Tampa office market reports
Office insights Q2 2021
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Total vacancy in Tampa is at a seven-year high, totaling 15.9% after hovering in the 12% range pre-pandemic from 2017 through 2019, however five-year lease deals are once again on the table and tenants are increasingly willing to extend lease terms in order to secure concessions.
Office-using job losses in Tampa, compared with 2.3% for other industries, demonstrating the resilience of the office-using labor market in Tampa.
Florida’s rank in a WalletHub study of the top U.S. states for their rates of recovery, with industries gaining the most jobs over the year including leisure and hospitality, professional and business services, and trade, transportation and utilities.
While leasing activity at the midway point of the year has fallen short of being half of the prior year’s activity, leasing interest remains strong and should pick up through the remainder of the year.
Total amount of vacant sublease space on the market in Tampa, comprising 14.6% of total vacant space. The impact is slowly lessening as some blocks placed on the market early in the pandemic by proactive landlords were opportunistic in nature and have either been leased or taken back by occupiers.
The increase in base rents from peak-to-trough since the onset of the pandemic, growing to a current average of $28.39 per sf.
Total office investment volume (in millions) in Tampa for the period from Jan 2020 through Jun 2021. The largest sale YTD was the $24 million acquisition of Kforce’s headquarters at 1001 E Palm Ave in Ybor by Alliant Partners Realty.
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Get in-depth office market reports and insights 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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