Tampa-St. Petersburg Office Market Report

Bright spots in multiple submarkets underpin overall solid fundamentals. The Tampa metro has done well at absorbing new supply over the past three years, culminating in the second-lowest vacancy rate of major Florida markets, holding below 13 percent over that span. Certain submarkets outside of Tampa and St. Petersburg proper have retained strong leasing demand. The Sarasota-Bradenton area, specifically, has been sought-after by firms; even with the third-largest inventory in the metro, it entered 2025 at an incredibly low 6.6 percent vacancy. This submarket benefits from its proximity to professionals already in the area, with relatively short commutes from across Manatee River and as far as Lakewood Ranch. Outside of traditional office use, demand for medical offices in Tampa will likely keep expanding. Retirement-aged individuals make up roughly one-third of the total population and represented over half of the growth last year. Vacancy for local medical offices have held under 8 percent since late 2020. An aging population is likely to raise demand for medical services, even as the pace of net in-migration potentially slows.