Tampa, FL - Office Market Overview
The Tampa metropolitan area includes the Beach Park, Harbour Island, and Tampa Palms office submarkets. With a metropolitan population of about 2.9 million, Tampa is the second-largest metro area in Florida and the fourth-largest in the Southeastern U.S.
As of mid-2017, the Greater Tampa office market encompasses over 38 million square feet of existing office space in properties larger than 50,000 square feet. A diverse and robust blend of finance, healthcare, insurance and tourism businesses maintains demand for Class A office space and commercial real estate in Tampa, FL.
Tampa, FL - Office Inventory Description
The city of Tampa is part of the Tampa Bay metro area that also includes St. Petersburg and Clearwater. With a gross metropolitan product of over $115 billion annually, the need for white-collar office space in Tampa continues to increase. Over 57% of the office space inventory in Tampa is Class A or A+, with Class B office product bringing another 41% of office inventory to the market.
The Downtown Tampa office market is home to some of the most in-demand Class A office properties in the region. Located just north of the Selmon Expressway, this submarket boasts office buildings such as the SunTrust Financial Center on Jackson Street, the Tampa City Center, and the Fifth Third Center at 201 East Kennedy Boulevard.
Tampa, FL Commercial Inventory Breakdown
Total: 32,605,556 SF
By square footage range:
- 50k to 100k SF: 4,389,929 SF / 13.46% of total office
- 100k to 500k SF: 22,506,595 SF / 69.03% of total office
- 500k to 1M SF: 5,709,032 SF / 17.51% of total office
- Class A+: 1,862,407 SF / 5.71% of total office
- Class A: 17,599,991 SF / 53.98% of total office
- Class B: 8,611,223 SF / 26.41% of total office
- Class C: 292,327 SF / 0.9% of total office
Top 10 Largest Office Buildings
|Office building||Address||Sqft||Year built|
|Bank of America Plaza||101 East Kennedy Blvd, 33602||784,059||1986|
|Lafayette Place||SEC West Kennedy Blvd & Parker Street, 33606||700,000||n/a|
|7701 East Telecom Pkwy||7701 East Telecom Pkwy, 33637||695,625||1986|
|400 Channelside||400 Channelside Drive, 33563||610,000||n/a|
|West View Corporate Center||402 North Reo Street, 33609||576,000||n/a|
|100 North Tampa||100 North 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 North Tampa Street, 33602||472,596||1973|
Most Recently-Built Office Buildings
|Office building||Address||Sqft||Year built|
|Medical Village of Tampa||2333 West Hillsborough Avenue, 33603||54,532||2017|
|Laser Spine Institute||5332 Avion Park Drive, 33607||176,089||2016|
|3440 West Dr. Martin Luther King Jr. Blvd||3440 West Dr. Martin Luther King Jr. Blvd, 33607||36,312||2015|
|James A. Haley VA Primary Care MOB||13515 Lake Terrace Lane, 33637||117,037||2014|
|1919 West Swann Avenue||1919 West Swann Avenue, 33606||27,446||2014|
|MetWest International - MetWest Two||4040 West Boy Scout Blvd, 33607||250,000||2013|
|USF Research Park - University Technology Center I||3702 Spectrum Blvd, 33612||52,655||2013|
|USF Research Park - University Technology Center II||3650 Spectrum Blvd, 33612||43,350||2013|
|Tampa Cancer Center - Comprehensive Cancer Facility||3402 West Dr. Martin Luther King Jr. Blvd, 33607||36,000||2012|
|909 North Dale Mabry Hwy||909 North Dale Mabry Hwy, 33609||27,500||2012|
Tampa, FL - Green Office Space
Tampa ranks 20th of the top 30 major markets in the country for green office buildings. With nearly 2% of the buildings in the metro area being LEED-Certified, over 5% have an Energy Star rating from the EPA and nearly 6% of the buildings in Tampa are otherwise rated as green.
The Tampa City Center on 201 North Franklin Street in the Downtown office market is a prime example of an energy-efficient office building. In 2010, Tampa City Center was awarded the prestigious LEED Gold certification for sustainable design and operations, and was the first property in Tampa to earn this award.
The 2017 Nation Green Building Adoption Index has seen the percentage of LEED-certified, Energy Star-rated, and green buildings in the U.S. increase from just under 5% in 2005 to 38% to date.
Tampa, FL's Top Office-Using Sectors
Government, Fortune 1000 companies, national defense and tourism all create a high level of demand for white-collar employment and, in turn, for Tampa commercial real estate.
- Government – Hillsborough County, where Tampa is located, employs over 900,000 people and is a major user of Class A office space in the metro area.
- National Defense – The commercial real estate market in the region is driven by the numerous service businesses and sub-contractors that serve MacDill Air Force Base, the United States Special Operations Command, and the United States Marine Forces Central Command, which are headquartered in Tampa.
- Tourism – The Port of Tampa is the seventh-largest in the nation and provides berthing to cruise ships from Holland America, Royal Caribbean, Carnival Cruise Lines, and numerous other cruise operators.
- Fortune 1000 Headquarters – Demand for white-collar office space in Tampa is also driven by the various corporate headquarters located in the city, including WellCare, TECO Energy, and Raymond James Financial.
- Total Population368,087
- Male Population(48.3 %) 177,778
- Female Population(51.7 %) 190,309
- Median Age35.60
- Average Household Income$78,953
- Median Household Income$48,245
- Median Income Under 25$27,182
- Median Income 25-44$54,287
- Median Income 45-64$55,547
- Median Income Over 65$32,054
2019 US Office Pipeline – NYC, the Bay Area and San Francisco Set to Deliver 33 MSF of Office Space
April 10, 2019
Since 2009, the U.S. economy has had more than 110 consecutive months of growth, making this the second longest economic expansion since the Great Depression. After a rather tepid 2017 performance, the U.S. office market gathered some steam in 2018, adding 76 million square feet of new office sp...
2018 Office Check-In: Top US Markets for Development, Largest Projects of the Year
September 20, 2018
We’re almost halfway through H2 2018, and it’s high time to check up on construction activity, as well as the state of the U.S. office pipeline when compared to previous analyses. Last year around the same time, we looked at top U.S. cities for office delivery during the fall-winter season, and ...
Winners and Losers in the Labor Market – US States and Metros with the Highest Income Inequality
August 21, 2018
Ever since Gordon Gekko uttered his now infamous credo, “greed is good,” many economists have been concerned with the long-term effects of the growing income inequality in the U.S. While free-market enthusiasts see things differently, inequality has become a recurring topic within our news cyc...