This is Part 2 of a two-part series on the Tampa commercial real estate market. In Part 1, we covered why Tampa is outperforming the national average across office, retail, and warehouse, what’s driving demand in the live, work, play era, and a real client story that illustrates how the right location decision can save money and serve your business better than the flashiest address in town. If you haven’t read it yet, start there first, you can find it here.
Where the Market Is Headed: My Honest Take
I expect the next 12 to 24 months in Tampa to look like this:
People continuing and intentionally going back to the office. Hybrid isn’t going away, but the conversation is shifting from whether to be in the office to why and how. Companies are reimagining their space around purpose: professional development, mentorship, visibility, collaboration. Those are the things you simply cannot replicate on a Zoom call, and executives are starting to name them out loud.
Flight to quality will continue. The superior buildings in the most strategic amentitized locations will keep absorbing Tenants. Secondary suburban corridors will continue to have elevated vacancy, which creates real opportunity for the right Tenant with the right representation.
Supply will stay constrained. Over a million square feet of office inventory has been converted or removed from the Tampa market in the past year alone. New speculative construction has essentially stopped. Quality options aren’t growing, they’re shrinking.
If your lease is expiring in the next 12 to 18 months, the market is not going to get easier for you by waiting.
The Most Expensive Mistake I See Business Owners Make
Waiting too long.
I’ve seen it cost clients real money and real options. If you’re 60 -90 days from your lease expiration even in a smaller space, you’ve lost your leverage. Landlords know it and the deal you could have negotiated six months earlier is no longer on the table.
Time is your biggest asset in this process. With enough lead time, we can see what’s coming to market before it’s publicly listed, understand what concessions Landlords are offering and negotiate from a position of strength rather than desperation.
Other mistakes I see, is not knowing your own company well enough before you start looking. The most effective and efficient office searches start with internal clarity: What role does our office play in our culture? In our revenue? In recruiting and retaining the people we need? Where do our employees actually live? What would genuinely create a desire for our employes to come to the office?
When you can answer those questions before you start touring spaces, the right decision becomes a lot clearer and faster.
Why the Broker You Choose Matters More Than You Think
I was born into this business. My father is a Broker and I grew up understanding Tampa Bay not just as a market, but as a community. That context matters when I’m advising a client on which submarket fits their culture or when I’m reading a Landlord’s position based on what I know about that building’s history.
I hold a broker’s license, not just a sales license, along with my CCIM designation and membership in ITRA Global, a worldwide Tenant representation organization. Strategic alliances gives me insight into what’s happening in markets nationally and globally, which I bring back to benefit clients here in Tampa Bay.
At OSB, we’re a boutique brokerage by design, we don’t work with everyone. The clients we do work with get our full attention, deep expertise and a genuinely custom experience from start to finish. Over 90% of our business comes from referrals and repeat clients. That’s not a marketing stat, it’s a reflection of how we operate.
And for Tenants? Our fee is paid by the Landlord. You get expert representation at no cost to you.
If your lease is coming up in the next 12-24 months or you’re simply not sure whether your current space is still the right fit for your business, let’s talk. (813) 289-3700 or send me an email cd@officespaccebrokers.com
