Average office lease size sees significant increase in Tampa
- In Q1 2025, Tampa posted its highest quarterly leasing activity figure since Q4 2015, totalling 1.69 million square feet (msf). A driving factor behind this increased activity is average lease sizes increasing by 35.2% when comparing Q4 2024 to the year-to-date total as of the end of April 2025.
- Driven primarily by activity in trophy and class A assets, the average lease size for these property types reached 12,225 square feet (sf), highlighting the continued strength of the flight-to-quality trend in the Tampa Bay area. This notable increase was largely fueled by Fisher Investments’ new 322,000-sf lease and Moffit Cancer Center’s 132,000-sf renewal.
- Looking ahead, average lease size is expected to taper off slightly in the coming quarters; however, the recent surge in overall leasing velocity suggests that occupiers remain confident in establishing or expanding their footprint in Tampa.
May 5, 2025
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