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Market Report

Tampa-St. Petersburg Office Market Report

2Q 2021

Company Relocations Boost Office Demand;
Speculative Construction Weighs on Performance

Tampa Bay’s economy is quickly shifting to growth phase. The local economy has held up better than most U.S. markets through the pandemic. The metro is consistently maintaining population gains well above the national level. Even through the pandemic, net migration reached 26,400 people in 2020. In addition, at 4 percent, the region had one of the lowest unemployment rates among the nation’s major markets in March. The expanding and skilled labor force are factors that draw numerous corporations to the metro, bringing well-paying jobs with them. So far this year, Pfizer announced plans to open a global capability hub in Tampa and the metro will soon be the headquarters for cybersecurity firm OPSWAT as well as Suzuki Marine. Business relocations and expansions will generate demand for space in the quarters ahead, supporting absorption.
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