Tampa-St. Petersburg Office Market Report

Sublet vacancy offsets leasing. Despite sublet availability increasing nearly 50 percent over the past year ending in March, vacancy growth has been limited to only 10 basis points. Leasing activity has been strong as of late, with more than 60 total lease deals of at least 20,000 square feet taking place during this span. OPSWAT and ReliaQuest are firms that recently decided to relocate their headquarters to the metro, and Tampa's population growth and business-friendly tax rates will likely induce even more relocations or expansions moving forward. Additionally, startup firms like Rapid7 and NuMedTechs have also moved to the market. For now, these firms are utilizing coworking space, but plan to find permanent locations within the metro in the near future. With deliveries expected to taper by nearly 1 million square feet compared to 2021, vacancy will likely hold steady this year.