Tampa office market reports
Leasing activity during the first quarter of 2022 totaled 1.1 million square feet in Tampa, with new leasing inquiries up and overall deal activity up 18% year-over-year. The market is off to a strong start in the year, indicating confidence in overall office market fundamentals.
There is 178,000 square feet (sf) of class A office space currently under construction in Tampa, and just under 3 million square feet (msf) being delivered in the next three years.
In the first quarter of 2022, a large block of sublease space became available in the Westshore submarket from Syniverse Technologies at Highwoods Preserve I. Currently, there are 27 large block sublease availabilities totaling over 1.6 msf.
Direct asking rent
Tampa’s overall asking rents increased by 14% year-over-year to $30.89 per square feet (psf). Landlords with high-quality, class A buildings continue to push rates amid tenant demand for premium office space.
Office availabilities are at an all-time high at the end of the first quarter with just over 11 msf available. Tenants are downsizing space requirements as hybrid work is adopted by more companies post-pandemic.
Tampa’s overall vacancy rose to 17.6% during the first quarter of 2022—its highest point since 2014. Tenants continue to analyze and discuss their space requirements which have brought more vacant space online.
Office investment sales continue to trend upward with pricing still at all-time highs. However, overall volume is off to a slow start with year-over-year volume down 74%.
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.
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