1. Q4 2011 | OFFICE
TAMPA BAY FLORIDA
OFFICE RESEARCH REPORT Tampa Bay Florida
Market Poised for Steady Advance
EXECUTIVE SUMMARY
The Tampa Bay office market showed signs of improvement with 354,487 square feet of inventory
being absorbed marketwide in the fourth quarter of 2011. Year-end numbers for job growth have
supported a cautious but optimistic outlook, leading to more inbound office users considering
Tampa Bay. As vacancy rates continue to decline, asking rental rates are beginning to level off.
Landlords are standing firm, resulting in tighter concession packages in buildings with limited
vacancies. Certain Class B portions of the market continue to experience higher than normal
vacancy rates, however as the Class A office buildings continue to fill, tenants will look to the Class
B locations as a cost efficient alternative.
MARKET INDICATORS
Q4 2011 Q1 2012* The investment sales sector is showing signs of a slow but steady uptick, with a number of
investors taking a second look at Tampa Bay as a promising investment market. Investor interest
VACANCY is projected for continued growth during the transitional year of 2012.
NET ABSORPTION HIGHLIGHTED TRENDS
CONSTRUCTION • Four of six Tampa Bay submarkets showed • December 2011 unemployment in Tampa Bay
positive net absorption this quarter, including fell to 10.0 percent, a respectable decline
OVERALL
RENTAL RATE
Westshore, Gateway, Tampa CBD, and St. from 12.2 percent in December of 2010.
Petersburg CBD.
CLASS A RENTAL • Tampa Bay industry sectors with increased
RATE • 250,787 square feet of Class A office space job growth included: applied medicine, high
were absorbed representing a 83,493 square tech electronics and instruments, financial/
*Relative to prior period. Arrows compare foot jump over the previous quarter.
current quarter to the previous quarter historically
data services, marine/environmental
adjusted figures. All data in this report includes • Overall asking rental rates were nearly activities and law firms.
buildings 10,000 square feet and greater. steady; fourth quarter rates averaged $19.60
full service.
COMPLETIONS, ABSORPTION AND VACANCY RATES
OVERALL OFFICE MARKET
SUMMARY STATISTICS, Q4 2011 Completions Net Absorption VACANCY RATES
Overall Vacancy Class A Vacancy Tampa Bay’s office
CURRENT VACANCY RATE: 15.5%
20% 400 vacancy continued to
PREV. QTR. VACANCY RATE: 16.0% 18% 350 decline to 15.5 percent
Square Feet (1,000s) - Bar Graph
YEAR AGO VACANCY RATE: 16.2% 16% 300 in the fourth quarter of
Vacancy - Trend Line
2011. Class A vacancy
14% 250
fell to 17.0 percent, as
NET ABSORPTION: 354,487 sf 12% 200 landlords continued to
10% 150 make concessions,
UNDER CONSTRUCTION: 250,000 sf allowing tenants to
8% 100
upgrade to Class A
6% 50 space.
CURRENT AVG. ASKING RATE: $19.60/FS
4% 0
PREV. QTR. AVG. ASKING RATE: $19.64/FS 2% -50
YEAR AGO AVG. ASKING RATE: $19.95/FS 0% -100
Q4 '10 Q1 '11 Q2' 11 Q3 '11 Q4 '11
SOURCE: COSTAR & COLLIERS INTERNATIONAL

2. RESEARCH REPORT | Q4 2011 | OFFICE | COLLIERS INTERNATIONAL TAMPA BAY FLORIDA
UNEMPLOYMENT TRENDS
VACANCY RENTAL RATES
Tampa Bay’s office vacancy dropped 0.5 Direct overall asking rates reached $19.60 in
Florida Tampa MSA USA percent during the fourth quarter, ending the the last quarter of 2011, declining just $0.04
14 year at 15.5 percent. The highest vacancy from the previous quarter. Overall Class A
rates continued to reside within the I-75 asking rates ended the quarter at $23.29 per
12 Corridor at 17.0 percent, and North Pinellas at square foot, down $0.06 from the third quarter.
16.9 percent. Lowest total vacancy rates were The Westshore submarket continued to
10
attributed to the Gateway submarket for the command the highest rental rates at an average
8 second consecutive quarter of the year, at a of $23.44 per square foot full service, while
rate of 11.7 percent. Approximately 12.4 million North Pinellas remained the most affordable
6 square feet of inventory is currently vacant submarket at $17.46 per square foot. Tightening
within the Tampa Bay market. market conditions and landlord debt obligations
4
are expected to help hold rental rates steady
2
during 2012. We will still see concessions in
ABSORPTION the form of free rent and above average tenant
0 Overall net absorption increased steadily improvement
Dec-06
Jun-07
Dec-07
Jun-08
Dec-08
Jun-09
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
during the fourth quarter to positive 354,487
square feet, up 53,009 square feet over the INVESTMENT SALE ACTIVITY
previous quarter. Year-to-date, net absorption Significant investment sales during the fourth
Tampa Bay’s unemployment rate posted continued to trend upward, nearly tripling from quarter of 2011 included The Brookdale Group’s
10.0% in December 2011, down from the the third quarter as it reached positive 537,560 $84.5 million purchase of SunTrust Financial
12.2% rate posted in December 2010. The square feet. The I-75 Corridor vacated 51,773
State of Florida rate was 9.7% in December Centre, a 533,908 square foot tower office
square feet of office space, while North Pinellas building in the Tampa CBD. Another notable
2011, while the national rate stood at 8.3%.
