Russ Sampson, executive vice president and director of brokeragein the Tampa office of Colliers Arnold, confirms there are "fewerchoices of existing space" on the market compared to the firstquarter. A total 304,654 sf was absorbed in the second quarter. Theclass A suburban office vacancy rate is at 6.1%, an improvementfrom 6.3% in the first quarter. The 20-million-sf class A suburbanmarket comprises one third of the total 61.6 million total suburbanoffice space.

Sampson says the class A suburban market vacancy is the secondlowest in the country. "The No. 2 ranking is an extremelywell-regarded and respected position in a range of cities showingup to 37.2% vacancy rates," he says. Las Vegas was ranked firstwith a 6% vacancy. Tampa tied with Little Rock, AR for second-placehonors. The overall Tampa Bay office market shows a 10% vacancylevel.

Average direct lease rates are averaging $19.06 per sf, up from$18.18 per sf. Class A direct lease rates are at an average $21.35per sf, up from $20.49 in second quarter 2005. Class A rents in sixof the largest submarkets monitored by Colliers Arnold show the14-million-sf Westshore submarket at an average $25.12 per sf; the13-million-sf I-75 corridor at $21.57 per sf; the 7.9-million-sfTampa CBD at $20.32 per sf; the 6.7-million-sf Gateway area at$21.01 per sf; the 4.5-million-sf North Pinellas market at $24.21per sf; and the 3.35-million-sf St. Petersburg CBD at $23.07 persf.