Tampa Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $31.17 2020 Avg. Asking Rent
  • 2.15% Y-o-Y Avg. Asking Rent Change
  • 11.82% 2020 Office Vacancy Rate
  • $212.6M2020 Total Office Sales
  • $163.94Avg. Sale Price/SF

Tampa office price per square foot in 2020 was $31.17 on average. This marked a +2.15% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 11.82% across all asset classes combined. The 12 transactions that closed here throughout 2020 amounted to a total sale volume of $212.6M. Tampa office space commanded an average sale price per square foot of $163.94.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Tampa Class A Office Space$35.77
  • Tampa Class B Office Space$23.42
  • Tampa Class C Office Space$18.96
  • Florida Class A Office Space$37.78
  • Florida Class B Office Space$23.96
  • Florida Class C Office Space$18.38

Tampa, FL Office Asking Rents by Class

Average office rent in Tampa rested at $31.17 per square foot in 2020. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Tampa averaged $35.77 per square foot. Across all submarkets, class B office space recorded an average asking rent of $23.42 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.96 per square foot, on average. Comparably, statewide Florida average office rents by class in 2020 were: $37.78 per square foot for class A office space; $23.96 per square foot for class B office space; $18.38 per square foot for class C office space.

2020 Office Vacancy Rates in Tampa

Submarket Asking Rents Vacancy Rates
South Tampa $40.59 10.29%
Downtown Tampa South - Islands $39.22 13.50%
Westshore $35.12 13.72%
Tampa CBD $32.07 8.44%
Northeast Tampa $23.42 14.37%
Northwest Tampa $23.00 11.26%
East Tampa $21.78 10.04%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Tampa market was 11.82% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Tampa was 8.44% in the Tampa CBD submarket, while the highest office vacancy in the market was 14.37%, recorded in Northeast Tampa.

Office Spaces for Rent in Florida

Tampa Office Sale Price per SF

  • $163.942020 Avg. Price per SF
  • -10.21%Y-o-Y Avg. PpSF Change
  • $212.6M2020 Office Sales Volume
  • 122020 Number of Transactions

Tampa, FL Sale Price per SF Trend

  • Tampa Avg. Sale Price per SF in 2020$163.94
  • Florida Avg. Sale Price per SF in 2020$169.99
Tampa office space cost in 2020 marked a -10.21% change compared to the previous year. The sale price for office space in Tampa averaged $163.94 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $169.99 per square foot.

2020 Office Sales Volume

  • Tampa, FL Total Office Sales Volume in 2020 $212.6M
  • Tampa, FL Total Number of Office Sales Closed in 2020 12
A total of 12 deals closed on the Tampa office market in 2020, adding up to a yearly sales volume of $212.6M. Notably, the largest transaction on the market saw Tampa Commons change hands for $56,500,000 on 11/3/2020.

Largest Tampa Office Sales in 2020

Property name Address Date Price
Tampa Commons 1 North Dale Mabry Hwy 11/3/2020 $56,500,000
Cypress Commons 5300 West Cypress Street 7/24/2020 $47,500,000
Sabal Pavilion 3620 Queen Palm Drive 9/1/2020 $26,900,000
Sweetwater Commerce Center 5463 West Waters Avenue 3/10/2020 $26,500,000
14014 Fieldside Place 14014 Fieldside Place 6/2/2020 $16,000,000
Data provided by Commercial Edge

2020 Office Construction in Tampa, FL

  • Tampa, FL Total SF completed in 2020 418,248
  • Tampa, FL Total SF under construction in 2021 1,222,137

During 2020, 418,248 square feet of new office space were delivered across the market. At the close of 2020, the Tampa office inventory included 5 buildings equal to or larger than 25,000 square feet, which comprised 418,248 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 1,222,137 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Tampa
Office building Address SF Completed
North Florida Office Building 10050 North Florida Avenue, 33612 75,000 2022
South Tampa Medical / Retail Building 206 N Howard Ave, 33606 3,500 2022
Thousand One 1001 Water Street, 33602 387,000 2021
Midtown West 1150 Assembly Drive, 33607 152,000 2021
The Loft at Midtown 3725 W Grace St, 33607 72,387 2021
624 S MacDill Ave. 624 S MacDill Ave., 33629 8,000 2021
MetWest One 4030 W Boy Scout Boulevard, 33607 253,716 2009
USF Area Bruce B Downs Medical Office 12206 Bruce B Downs Blvd, 33612 33,406 2009
Intellicenter One 12653 Telecom Drive, 33637 203,509 2008
Highwoods Bay Center I 5426 Bay Center Drive, 33609 209,079 2007

Worth noting among recent office completions on the Tampa market is North Florida Office Building, which is currently the largest new office development in the city, at 75,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market 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.