Tampa-St. Petersburg Office Market Report

Metro is home to Florida’s lowest Class A vacancy rate. Often ranked among the best U.S. markets to start a business, Tampa’s office sector recorded strong tenant demand over the past 12 months ending in March. During this stretch, tenants absorbed a net of almost 1.3 million square feet of space, the largest four-quarter total since 2018. Consistent leasing velocity for floor plans both under and over 25,000 square feet, along with a further pullback in delivery volume, was to credit. Among property classes, upper-tier demand was strongest, with roughly 800,000 square feet of Class A space absorbed over the past year. With its active pipeline well accounted for, Tampa is positioned to record the least near-term vacancy fluctuation among major Florida markets as tenants are steered to existing spaces or opt to renew leases.