Tampa office market reports

Q4 2022

With return-to-office rates starting to plateau in 2022, Tampa’s office market experienced a 45% recovery for the year. Downsizing footprints and reducing space continues to trend as sublease availabilities increased by 74.5% year-over-year. New office developments have come to a halt with no new inventory under development and only one office development expected to break ground in 2023 at Midtown East.

$29.21 psf

Direct asking rents

Tampa’s office market experienced a 3.9% increase in direct asking rents year-over-year to $29.21 per square foot (psf) (FS).

74.5%

Sublease availability

Tenants downsizing and forfeiting space resulted in an increase in sublease availability since year-end 2021, totaling just over 3 million square feet (msf).

2.6%

Unemployment

Tampa’s unemployment rate as of November 2022 fell below pre-pandemic levels and reached 2.6% with a 4.4% increase in job growth year-over-year.

-13.6%

Leasing activity

Office leasing activity in Tampa declined 13.6% year-over-year, resulting in 4.1 msf leased in 2022.

-7.1%

Investment sales

Interest rate hikes throughout the year caused a decrease in office investment sales volume year-over-year by 7.1%.

-252,119 sf

Net absorption

Tampa’s net absorption experienced an increase since year-end 2021 and finished 2022 off at -252,119 square feet (sf).

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Get in-depth office market reports from commercial real estate experts in the Greater Tampa area. Avison Young advisors look at Tampa commercial real estate activities and the latest Tampa statistics to provide you expert market research on Tampa's office properties.

Explore different topics like the latest office market pricing trends and analysis of Tampa's current office real estate market conditions. Gain a better understanding of Tampa’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Tampa's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Tampa.

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