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Market Report

Tampa-St. Petersburg Office Market Report

2024 Investment Forecast

Tampa Once Again Cracks List of Nation’s
Ten Tightest Office Markets

Extended stretch of office-using job growth aids fundamentals. Spanning the past four years, office vacancy in Tampa has hovered in the 12 to low-13 percent range, reflecting a consistent level of tenant demand for local space. Over the near-term, the metro’s rate is expected to remain in this territory, in part due to its large white-collar workforce. Accounting for 30 percent of Tampa’s total job count at the onset of this year, the local office-using sector will continue to grow during 2024 while metro inventory increases nominally. This dynamic could facilitate renewal and sublease activity as growing companies’ space requirements may remain unchanged or possibly increase. Additionally, a collection of midsize move-ins by professional services firms, including MUFG Bank, should help to offset the impact of any sizable floor plans that do become available. This will allow metro vacancy to end the year slightly below its long-term average.
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