Tampa office market reports
Q1 2026
Tampa’s office market showed signs of stabilization in Q1 2026 following an exceptionally strong 2025. Leasing activity and average deal size declined from Q4, but net absorption remained positive, reflecting lease commencements from late 2025. Submarket fundamentals held steady, with St. Petersburg and the Tampa CBD continuing to command the highest rents. Westshore remains the market's primary anchor, leading in both leasing activity and positive absorption. Investment volume declined from Q4 2025 levels, though a rise in transaction count points to sustained investor interest. Overall, Q1 2026 reflects a period of normalization rather than contraction, as the Tampa Bay office market begins to establish a new baseline after a historic 2025.
Leasing activity
Total office leasing activity recorded in Tampa in Q1 2026 was 718,300 k sf. Of this, 61% was attributed to Trophy/Class A and 39% to class B.
Average asking rent
In Q1 2026 in greater Tampa Bay, the average fs asking rent recorded was $33.07 fs, proving to be on par with the figure recorded in Q4 2025 ($33.01).
Vacancy rate
Total vacancy rate recorded in Q1 2026 was 18.6%, down 40 bps when comparing year-over-year figures.
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