Tampa Bay Office Market Report (Q1 2021)13 Apr 2021
Downtown Tampa’s skyline continues to transform, with significant office, mixed-use, residential and hotel development beginning to come online in the Channelside area and within the urban core. Total occupancy is up 70 basis points (bps) over the past quarter to 14.8%, with sublease space accounting for 200 bps of that figure. Leasing activity during the first quarter totaled 555,121 square feet (sf) and new leasing inquiries are up even as overall deal activity continues to lag. It is expected that a greater proportion of workers will return to the office during the second quarter, allowing occupiers to better gauge their true space needs moving forward.