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Property Consulting • Commercial Leasing Services |
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Renewals Rule the Office Sector By Carl Cronan (Editor of Real Estate Florida) |
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TAMPA, FL-Now that all of Florida's major office markets are in double-digit vacancy and face shrinking rental rates, renewals of existing leases are as important as ever. They mean even more for landlords who are trying to sustain property values in a tough investment sales market. "Renewals are integral to building stability, especially in down markets," Vince La Mariana, senior director, tells GlobeSt.com. "Maintaining an existing tenant base is critical at times like this. " Previously, La Mariana had a rare opportunity to not only help a tenant renew its lease but expand another 35% at a time when most firms are contracting their office requirements. Willis of Tennessee, an insurance brokerage subsidiary of London-based Willis Group Holdings Ltd ., added 7,100 square feet to its existing 19,728-square-foot space at Bayport Plaza, an 11-story waterfront building in the Westshore submarket near Tampa International Airport. Terms of the larger lease were not disclosed, though La Mariana says Willis' new rate is in line with Westshore's current average asking rents. Bayport Plaza, which opened in 1984 next to the Grand Hyatt Tampa Bay hotel is currently 95% leased, according to La Mariana. Willis has been a tenant at the 265,000-square-foot building for more than ten years, he says. |
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CAMERON PROPERTY ADVISORS, LLC |
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