampa/St Petersburg US

$0

$50

$100

$150

$200

$250

$300

$350

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2014 1q 2015 1q 2016 1q 2017 1q

Millions

of

Sale

s V

olu

me D

ollars

$0

$20

$40

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$80

$100

$120

$140

$160

$180

$200

Price

/SF

Sales Volume Price/SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

2014 4q 2015 4q 2016 4q

Cap R

ate

Perc

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ge

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$500

Dolla

rs/SF

Cap Rate Price/SF

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

2014 1q 2015 1q 2016 1q 2017 1q

Cap R

ate

Perc

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ge

Tampa/St Petersburg US






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Tampa/St Petersburg Office MarketMarket Highlights – Class “A, B & C”




C e n t r a l T a m p a M a r k e t

Deliveries, Absorption & Vacancy Historical Analysis, All Classes


Vacant Space Quoted Rental RatesHistorical Analysis, All Classes Historical Analysis, All Classes


Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates

2017 4q 1,627 32,628,245 2,315,630 7.1% 117,116 0 0 4 307,278 $26.43

2017 3q 1,627 32,628,245 2,432,746 7.5% 141,330 1 3,258 4 307,278 $25.95

2017 2q 1,625 32,621,627 2,570,818 7.9% 67,408 2 11,178 4 80,536 $25.58

2017 1q 1,623 32,610,449 2,627,048 8.1% (31,259) 2 24,026 6 91,714 $25.21

2016 4q 1,622 32,589,783 2,571,763 7.9% (48,389) 0 0 6 106,482 $25.15

2016 3q 1,622 32,589,783 2,523,374 7.7% 155,377 0 0 4 90,909 $24.79

2016 2q 1,623 32,607,869 2,696,837 8.3% 224,600 0 0 4 90,909 $24.73

2016 1q 1,623 32,607,869 2,921,437 9.0% 123,006 4 220,594 3 74,196 $24.46

2015 4q 1,619 32,387,275 2,823,849 8.7% 124,913 1 45,496 5 224,188 $24.38

2015 3q 1,621 32,359,072 2,920,559 9.0% 32,118 1 2,753 5 266,090 $23.92

2015 2q 1,621 32,358,175 2,951,780 9.1% 88,105 1 1,320 5 266,843 $23.70

2015 1q 1,621 32,365,674 3,047,384 9.4% 263,049 0 0 6 268,163 $23.51

2014 4q 1,622 32,373,274 3,318,033 10.2% 175,082 1 5,758 3 63,475 $23.28

2014 3q 1,621 32,367,516 3,487,357 10.8% 224,291 0 0 2 7,078 $23.11

2014 2q 1,621 32,367,516 3,711,648 11.5% 15,167 1 9,006 1 5,758 $22.79

2014 1q 1,620 32,358,510 3,717,809 11.5% 58,784 0 0 2 14,764 $22.66


UC InventoryDelivered InventoryExisting Inventory Vacancy

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0.050

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2014 1q 2014 2q 2014 3q 2014 4q 2015 1q 2015 2q 2015 3q 2015 4q 2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q

Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

aca

nt

Delivered SF Absorption SF Vacancy

$23.00

$23.50

$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

$27.00

2016 1q 2016 3q 2017 1q 2017 3q

Dollars

/SF/Y

ear

0.00

0.50

1.00

1.50

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2016 1q 2016 3q 2017 1q 2017 3q

