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Market Report

Tampa-St. Petersburg Office Market Report

4Q 2022

Corporate Move-Ins and a Cautious Return to In-Person
Work Revive Office Demand

Growing employers keep Tampa afloat through uncertainty. Multiple Fortune 500 companies call Tampa home, such as Publix, Jabil Inc. and The Mosaic Company, forming a strong core for office use. In addition, the metro has seen a bevy of new companies move in from the Northeast, such as the pharmaceutical giant Pfizer, which opened a new global capabilities hub in Tampa Heights last year. With Johnson & Johnson and Amgen both possessing nearby office locations, Central Tampa may attract additional biotech companies to the region. Pandemic-era migration trends have aided this movement, as firms look south for growing talent pools and lower operational costs. Availability in Tampa rose by only two-thirds of the national increase in 2020 and 2021, and the metro is expected to log its first vacancy decline this year since the onset of the pandemic.
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