Local unemployment is falling, however was the only other submarket that experienced transaction was the $46.9 million sale of The
Tampa Bay’s unemployment rate continues negative absorption at the rate of 9,975 square Pointe, a 252,000 square foot waterfront asset
to remain above both state and the national feet overall. The Westshore submarket located in the Westshore submarket. The
levels. absorption figure stood out with a net of landmark property was purchased by Parkway
214,254 square feet of space added to the Properties, as they continue to increase their
Source: Florida Research & Economic Database
market, of which 185,213 square feet was Class market presence with the purchase of Class A
A space again demonstrating the move to product.
quality.
TRANSACTION UPDATE
SALES ACTIVITY
PROPERTY NAME CLASS BUYER NAME SIZE SF SALES PRICE SUBMARKET
SunTrust Financial Centre A Brookdale Group 533,908 $84,500,000 ($158.27/sf) Tampa CBD
The Pointe A Parkway Properties 252,000 $46,900,000 ($185.86/sf) Westshore
Sabal Pavillion 1 A CBRE Realty Trust 120,500 $21,368,000 ($177.33/sf) East Tampa
Doctor’s Medical Plaza B HCA Health Services of Florida, Inc. 36,946 $4,759,817 ($128.83/sf) South Pinellas
LEASING ACTIVITY
PROPERTY NAME CLASS TENANT NAME SIZE (SF) LEASE TYPE SUBMARKET
Two Prestige Place* A AmeriLife Group 69,540 New North Pinellas
Bayview Pavillion* A Universal Americal Mortgage Co. 31,723 Renewal North Pinellas
Carrollwood Crossings B JC III and Associates 22,000 New NW Tampa
Tower Place* A John Hancock Life Insurance Agency 8,071 New Westshore
Pinebrook Business Center* B Healthesystems LLC 5,549 Renewal East Tampa
Park Tower* A Grow Financial 2,460 New Tampa CBD
*Colliers International Deal
P. 2 | COLLIERS INTERNATIONAL TAMPA BAY FLORIDA

3. RESEARCH REPORT | Q4 2011 | OFFICE | COLLIERS INTERNATIONAL TAMPA BAY FLORIDA
UPDATE SUBMARKET COMPARISONS
SUBMARKET BREAKDOWN
Total Net Absorp. New
Property Total Inventory Direct Vac. Net Absorp. YTD Under Avg. Direct Asking Rate Full
Bldgs. Vac. Current Completions
Class S.F. % S.F. Construc. S.F. Service
% Qtr. S.F. S.F.
TAMPA CBD
A 12 4,784,128 15.0% 15.8% -4,272 133,951 0 0 $22.63/fs
B,C 62 3,641,381 12.4% 12.4% 58,230 73,459 0 0 $17.42/fs
Overall 74 8,425,509 13.9% 14.3% 53,958 207,410 0 0 $20.86/fs
WESTSHORE
A 40 7,604,811 18.5% 18.8% 185,213 236,098 0 250,000 $26.20/fs
B,C 202 7,934,611 12.2% 12.4% 29,041 74,899 0 0 $19.25/fs
Overall 242 15,539,422 15.3% 15.5% 214,254 310,997 0 250,000 $23.44/fs
I-75 CORRIDOR
A 44 6,882,959 14.7% 15.0% -7,616 6,991 0 0 $21.85/fs
B,C 281 9,294,899 18.1% 18.4% -44,157 -172,259 0 0 $17.23/fs
Overall 325 16,177,858 16.6% 17.0% -51,773 -165,268 0 0 $19.18/fs
NORTH PINELLAS
A 15 1,319,383 18.9% 19.4% 4,785 -24,299 0 0 $18.97/fs
B,C 156 3,877,007 16.0% 16.0% -14,760 -26,953 0 0 $16.63/fs
Overall 171 5,196,390 16.8% 16.9% -9,975 -51,252 0 0 $17.46/fs
GATEWAY
A 24 3,077,170 3.8% 4.2% 35,441 114,786 0 0 $21.18/fs
B,C 120 4,592,643 16.6% 16.6% -14,942 85,085 0 0 $16.82/fs
Overall 144 7,669,813 11.4% 11.7% 20,499 199,871 0 0 $17.85/fs
ST. PETERSBURG CBD
A 9 1,635,246 22.2% 22.4% 25,015 -35,728 0 0 $22.59/fs
B,C 55 2,168,183 9.3% 9.3% 23,792 145,624 0 0 $20.02/fs
Overall 64 3,803,429 14.8% 14.9% 48,807 109,896 0 0 $21.20/fs
TAMPA BAY OVERALL OFFICE MARKET
Total Net Absorp. Net New Overall Avg. Class A Avg.
