TAMPA, FL-The vacancy rate amongst the 148-million-sf inventory is down to 8.4% from 8.9% in 3Q 2002. Net absorption remains in the negative column and rent rates are expected to be flat until mid-year, according to a new market analysis by Grubb & Ellis Co.

ORLANDO-The Central Florida chapter of the Building Owners and Managers Association also gave annual TOBY and BOCA awards to six office buildings picked as the best-managed properties in metro Orlando.

TAMPA, FL-The Oak Brook, IL-based retail REIT outbid several prospective investors by paying Colonial Properties Trust of Birmingham, AL $17 million or $111 per sf for the 152,667-sf, 30-year-old shopping center in Seminole, FL, midway between Tampa and St. Petersburg, FL.

MIAMI-Westfield America Trust, an Australian property trust, purchased the class A, 425,841-sf, upscale shopping mall, which underwent improvements and an expansion in recent years, from Lend Lease Real Estate Investments.