Tampa office market reports

Q3 2021

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Despite a high vacancy rate, Tampa’s office market persists as one of the strongest in the South heading into the final quarter of the year. Leasing activity during the third quarter was roughly equivalent to all leasing that occurred during the first half of the year, indicating confidence in Tampa’s overall office market fundamentals.

1.3%

Economic conditions

Office-using job losses in Tampa, compared with 2.1% for other industries, demonstrating the resilience of the office-using labor market in Tampa. The job sector with the strongest job growth since the beginning of the pandemic is the Professional and Business Services sector, which is up 5.0%.

77%

Recovery rate

The total percentage of job losses incurred in Florida during the pandemic that have been recovered.

1.6

Office demand

Total leasing activity (in millions) in Tampa year-to-date through September. Tenant interest remains steady heading into the final quarter of the year, which is historically the strongest.

928K

Office supply

Total amount of vacant sublease space on the market in Tampa, comprising 13.1% of total vacant space. The highest quality sublease spaces have been the quickest to lease in the current environment.

7.5%

Pricing trends

The increase in base rents from peak-to-trough since the onset of the pandemic, growing to a current average of $28.24 per sf. While this represents a slight decline over the second quarter, it is directly attributable to the healthy leasing of class A space as tenants pursue a flight to quality.

$513.3

Capital markets

Total office investment volume (in millions) in Tampa for the period from January 2020 through September 2021. The largest sale during the third quarter was Convergent Capital Partners’ acquisition of 109 N Brush St in Tampa’s CBD for $7.95 million, or $235 per sf.

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Your source for the latest Tampa office market reports

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.

The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.

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