The following article was published in the Tampa Bay Times in October 2020. To access the full article, click here.
Sublease availability in Tampa Bay’s commercial real estate market is at a “historical high,” according to a new quarterly report on the local office space market.
The commercial real estate services firm JLL reported this week that 1.4 million square feet of space in Hillsborough and Pinellas counties is available for sublease, and nearly half of that has hit the market since March, when the coronavirus pandemic forced companies to send most workers home.
Kyle Koller, JLL’s research director in Florida, said 2020’s sublease inventory boom rivals that of the dot-com era 20 years ago. But it doesn’t mean all that space is suddenly vacant.
“It might be firms testing the market a little bit, seeing if they can get interest on their stakes,” said Kyle Koller, JLL’s research director for Florida. “Maybe they haven’t fully worked out what their mid-to-long-term plans are, so maybe they’re seeing what the market scope is right now. They might have no plans to vacate, or those plans might shift going forward.”
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