Tampa Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $30.06 2024 Avg. Asking Rent
  • 1.16% Y-o-Y Avg. Asking Rent Change
  • 15.08% 2024 Office Vacancy Rate
  • $325.3M2024 Total Office Sales
  • $158.35Avg. Sale Price/SF

Tampa office price per square foot in 2024 was $30.06 on average. This marked a +1.16% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.08% across all asset classes combined. The 15 transactions that closed here throughout 2024 amounted to a total sale volume of $325.3M. Tampa office space commanded an average sale price per square foot of $158.35.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Tampa Class A & A+ Office Space$34.73
  • Tampa Class B Office Space$24.81
  • Tampa Class C Office Space$22.64
  • Florida Class A & A+ Office Space$40.20
  • Florida Class B Office Space$27.71
  • Florida Class C Office Space$22.62

Tampa, FL Office Asking Rents by Class

Average office rent in Tampa rested at $30.06 per square foot in 2024. 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 $34.73 per square foot. Across all submarkets, class B office space recorded an average asking rent of $24.81 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $22.64 per square foot, on average. Comparably, statewide Florida average office rents by class in 2024 were: $40.20 per square foot for class A office space; $27.71 per square foot for class B office space; $22.62 per square foot for class C office space.

2024 Office Vacancy Rates in Tampa

Submarket Asking Rents Vacancy Rates
South Tampa $45.01 7.28%
Downtown Tampa South - Islands $41.00 2.92%
Tampa CBD $40.23 9.90%
Westshore $35.71 11.36%
Downtown Tampa North $30.06 5.33%
East Tampa $25.62 21.67%
Northwest Tampa $24.80 28.62%
Northeast Tampa $23.15 25.04%
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 15.08% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Tampa was 2.92% in the Downtown Tampa South - Islands submarket, while the highest office vacancy in the market was 28.62%, recorded in Northwest Tampa.

Office Spaces for Rent in Florida

Tampa Office Sale Price per SF

  • $158.352024 Avg. Price per SF
  • -15.37%Y-o-Y Avg. PpSF Change
  • $325.3M2024 Office Sales Volume
  • 152024 Number of Transactions

Tampa, FL Sale Price per SF Trend

  • Tampa Avg. Sale Price per SF in 2024$158.35
  • Florida Avg. Sale Price per SF in 2024$221.95
Tampa office space cost in 2024 marked a -15.37% change compared to the previous year. The sale price for office space in Tampa averaged $158.35 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $221.95 per square foot.

2024 Office Sales Volume

  • Tampa, FL Total Office Sales Volume in 2024 $325.3M
  • Tampa, FL Total Number of Office Sales Closed in 2024 15
A total of 15 deals closed on the Tampa office market in 2024, adding up to a yearly sales volume of $325.3M. Notably, the largest transaction on the market saw 100 North Tampa change hands for $151,300,000 on 6/28/2024.

Largest Tampa Office Sales in 2024

Property name Address Date Price
100 North Tampa 100 North Tampa Street 6/28/2024 $151,300,000
Netpark Tampa Bay 5701 East Hillsborough Avenue 7/8/2024 $45,000,000
Highwoods Preserve - Buildings II & IV 18210 Crane Nest Drive 12/16/2024 $41,400,000
5016 West Cypress Street 5016 West Cypress Street 6/28/2024 $29,200,000
Pinewood Building 6701 South Dale Mabry Hwy 3/1/2024 $19,500,000
Data provided by Commercial Edge

Coworking Spaces in Florida

2024 Office Construction in Tampa, FL

  • Tampa, FL Total SF completed in 2024 20,455
  • Tampa, FL Total SF under construction in 2025 418,292

During 2024, 20,455 square feet of new office space were delivered across the market. At the close of 2024, the Tampa office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 20,455 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 418,292 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Tampa
Office building Address SF Completed
Midtown East 1 Midtown Place, 33607 440,000 2025
North Florida Office Building 10050 North Florida Avenue, 33612 75,000 2023
Water Street Tampa - Thousand & One 1001 Water Street, 33602 373,500 2021
Midtown West 1150 Assembly Drive, 33607 180,000 2021
Midtown West 1150 Assembly Drive, 33609 152,000 2021
624 S MacDill Ave. 624 S MacDill Ave., 33629 8,000 2021
Heights Union - East 2002 N Tampa Street, 33602 147,000 2020
MetWest Three 4050 W Boy Scout Boulevard, 33607 247,691 2019
MetWest One 4030 W Boy Scout Blvd, 33607 253,716 2009
USF Area Bruce B Downs Medical Office 12206 Bruce B Downs Blvd, 33612 33,406 2009

Worth noting among recent office completions on the Tampa market is Midtown East, which is currently the largest new office development in the city, at 440,000 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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.