Tampa-St. Petersburg Office Market Report

Performance varying by asset class. Tampa’s office market heads into 2026 amid notable performance divergence by quality tier. Class A properties recorded roughly 300 basis points of vacancy compression in 2025, while Class B and C assets saw little movement in the metric. In the urban core, absorption remains weak across all quality levels. It is especially soft in mid- to lower-end space, partly because average asking rates in these segments were more than 20 percent above those of any other submarket in late 2025. Meanwhile, more affordable areas such as Pinellas and Pasco counties posted their strongest stretch of Class A net absorption last year since before the pandemic. Heading into 2026, leasing activity east of the urban core also remains strong across quality tiers. Demand for Class A/B space between the areas of Clair-Mel City and Oak Forest is robust, while lease signings among lower-tier properties appear to be consolidating in areas of strong connectivity, such as south of Ybor City and east of Live Oaks Square.