Stability vs. flexibility: what do Tampa’s office industries value in lease terms?

graph of Tampa's office lease term lengths by industry in 2023 filtered by new/relocation leases and renewals
  • Lease terms in Tampa averaged 63 months for new leases/relocations and 49 months for renewals in 2023.
  • Government leases stood out with the longest average lease terms of 93 months for new leases, while the engineering, architecture, construction & building materials industry preferred shorter terms, averaging 56 months for new leases.
  • Relocations yielded longer lease terms for every sector, underscoring a trend of many companies opting for short-term extensions as they assess their future office space needs.
  • Average lease term lengths varied across industries, reflecting each sector’s unique preference for long term stability versus short term flexibility.

February 27, 2024

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