Tampa Office Market Trends

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)
In 2019, the average asking rent for office space in Tampa was $30.51 per square foot, and the office vacancy rate across the market averaged 8.18 %. During 2019, developers added 519,783 square feet of new office space to the Tampa market inventory. Office developments estimated for delivery during 2020 total 1,576,502 square feet.

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 %
Data provided by Commercial Edge
  • 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
10 Largest Office Buildings in Tampa
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
Largest Office Properties Recently Completed in Tampa
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
Data provided by Commercial Edge

Office Spaces for Rent in Florida

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
Data provided by Commercial Edge

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.