Tampa office market reports

Q2 2022

New-to-market tenancy is bolstering confidence in Tampa’s economy. During the first half of 2022, 15 companies announced plans to relocate their businesses to the Tampa Bay area. With a strong first half of the year, Tampa’s overall office market fundamentals are indicating a positive outlook for the rest of the year.

141.9K sf

Under construction

The city of Tampa currently has 141,900 square feet (sf) of class A office space under construction. In the second half of the year, two class A office buildings totaling 700,000 sf are expected to break ground in the Westshore submarket.

-25,753 sf

Net aborption

The second quarter offered a handful of large move ins, such as the 112,000-sf Aviation Authority in SkyCenter One; however, these were offset by a few large tenants vacating their spaces, including Ford Motor Credit Union and Sykes Enterprises.

$29.24 psf

Direct asking rent

Tampa’s overall asking rents increased by 5% year-over-year to $29.24 per square foot (psf). Landlords with high-quality, class A buildings continue to push rates amid tenant demand for premium office space.

8.5 msf

Availabilities

Office availabilities are at an all-time high at the end of the second quarter with just over 11.1 million square feet (msf) available. Tenants are still decreasing their space requirements as hybrid work continues to gain popularity.

18.4%

Vacancy

Tampa’s overall vacancy rose to 18.4% in the second quarter of 2022, due in part to more space becoming available as tenants downsize. 120,000 sf of vacant space was added to the I-75 Corridor submarket after Ford Motor Credit Union vacated its building.

$169 psf

Investment sales

Office investment sales continue to trend upward with pricing still at an all-time high. The FBI building at 5525 West Gray Street sold for $510 psf, marking the highest sale price of the quarter.

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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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