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How Is the Commercial Real Estate Market in Tampa? Part 1 of 2

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

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How Is the Commercial Real Estate Market in Tampa? Part 1 of 2

Here’s the data and a recent example with a client.

If you’ve been reading national headlines about commercial real estate and wondering what that means for your business here in Tampa Bay, I want to give you a straight answer: what’s happening nationally is not what’s happening here.

That’s the single biggest thing I’ve been telling clients lately and it’s the conversation that keeps coming up no matter who I’m sitting across from.

Tampa Is Outperforming the National Average Across the Board

Office, retail, warehouse. All three of Tampa’s primary commercial sectors are performing above the national average right now. No hype from me, that’s what the data shows and what I’m seeing on the ground every week.

Yes, some numbers have adjusted. The office market nationally has experienced a difficult few years. Tampa rents are increasing, quality supply is tightening and the market is drawing serious institutional attention. A recent CBRE investor survey ranked Tampa as a new entrant to the top 10 most attractive U.S. markets for commercial real estate investment in 2026, alongside Dallas, Atlanta and Charlotte.

When investors at that level start paying attention to a market, it tells you something.

What’s Actually Driving Demand: The “Live, Work, Play” Effect

Here’s what I see separating the buildings that are thriving from the ones that are struggling: amenities and environment.

The office spaces performing best right now are what we call truly high-quality assets, buildings located within mixed-use developments with office, retail and residential all in the same ecosystem. For example, coffee shops on the ground floor, restaurants within walking distance and residential nearby. The kind of place where someone already lives and now also wants to work.

Coincidence? No, it’s a strategy that’s working.

Westshore and Downtown Tampa are leading this trend and is accelerating with what’s happening in Ybor and Gas Works, the entire corridor connecting through Channelside to Water Street will continue to reshape how and where Tampa businesses want to be located.

A Real Client Story: The Answer Isn’t Always the Flashiest Building

One of my most recent office transactions illustrates this perfectly.

My client was in a short-term lease and facing a real decision: go Downtown Tampa, into one of the highly amenitized urban core buildings surrounded by the chamber of commerce crowd and all that energy or stay in a suburban submarket where the majority of their employees live.

On paper, Downtown looked exciting. When we dug into the real questions: where does their revenue come from? How/where do they get in front of clients? What actually moves the needle for their business? The suburban choice was clearly the right one.

The company ended up in the most highly amenitized building in their suburban submarket. A point I want to emphasize is, they still chose the most amentitized building in their submarket, consistent with the trends we have been seeing. Rent was lower than anything comparable Downtown Tampa, employees were already living nearby and the space served their culture and growth goals far better than the urban alternative would have.

This kind of analysis matters, not just “what’s the best building” but “what’s the best building for your company.”

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

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Tampa Bay Office Market Report: Q2 2026 Recap & What It Means for You

Tampa Bay’s office market is sending a mixed signal this quarter. On the surface, net absorption came in at -71,800 SF for Q2 2026, a headline number that looks discouraging. But look under the hood and the story is more nuanced: Westshore and Downtown Tampa CBD both posted positive absorption, while it was Class B suburban properties that drove the bulk of the losses. Here’s everything you need to know about where the Tampa Bay office market stands right now, and what it means whether you’re a tenant, a landlord, or just watching the market.

Tampa Bay Office Market at a Glance (Q2 2026)

How Q2 2026 Compares to Recent Quarters

 Q2 2026Q1 2026Q2 2025
Total Inventory (SF)63,068,25163,068,25163,068,251
Net Absorption (SF)-47,726+19,724+293,768
Overall Vacancy15.3%16.0%15.4%
Under Construction (SF)94,13094,13094,130
Overall Asking Rate (FS)$30.76$31.30$30.75

Tampa Bay’s office market recorded -71,800 SF of net absorption in Q2 2026, reflecting limited large-block activity and anticipated move-outs. The headline negative number masks a mixed story: Westshore and Tampa CBD both posted positive absorption, while Class B properties drove the bulk of occupancy losses. Class A sublease vacancy fell to just 2.7%, the lowest level since the pandemic onset. Total sublease availability of 1.6M SF is the tightest since 2020.