Millions

SF

Direct SF Sublet SF







H e r n a n d o C o u n t y M a r k e t






2017 4q 301 2,094,948 116,864 5.6% 2,370 0 0 2 17,640 $15.27

2017 3q 301 2,094,948 119,234 5.7% 23,509 0 0 2 17,640 $15.00

2017 2q 301 2,094,948 142,743 6.8% (4,075) 0 0 2 17,640 $15.05

2017 1q 301 2,094,948 138,668 6.6% 12,080 0 0 0 0 $14.45

2016 4q 302 2,096,196 151,996 7.3% 1,414 0 0 0 0 $15.21

2016 3q 302 2,096,196 153,410 7.3% 4,392 0 0 0 0 $15.37

2016 2q 302 2,096,196 157,802 7.5% 27,494 0 0 0 0 $14.58

2016 1q 302 2,096,196 185,296 8.8% 11,823 0 0 0 0 $15.14

2015 4q 302 2,096,196 197,119 9.4% 4,712 0 0 0 0 $14.92

2015 3q 302 2,096,196 201,831 9.6% 8,249 0 0 0 0 $15.30

2015 2q 302 2,096,196 210,080 10.0% 11,326 0 0 0 0 $15.20

2015 1q 302 2,096,196 221,406 10.6% 741 0 0 0 0 $15.59

2014 4q 302 2,096,196 222,147 10.6% 13,137 0 0 0 0 $15.16

2014 3q 302 2,096,196 235,284 11.2% 18,264 0 0 0 0 $15.35

2014 2q 302 2,096,196 253,548 12.1% 19,947 0 0 0 0 $15.21

2014 1q 302 2,096,196 273,495 13.0% (18,885) 0 0 0 0 $15.62



(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

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nt V

aca

nt


$13.80

$14.00

$14.20

$14.40

$14.60

$14.80

$15.00

$15.20

$15.40

$15.60

2016 1q 2016 3q 2017 1q 2017 3q

Dollars

/SF/Y

ear

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

0.20

2016 1q 2016 3q 2017 1q 2017 3q

Millions

SF

Direct SF Sublet SF







I - 7 5 C o r r i d o r M a r k e t






2017 4q 1,336 21,336,663 1,479,531 6.9% 158,698 0 0 1 53,000 $19.92

2017 3q 1,336 21,336,663 1,638,229 7.7% 13,355 1 6,000 0 0 $20.12

2017 2q 1,335 21,330,663 1,645,584 7.7% (69,478) 2 32,500 1 6,000 $19.90

2017 1q 1,333 21,298,163 1,543,606 7.2% 80,411 0 0 3 38,500 $19.57

2016 4q 1,333 21,298,163 1,624,017 7.6% 79,671 0 0 2 8,500 $19.32

2016 3q 1,333 21,298,163 1,703,688 8.0% 90,377 1 7,864 2 8,500 $19.15

2016 2q 1,331 21,273,031 1,768,933 8.3% 124,606 0 0 2 25,132 $18.31

2016 1q 1,332 21,286,031 1,906,539 9.0% 182,421 1 32,062 1 7,864 $18.52

2015 4q 1,331 21,253,969 2,056,898 9.7% 565,500 3 98,904 2 39,926 $18.75

2015 3q 1,328 21,155,065 2,523,494 11.9% 344,090 1 260,000 4 130,966 $18.65

2015 2q 1,327 20,895,065 2,607,584 12.5% 52,064 0 0 5 390,966 $18.61

2015 1q 1,328 20,896,581 2,661,164 12.7% 52,079 1 84,976 3 355,904 $18.58

2014 4q 1,327 20,811,605 2,628,267 12.6% (56,991) 0 0 4 440,880 $18.50

2014 3q 1,327 20,811,605 2,571,276 12.4% (4,240) 0 0 3 401,208 $18.37

2014 2q 1,327 20,811,605 2,567,036 12.3% 12,279 0 0 1 84,976 $18.51

2014 1q 1,327 20,811,605 2,579,315 12.4% 106,334 2 122,217 1 84,976 $18.58



(0.200)

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SF

0.0%

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nt V

aca

nt


$17.00

$17.50

$18.00

$18.50

$19.00

$19.50

$20.00

$20.50

2016 1q 2016 3q 2017 1q 2017 3q

Dollars

/SF/Y

ear

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2016 1q 2016 3q 2017 1q 2017 3q

Millions

SF

Direct SF Sublet SF







N o r t h H i l l s b o r o u g h M a r k e t






2017 4q 1,135 10,813,303 1,085,411 10.0% (24,532) 2 8,000 5 189,328 $18.43

2017 3q 1,133 10,805,303 1,052,879 9.7% 18,855 0 0 7 197,328 $18.52

2017 2q 1,133 10,805,303 1,071,734 9.9% 53,543 1 1,050 5 190,828 $18.98

2017 1q 1,132 10,804,253 1,124,227 10.4% 7,263 2 14,273 6 191,878 $18.76

2016 4q 1,130 10,789,980 1,117,217 10.4% 55,460 0 0 6 198,151 $18.69

2016 3q 1,130 10,789,980 1,172,677 10.9% 74,332 1 3,500 4 48,301 $18.47

2016 2q 1,129 10,786,480 1,243,509 11.5% (76,177) 0 0 4 45,301 $18.36

2016 1q 1,129 10,786,480 1,167,332 10.8% 27,730 3 13,321 2 5,528 $18.20

2015 4q 1,126 10,773,159 1,181,741 11.0% 94,337 0 0 4 15,349 $18.01

2015 3q 1,126 10,773,159 1,276,078 11.8% 8,650 0 0 3 13,321 $18.16

2015 2q 1,126 10,773,159 1,284,728 11.9% 72,094 0 0 3 13,321 $18.04

2015 1q 1,126 10,773,159 1,356,822 12.6% 107,952 2 53,969 0 0 $17.31

2014 4q 1,124 10,719,190 1,410,805 13.2% 65,362 0 0 2 53,969 $17.06

2014 3q 1,125 10,762,424 1,519,401 14.1% 86,115 0 0 1 27,969 $16.73

2014 2q 1,125 10,762,424 1,605,516 14.9% 25,227 0 0 1 27,969 $16.84

2014 1q 1,125 10,762,424 1,630,743 15.2% 77,653 0 0 1 27,969 $16.52



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Millions

SF

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Perce

nt V

aca

nt


$17.80

$18.00

$18.20

$18.40

$18.60

$18.80

$19.00

$19.20

2016 1q 2016 3q 2017 1q 2017 3q

Dollars

/SF/Y

ear

0.00

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1.00

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2016 1q 2016 3q 2017 1q 2017 3q

