Please find below a link to the National Association of Realtors Q1 2021 Market Report for Tampa-St Petersburg-
Clearwater, FL. https://cdn.nar.realtor/sites/default/files/documents/2021-q1-commercial-real-estate-metro-market-reports-fl-tampa-st-petersburg-clearwater-05-19-2021.pdf
Summary:
Multifamily:
- Year-over-year local rents are growing faster than national rents (+6.3% vs +.3%)
- Local rental vacancy rate is slightly higher than national vacancy rate (8.1% vs 6.8%)
- Local home ownership is more affordable vs. nationally, based on the home price to rent ratio (18.4 vs 24.1)
Office:
- Net absorption compared to prior qtr has been relatively flat over the past year (Q1 2020 -.13, Q1 2021 -.38) vs nationally (Q1 2020 +7.23, Q1 2021 -41.08)
- Local office vacancy rate is slightly lower than national average (14.2% vs 16%)
- Local rent rates are lower than the national average ($26/sf vs $35.4/sf)
Industrial:
- Net absorption compared to prior qtr turned slightly negative from Q4 2020 (-.13). Net absorption has remained positive, and strong market (82.3).
- Local industrial vacancy rate is slighlty higher than national average (7.1% vs 4.9%)
- Local rents have slightly decreased qtr-over-qtr ($6.9 to $6.7/sf) vs rents slightly increasing nationally ($6.8 to $6.9/sf). As you can see, local rent rates are similar to the national average rent rate.
Net absorption definition: During a specific time period, it is the number of spaces vacated compared to the number of like spaces leased. Postive net absorption is when more spaces are leased than vacated leading to less supply. Negative absorption is when more spaces are vacated than leased leading to more supply. Rental rates increase when there is positive net absorption due to less supply, with the opposite holding true for negative net absorption.
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