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Education and health care accounted for 40.2% of the Tampa Bay metro area's net job gains in 2012, according to a report by the commercial real estate services firm Jones Lang LaSalle. Together, education and health care expanded by an annualized rate of 5.2% through the first 11 months of 2012, nearly twice the historical pace.
Despite the strong growth of education and health care in late 2012, however, payrolls did not keep pace. Across the combined Tampa-St. Pete area, payrolls expanded at an annualized rate of just 2.1% through November, according to the fourth quarter report.
Still, Jones Lang LaSalle projects an uptick in office employment growth through 2013, and expects the strongest level of new office space demand since 2006. The forecast calls for more than 660,000 square feet of total net absorption in 2013.
Landlords are seeing improved markets and are no longer competing to attract new tenants at any cost, JLL reports. Instead, they are cautiously increasing their starting rental rates, and lowering concessions.
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