Millions

SF

Direct SF Sublet SF







P a s c o C o u n t y M a r k e t






2017 4q 1,303 8,312,736 568,105 6.8% 62,021 0 0 3 31,500 $16.01

2017 3q 1,303 8,312,736 630,126 7.6% (6,789) 1 2,500 1 15,000 $16.11

2017 2q 1,302 8,310,236 620,837 7.5% (21,388) 2 11,555 2 17,500 $16.01

2017 1q 1,300 8,298,681 587,894 7.1% 79,415 0 0 4 29,055 $15.83

2016 4q 1,300 8,298,681 667,309 8.0% 17,990 0 0 2 10,555 $15.78

2016 3q 1,299 8,296,827 683,445 8.2% 32,542 1 3,500 2 4,354 $15.64

2016 2q 1,298 8,293,327 712,487 8.6% 18,660 1 3,096 2 5,354 $15.57

2016 1q 1,297 8,290,231 728,051 8.8% 47,509 3 10,308 2 6,596 $15.53

2015 4q 1,294 8,279,923 765,252 9.2% 47,909 2 14,669 4 13,404 $15.62

2015 3q 1,292 8,265,254 798,492 9.7% 17,542 1 4,940 5 24,977 $15.70

2015 2q 1,291 8,260,314 811,094 9.8% 109,559 1 53,135 6 29,917 $16.31

2015 1q 1,290 8,207,179 867,518 10.6% 661 0 0 4 72,744 $16.25

2014 4q 1,290 8,207,179 868,179 10.6% 112,976 0 0 3 62,075 $16.20

2014 3q 1,290 8,207,179 981,155 12.0% 23,118 1 22,245 3 62,075 $16.12

2014 2q 1,289 8,184,934 982,028 12.0% 88,571 0 0 2 75,380 $16.11

2014 1q 1,290 8,189,044 1,074,709 13.1% 39,021 1 3,500 1 22,245 $15.93



(0.040)

(0.020)

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0.060

0.080

0.100

0.120


Millions

SF

0.0%

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Perce

nt V

aca

nt


$15.20

$15.30

$15.40

$15.50

$15.60

$15.70

$15.80

$15.90

$16.00

$16.10

$16.20

2016 1q 2016 3q 2017 1q 2017 3q

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ear

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2016 1q 2016 3q 2017 1q 2017 3q

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SF

Direct SF Sublet SF







P i n e l l a s M a r k e t






2017 4q 3,731 41,566,867 3,205,323 7.7% 310,804 0 0 1 6,000 $19.49

2017 3q 3,731 41,566,867 3,516,127 8.5% 5,675 1 2,500 1 6,000 $19.42

2017 2q 3,731 41,588,073 3,543,008 8.5% 120,142 1 12,348 2 8,500 $19.37

2017 1q 3,730 41,574,785 3,649,862 8.8% 279,640 0 0 2 15,048 $19.36

2016 4q 3,731 41,679,074 4,033,791 9.7% (12,555) 0 0 2 15,048 $19.26

2016 3q 3,732 41,829,074 4,171,236 10.0% 17,194 2 155,575 1 2,700 $19.06

2016 2q 3,730 41,673,499 4,032,855 9.7% 165,044 0 0 2 155,575 $18.45

2016 1q 3,733 41,737,784 4,262,184 10.2% 242,526 0 0 2 155,575 $18.21

2015 4q 3,733 41,737,784 4,504,710 10.8% 82,594 0 0 1 150,000 $18.29

2015 3q 3,733 41,737,784 4,587,304 11.0% 373,421 0 0 1 150,000 $17.91

2015 2q 3,734 41,775,479 4,998,420 12.0% 221,631 2 17,600 0 0 $17.63

2015 1q 3,736 41,788,582 5,233,154 12.5% (71,146) 0 0 2 17,600 $17.40

2014 4q 3,739 41,829,720 5,203,146 12.4% 286,402 0 0 1 9,200 $17.38

2014 3q 3,739 41,829,720 5,489,548 13.1% 216,304 1 7,500 1 9,200 $17.28

2014 2q 3,738 41,811,010 5,687,142 13.6% 58,672 1 110,000 3 30,150 $17.22

2014 1q 3,737 41,701,010 5,635,814 13.5% 19,181 1 2,808 3 130,950 $17.10



(0.100)

