Tampa office market reports
Q2 2025
The Tampa office market kicked off 2025 with one of its strongest first halves of leasing on record. While leasing activity eased slightly in Q2, pricing or vacancies haven’t been impacted significantly. Q2 also marked the delivery of Midtown Place, a trophy-class asset located in the Westshore submarket, and recorded 127k sf of positive absorption – signaling continued market strength throughout the second quarter of 2025. With several large leases slated to commence over the next two quarters, absorption is expected to remain positive through year-end. On a broader level, the Tampa-St. Petersburg-Clearwater MSA posted a 3.5% unemployment rate in April 2025, down 30 basis points since January 2025.
Absorption
Tampa office space noted 127k sf of positive absorption in Q2 2025, equating to 0.3% of total inventory.
Asking rents
Tampa asking rents rose slightly in Q2 to $31.68, marking an uptick of $0.15 from Q1 2025.
Vacancy
Vacancy held steady in Q2 2025, with an increase in direct vacancies being offset by a decline in vacant sublease space.
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