Weakened office demand in Tampa creates imbalance in asking prices vs. sales prices
- For the first time in the past five years, the average asking price per square foot of Tampa office buildings has exceeded the average sale price per square foot. This discrepancy demonstrates the prevailing market imbalance, with buyers and sellers grappling in price discovery as weakened demand paired with financing constraints results in a shrinking buyer pool.
- Overall sales volume declined 14.9% year over year and 34.3% since 2021, underscoring the impact of sustained elevated interest rates and tightened financial conditions.
March 13, 2024
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