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Perce

nt V

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nt


$17.50

$18.00

$18.50

$19.00

$19.50

$20.00

2016 1q 2016 3q 2017 1q 2017 3q

Dollars

/SF/Y

ear

0.00

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1.00

1.50

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2016 1q 2016 3q 2017 1q 2017 3q

Millions

SF

Direct SF Sublet SF







P o l k C o u n t y M a r k e t






2017 4q 1,513 12,890,509 661,358 5.1% 57,640 2 21,800 1 3,000 $17.13

2017 3q 1,511 12,868,709 697,198 5.4% (75,131) 1 6,000 3 24,800 $17.06

2017 2q 1,510 12,862,709 616,067 4.8% 4,830 0 0 4 30,800 $16.51

2017 1q 1,511 12,864,940 623,128 4.8% (14,199) 1 4,000 3 24,000 $16.50

2016 4q 1,510 12,860,940 604,929 4.7% 38,901 0 0 4 28,000 $16.30

2016 3q 1,510 12,860,940 643,830 5.0% 8,191 0 0 3 22,000 $16.38

2016 2q 1,510 12,860,940 652,021 5.1% 91,346 0 0 2 19,000 $16.28

2016 1q 1,511 12,906,203 788,630 6.1% 18,077 1 4,500 1 15,000 $16.60

2015 4q 1,510 12,901,703 802,207 6.2% 56,744 0 0 1 4,500 $16.37

2015 3q 1,510 12,901,703 858,951 6.7% 45,200 0 0 1 4,500 $16.77

2015 2q 1,510 12,901,703 904,151 7.0% 3,544 1 22,000 1 4,500 $16.58

2015 1q 1,511 12,887,591 893,583 6.9% 25,542 0 0 1 22,000 $16.47

2014 4q 1,511 12,887,591 919,125 7.1% 29,506 0 0 1 22,000 $16.36

2014 3q 1,508 12,859,719 920,759 7.2% 71,971 0 0 4 49,872 $16.36

2014 2q 1,507 12,852,154 985,165 7.7% 50,588 0 0 4 35,437 $16.12

2014 1q 1,507 12,852,154 1,035,753 8.1% 8,181 3 28,694 4 35,437 $16.10



(0.100)

(0.080)

(0.060)

(0.040)

(0.020)

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Millions

SF

0.0%

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Perce

nt V

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nt


$15.80

$16.00

$16.20

$16.40

$16.60

$16.80

$17.00

$17.20

2016 1q 2016 3q 2017 1q 2017 3q

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2016 1q 2016 3q 2017 1q 2017 3q

Millions

SF

Direct SF Sublet SF







S a r a s o t a / B r a d e n t o n M a r k e t






2017 4q 2,639 25,057,684 1,366,181 5.5% 47,813 0 0 2 47,000 $20.04

2017 3q 2,639 25,057,684 1,413,994 5.6% 6,081 3 42,500 2 47,000 $19.86

2017 2q 2,635 25,007,147 1,377,575 5.5% 13,850 1 5,206 5 89,500 $19.69

2017 1q 2,634 25,001,941 1,386,219 5.5% 57,321 1 10,000 5 87,706 $19.78

2016 4q 2,633 24,991,941 1,433,540 5.7% 127,384 1 9,800 6 97,706 $19.59

2016 3q 2,633 24,998,685 1,567,668 6.3% 97,687 1 4,720 2 19,800 $19.50

2016 2q 2,632 24,993,965 1,660,635 6.6% 226,618 0 0 3 24,520 $19.33

2016 1q 2,633 24,999,965 1,893,253 7.6% 76,383 1 1,529 1 4,720 $19.48

2015 4q 2,633 25,000,436 1,970,107 7.9% 148,165 1 22,451 2 6,249 $19.18

2015 3q 2,631 24,948,623 2,066,459 8.3% 89,321 1 6,152 3 53,342 $18.74

2015 2q 2,630 24,942,471 2,149,628 8.6% 112,681 3 54,741 3 57,965 $18.69

2015 1q 2,628 24,903,783 2,223,621 8.9% 33,465 2 31,092 6 112,706 $18.73

2014 4q 2,627 24,881,111 2,234,414 9.0% 137,409 1 29,846 6 91,985 $18.11

2014 3q 2,626 24,851,265 2,341,977 9.4% 99,516 0 0 3 93,222 $18.02

2014 2q 2,626 24,851,265 2,441,493 9.8% 85,320 0 0 2 50,938 $18.11

2014 1q 2,626 24,851,265 2,526,813 10.2% 22,902 1 4,000 1 29,846 $18.03



0.000

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Millions

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nt V

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nt


$18.80

$19.00

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$19.60

$19.80

$20.00

$20.20

2016 1q 2016 3q 2017 1q 2017 3q

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0.00

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Direct SF Sublet SF

CoStar Office...

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