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Five Fast Office Facts Tampa

Josh Faircloth • 7/31/2023
What You Need to Know in Today's Tampa Bay’s Commercial Real Estate (CRE) Office Market 
  1. VACANCY FELL AGAIN 
    Tampa was one of six markets in the country to report an overall vacancy decrease for the second consecutive quarter, ending Q2 at 20.3%. 

  2. DIRECT RENTS HELD 
    Direct rents held steady YOY (+.04%), even as new construction with premium rents became 94% leased. 

  3. SUBLEASE SPACE DIMINISHED 
    The amount of vacant sublease space decreased 5.0% from the previous quarter, driven by a few large spaces becoming occupied by Elite Insurance Partners and Mad Mobile. 

  4. COMPANIES EXPANDED 
    Though leasing activity slowed, multiple large expansions occurred during Q2 including Skybridge Resources tripling its space and Dynasty Financial Partners and Draper Laps both doubling office footprints. 

  5. OVERALL ABSORPTION POSITIVE 
    Thanks to large move-ins by Simply Healthcare, OPSWAT, and Mad Mobile, overall absorption was positive for the first time since Q1 2021. Tampa was one of six markets in the country to record over 100,000 SF of positive absorption, ending Q2 at 160,000 SF. 

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