Office Rental Market
- $30.51 2019 Avg. Asking Rent
- 8.18 % 2019 Avg. Vacancy Rate
- 519,783 2019 Office Completions (Sqft)
- 1,576,502 2020 Estimated Pipeline (Sqft)
Average Office Asking Rents by Class
2019 Average Office Rent per Square Foot
- Tampa Class A Office Buildings$37.23
- Tampa Class B Office Buildings$22.43
- Tampa Class C Office Buildings$17.91
- FL Class A Office Buildings$37.07
- FL Class B Office Buildings$23.53
- FL Class C Office Buildings$18.02
Tampa, FL Office Asking Rents by Class
Office asking rents vary across the Tampa office market depending on several factors, one of which is property class. While rents for Class A office buildings in Tampa averaged $37.23 per square foot in 2019, Class B office properties garnered average rental rates of $22.43 per square foot. Rental rates for Class C office property in Tampa averaged $17.91 per square foot. On a statewide level, Class B office space rents averaged $23.53 per square foot, while rents for Class A office space across Florida averaged $37.07 per square foot. On average, Class C office properties in Florida commanded rents of $18.02 per square foot.
2019 OFFICE VACANCY RATES
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
South Tampa | $39.60 | 4.53 % |
Westshore | $32.63 | 5.99 % |
Tampa CBD | $31.13 | 4.35 % |
Northeast Tampa | $22.54 | 14.71 % |
Northwest Tampa | $21.70 | 8.93 % |
East Tampa | $21.16 | 7.85 % |
- The lowest office vacancy rate in 2019 in Tampa was 4.35 % in the Tampa CBD submarket, where asking rents averaged $31.13.
- The highest office vacancy rate in 2019 in Tampa was 14.71 % in the Northeast Tampa submarket, where asking rents averaged $22.54.
OFFICE CONSTRUCTION IN Tampa, FL
- Tampa, FL Total Sqft completed in 2019 519,783
- Tampa, FL Total Sqft under construction in 2020 1,576,502
Building name | Address | Total Sqft | Year built |
---|---|---|---|
Bank of America Plaza | 101 E Kennedy Boulevard, 33602 | 809,919 | 1986 |
Bank of America Plaza | 101 East Kennedy Blvd, 33602 | 784,059 | 1986 |
Tampa City Center | 201 North Franklin Street, 33602 | 749,035 | 1981 |
Tampa City Center | 201 N Franklin Street, 33602 | 749,035 | 1981 |
7701 East Telecom Pkwy | 7701 East Telecom Pkwy, 33637 | 695,625 | 1986 |
100 N Tampa | 100 N Tampa Street, 33602 | 552,080 | 1992 |
SunTrust Financial Centre | 401 East Jackson Street, 33602 | 526,268 | 1992 |
Rivergate Tower | 400 North Ashley Drive, 33602 | 515,965 | 1988 |
The USAA Southeast Regional Office | 17200 Commerce Park Blvd, 33647 | 499,180 | 1993 |
Park Tower | 400 N Tampa Street, 33602 | 474,310 | 1973 |
Office building | Address | Sqft | Completed |
---|---|---|---|
1001 Water Street | 1001 Water Street, 33602 | 387,000 | 2021 |
SkyCenter One | 5411 Airport Service Road, 33607 | 270,000 | 2021 |
Midtown One | 1150 Assembly Drive, 33607 | 152,000 | 2021 |
USF Research Park - Innovation Building | NEC Spectrum Blvd & Fowler Avenue, 33612 | 120,000 | 2021 |
Sparkman Wharf | 615 Channelside Drive, 33602 | 245,000 | 2020 |
Renaissance Ybor - Masonite Headquarters | 1309 East 6th Avenue, 33605 | 59,940 | 2020 |
802 East Whiting Street | 802 East Whiting Street, 33602 | 32,000 | 2020 |
4602 North Armenia Avenue | 4602 North Armenia Avenue, 33603 | 28,500 | 2020 |
MetWest International - MetWest Three | 4050 West Boy Scout Blvd, 33607 | 249,783 | 2019 |
5016 West Cypress Street | 5016 West Cypress Street, 33607 | 63,289 | 2017 |
TAMPA OFFICE SALES TRENDS
- $182.592019 Avg. Price per Sqft
- 37.08 %Y-o-Y Avg. PpSF Change
- $1.5B2019 Office Sales Volume
- 202019 Number of Transactions
In 2019, office sales in Tampa averaged $182.59 per square foot. This marked a 37.08 % increase in office price per square foot, compared to the previous year. A total of 20 office sales closed on the Tampa office market in 2019, amounting to a total sales volume of $1.5B.
Average Office Sale Price per Sqft
Tampa, FL Sales Trends
- Tampa Price per Sqft$182.59
- Florida Price per Sqft$190.50
Office Sales - Trend and Volume
- Tampa, FL Total Office Sales Volume in 2019 $1.5B
- Tampa, FL Total Number of Office Sales Closed in 2019 20
Largest Tampa Office Sales in 2019
Property name | Address | Date | Price |
---|---|---|---|
Crosstown Center I | 9527 Delaney Creek Blvd | 7/2/2019 | $106,000,000 |
Crosstown Center II | 9519 Delaney Creek Blvd | 7/2/2019 | $93,000,000 |
Bayport Plaza | 3000 Bayport Drive | 8/26/2019 | $80,000,000 |
501 East Kennedy | 501 East Kennedy Blvd | 11/26/2019 | $63,473,000 |
Concourse Center | 3505 East Frontage Road | 5/6/2019 | $53,313,000 |
See trends for nearby markets
The Tampa office market contains an inventory of 41,821,200 square feet of office space, in 771 buildings that are equal to or larger than 25,000 square feet.
This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all Tampa commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.