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Florida Real Estate Journal CB Richard Ellis TAMPA - As of 1Q09, Tampa Bay’s user and investment office market is best defined as “systemic monetary gridlock” as the U.S. economy still searches for its trough. Lending facilities remain stingy as several life insurance companies -normally a major source of liquidity - announced plans to significantly scale back portfolios. Meanwhile, multiple government bailouts (TALF) have shown no positive results in the near-term and will lead to an inflationary period for real estate pricing. (...more on Tampa Office Vacancy ) Simon Property Group plans $1B stock offeringFriday, May 8, 2009, 9:50am EDT | Modified: Friday, May 8, 2009, 9:56am Simon Property Group, with Tampa Bay area holdings including Tyrone Square Mall, Gulfview Square and DeSoto Square, plans to raise as much as $1 billion in a secondary stock offering – money it could use to make acquisitions. The Indianapolis-based company (NYSE: SPG) has priced 20 million shares at $50 each, 4 percent below its common stock’s Thursday closing price of $52.05 – less than half of its 52-week high of $106.43 (.... more) Opus South Chapter 11 bankruptcy filing spells market exitTampa Bay Business Journal - by Michael Hinman Staff, writer Thursday, April 23, 2009 Florida’s condominium market has hit a local developer with Minnesota roots so hard, a Chapter 11 bankruptcy filing will eventually result in Opus South Corp.’s departure from Tampa and Atlanta. “We are going to keep our offices open while we work through the Chapter 11, but our plans are to exit the market completely,” said Winston Hewett, a spokeswoman for Opus Corp., the parent group of five independent development companies including Opus South. (more on Tampa Area Developer ) Office space glut in Tampa Bay area means 'negotiable rent'By James Thorner, Times Staff Writer
In Print: Friday, April 3, 2009 As unemployment swells above 10 percent in the Tampa Bay area, a deluge of empty office space has landlords muttering what used to be curse words: "negotiable rent." ......(more on Tampa Office Glut) Tampa Industrial Market Faces Challenging Year as Vacancy Rises to 7.3%(TAMPA, FL) -- Like most of the other Florida industrial real estate markets, metro Tampa finds itself with rising vacancy and declining rents, reports Randy Smith, regional director of research in the Tampa, FL office of GVA Advantis.
The direct vacancy rate rose by 300 basis points to end the year at 7.3 percent. ....(more on Offices Tampa) Cleveland, Detroit and Tampa have the nation's worst delinquency rate for commercial real estate loansPosted by: Prashant Gopal on March 11 Of the 26 largest metros, Cleveland and Detroit metros have the worst delinquency rate for commercial property loans, according to data compiled by Bloomberg. Nearly 4% of mortgages for Cleveland and Detroit office buildings, shopping centers, warehouses and other commercial buildings were more than 60 days late. That’s almost 4 times the national average, according to Bloomberg.....(see more on Commercial Real Estate Loans)
TAMPA - With a continued softening of the real estate market and economy, executives are interested more than ever in cutting costs and improving their company’s efficiency. There is one method that is becoming more popular that allows them to do both. Mia Jarrell and Matthew Heikkinen, brokers in the Office Group at Grubb & Ellis|Commercial Florida in Tampa, said the “blend and extend” trend is winning converts among savvy tenants - and their landlords as well.....(for more on Blend and Extend )
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