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Quarterly leasing activity shows occupiers favor Class A product
Leasing activity in Tampa Bay was in-line with the 5-year average during the first quarter of the year, recording 950,565 square feet (sf) of leases. The quarter’s largest transaction was signed by tobacco giant Philip Morris International which leased 56,191 sf at 5426 Bay Center Drive where it announced plans to create nearly 200 jobs supporting U.S. operations and invest nearly $50 million. Also noteworthy, Austin-based IT and security startup company NinjaOne relocated to Westshore with a 43,400-sf lease at 5201 W Kennedy Boulevard, more than double its previous office footprint. The quarter’s notable transactions leaned heavily toward trophy Class A assets, as occupiers continue to prioritize workplace experience as a key factor in real estate decisions.