Total Inventory Direct Vac. Under
Qtr. & Year Bldgs. Vac. Current Absorp. Completions Direct Asking Direct Asking
S.F. % Construc. S.F.
% Qtr. S.F. YTD S.F. S.F. Rate F.S. Rate F.S.
2011 4Q 1,769 79,904,594 15.2% 15.5% 354,487 537,560 0 250,000 $19.60/fs $23.29/fs
2011 3Q 1,769 79,904,594 15.7% 16.0% 301,478 183,073 0 0 $19.64/fs $23.35/fs
2011 2Q 1,769 79,904,594 16.0% 16.4% -46,632 -118,405 0 0 $19.60/fs $23.16/fs
2011 1Q 1,769 79,904,594 15.9% 16.3% -71,773 -71,773 0 0 $19.74/fs $23.18/fs
2010 4Q 1,769 79,904,594 15.8% 16.2% 160,132 100,419 0 0 $19.95/fs $23.44/fs
2010 3Q 1,769 79,904,594 15.9% 16.4% 300,325 -59,713 0 0 $20.01/fs $23.61/fs
2010 2Q 1,769 79,904,594 16.2% 16.8% -237,676 -360,038 29,034 0 $20.04/fs $23.58/fs
2010 1Q 1,768 79,875,560 15.8% 16.5% -122,362 -122,362 0 117,034 $20.11/fs $23.59/fs
2009 4Q 1,768 79,875,560 15.5% 16.3% -201,672 -1,613,917 136,364 117,034 $20.30/fs $24.16/fs
COLLIERS INTERNATIONAL TAMPA BAY FLORIDA | P. 3

4. RESEARCH REPORT | Q4 2011 | OFFICE | COLLIERS INTERNATIONAL TAMPA BAY FLORIDA
SUBMARKET MAP
512 offices in
61 countries on
6 continents
United States: 125
Canada: 38
Latin America: 18
Asia Pacific: 214
EMEA: 117
• $1.5 billion in annual revenue
• 979 million square feet under
management
• Over 12,500 professionals
TAMPA BAY CITY LEADER:
Ryan Kratz
Executive Vice President
Brokerage | Marketing | Operations
Corporate Office
311 Park Place Boulevard
Suite 600
Clearwater, FL 33759
John Gerlach, CCIM TEL +1 727 442 7184
Alan Feldshue Jeff Tolrud, CCIM
Managing Director Office Services Director, Office Services Managing Director Investment
alan.feldshue@colliers.com jeff.tolrud@colliers.com Services
www.colliers.com/Alan.Feldshue www.colliers.com/Jeff.Tolrud john.gerlach@colliers.com
www.colliers.com/John.Gerlach
Carol Warren, CCIM Jim Allen Mia Jarrell
Senior Director Managing Director Managing Director, Office Services
Commercial Services Healthcare Services Group mia.jarrell@colliers.com
carol.warren@colliers.com jim.allen@colliers.com www.colliers.com/Mia.Jarrell
www.colliers.com/Carol.Warren www.colliers.com/Jim.Allen
Christopher Leonard, CCIM Jim Stuckey, MCR Mary Clare Codd, CCIM, RESEARCH CONTACT:
Director, Commercial Sales Director Corporate Services
christopher.leonard@colliers.com jim.stuckey@colliers.com SIOR
www.colliers.com/ www.colliers.com/Jim.Stuckey Senior Office & Industrial Specialist Matt Dolan
Christopher.Leonard maryclare.codd@colliers.com Research, GIS & Market Analytics
www.colliers.com/MaryClare.Codd
Administrator
Claire Calzon Jim Parker, CCIM Melanie Jackson
Managing Director Director Commercial Services Senior Associate Office Services Market: Tampa Bay
Office Services jim.parker@colliers.com melanie.jackson@colliers.com
claire.calzon@colliers.com www.colliers.com/Jim.Parker www.colliers.com/MClouelanie. TEL +1 813 221 2290
www.colliers.com/Claire.Calzon Jackson
FAX +1 813 224 9403
EMAIL matt.dolan@colliers.com
Mackenzie Gerlach Joanne LeBlanc Kevin Yeager
Associate, Investment Services Office Specialist Senior Associate, Office Services
mackenzie.gerlach@colliers.com joanne.leblanc@colliers.com kevin.yeager@colliers.com
www.colliers.com/ www.colliers.com/ www.colliers.com/Kevin.Yeager
Mackenzie.Gerlach Joanne.LeBlanc
Copyright @ 2012 Colliers International
The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy,
we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting
Tampa Bay Florida
on any of the material contained in this report.
This report includes owner and non-owner occupied space 10,000 sf and greater. Directional arrows compare current quarter to previous quarter Accelerating success.
numbers. Arrows show change when there is a 10 cent or more change in lease rate or 0.5% or more change in vacancy rate. Due to continual updates
and refinements in the historical database, some of the data in this report may not match data published in previous reports. Sources: Costar Property
and Colliers International Tampa Bay Florida.
www.colliers.com/marketname