TAMPA - The new Office Agency Team at Grubb & EllisCommercial Florida in Tampa---senior vice presidents Paula Buffa and Jim Moler and associate Maria Camarinos Hall---project a big surge in office leasing activity through the remainder of 2010.
The recently-formed team just added another 120,000+ square feet to their portfolio of partnerships with client/owners of office properties with the new listing of Turtle Creek, a First Industrial Realty Trust office/flex project located at 49th Street and Ulmerton Road in Clearwater.
With this new listing the Buffa/Moler/Hall team now represents more than one million square feet and Buffa said the team’s listed properties include all of the Tampa Bay-area submarkets.
“Right now we are seeing increased office leasing activity in Hillsborough County and Pinellas County activity is heating up as well,” Buffa said.
Part of the reason for the anticipated surge is the slowdown that characterized much of 2009. The Buffa/Moler/Hall team closed on about 120 office leases in 2009, Buffa said, but expect more leases to be signed in 2010.
“Leasing activity was sluggish all year in 2009 and it slowed to a trickle in the last quarter,” Buffa said. “That’s typical for the 4th quarter, but there was more to it than just a seasonal flux. Companies were uncertain, the economy seemed uncertain, and CEOs didn’t feel confident about making long-term commitments. Then in February it all changed,” Buffa said.
“The phones started ringing off the hook,” she explained. “The surge we have seen in the past eight weeks is better than we expected,” she said.
Buffa added that companies are still cautious, with most still trying to lease only the minimum amount of office space they can for their current employee base and few that are doing more than five-year terms.
“They are cautious, but we’re seeing more companies that are moving forward,” she said.
During the slow down of 2009, Buffa spent the time developing her office team. She and Maria Camarinos Hall have been working together for almost two years. When Moler, who has more than eighteen years of experience, joined the team in early 2010, Buffa said she could boast almost 50 years of aggregate experience.
About Grubb & EllisCommercial Florida:
Grubb & EllisCommercial Florida is an affiliated commercial real estate services firm specializing in the leasing and sale of office, industrial, retail, land and investment properties. Currently Grubb & EllisCommercial Florida has 45 brokers divided among its Tampa, Orlando and Melbourne offices to serve the entire mid-Florida marketplace. Visit www.commercialfl.com.
About Grubb & Ellis Company:
Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services and investment companies in the world. Our 6,500 professionals in more than 100 company owned and affiliate offices draw from a unique platform of real estate services, practice groups and investment products to deliver comprehensive, integrated solutions to real estate owners, tenants and investors. The firm’s transaction, management, consulting and investment services are supported by highly regarded proprietary market research and extensive local expertise. Through its investment subsidiaries, the company is a leading sponsor of real estate investment programs that provide individuals and institutions the opportunity to invest in a broad range of real estate investment vehicles, including public non-traded real estate investment trusts (REITs), mutual funds and other real estate investment funds. For more information, visit www.grubb-ellis.com.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.