The Economic Backdrop

A few outside forces are shaping the office market right now:

Submarket-by-Submarket Breakdown

Vacancy and rates vary a lot depending on where you look. Here’s the Q2 2026 picture across Tampa Bay’s core submarkets:

SubmarketVacancy RateNet AbsorptionAvg Asking Rate
Downtown Tampa CBD~12.1%+14,697 SF$39.30/SF
Westshore~14.0%+61,116 SF$38.38/SF
South Tampa8.7%-773 SF$37.51/SF*
Downtown St. Pete~8.7% (Tightest)-11,057 SF$44.00/SF
Northwest Tampa~22.0%-13,683 SF$24.71/SF
I-75 Corridor20.0% (Highest)-89,110 SF$25.54/SF*

Urban cores continue to dramatically outperform suburban corridors — Downtown St. Pete is the tightest submarket in Tampa Bay, while I-75 Corridor carries the highest vacancy.

Let’s Talk Rent Numbers

Class A rates are up 5.0% year-over-year, while Class B rates are down 1.4% year-over-year. The urban-suburban divide is stark, with core markets commanding rates 50–75% higher than suburban corridors.

SubmarketAvg FS RateClass A FS RateMarket Posture
Downtown Tampa CBD$39.30/SF$43.25/SFLandlord Favorable
Westshore$38.38/SF$45.40/SFTightening
South Tampa$37.51/SF*$50.22/SFLandlord Favorable
Downtown St. Petersburg$44.00/SFN/ALandlord Favorable
Northwest Tampa$24.71/SF$28.46/SFTenant Favorable
I-75 Corridor$25.54/SF*$29.25/SFTenant Favorable

Tampa Total Market — Historical Trend

QuarterInventory SFTotal Vac%Net Abs YTDAvg FS RateClass A FS Rate
2026 Q244,237,50215.1%+153,319$29.91$36.55
2026 Q144,237,50216.2%+132,941$29.81$35.78
2025 Q444,237,50216.4%+16,283$29.64$35.80
2025 Q344,237,50216.3%+46,342$29.45$34.94
2025 Q243,808,57315.9%+232,102$29.29$34.79

Significant Market Activity

Notable Leases This Quarter

  • 5380 Tech Data Dr. (Bay Vista Pavillion) — RomTech, 50,013 SF, Direct, Bayside
  • 10441 University Center Dr. (University Center II) — Eagle Analytical Services, 48,090 SF, Direct, I-75 Corridor
  • 18302 Highwoods Preserve Pky. (Burns & Wilcox Center) — Depository Trust & Clearing Corp., 32,203 SF, Renewal, I-75 Corridor
  • 200 Central Ave (200 Central) — Kimley-Horn, 24,272 SF, Direct, Downtown St. Pete
  • 8800 Grand Oak Cir. (Hidden River Corp. Ctr. One) — The Coca-Cola Company, 24,165 SF, Direct, I-75 Corridor

Notable Sales This Quarter

  • 400 N. Ashley Dr. (Rivergate Tower) — 500,000 SF, purchased by Ally Capital Group, Downtown Tampa CBD
  • 311 Park Place Blvd. — 118,447 SF, purchased by Joseph A. Kennedy, Bayside
  • 13101 Telecom Dr. (Oakview Center) — 79,393 SF, purchased by USF Federal Credit Union, I-75 Corridor

New Construction Pipeline

Zero new groundbreakings for four consecutive quarters. With only ~122K SF under construction on average across both sources — approximately 0.1–0.2% of total inventory — this is the thinnest pipeline in over a decade.

  • E2 — Grow Financial Place (Ybor City): 94,130–106,338 SF, Delivering Q2. The only active project underway; Grow Financial’s new HQ.
  • Downtown Tampa CBD Pipeline: 94,000 SF under construction.
  • Downtown St. Pete Pipeline: 44,000 SF under construction.
  • Midtown East (Westshore): 131,790 SF, delivered 2025. Tampa’s first new Class A building since 2021, and already near fully leased.

What This Means for You

For Tenants & Business Owners

For Landlords & Property Owners

Q3 2026 Forecast & Market Outlook

OSB Q3 2026 Forecast Summary

IndicatorQ2 2026Q3 2026 ForecastDirectionConfidence
Overall Vacancy~17.6%~17.0–17.5%Slight ImprovementModerate
Downtown Tampa Vacancy (Avg)~12.1%~11.0–12.5%TighteningModerate-High
Westshore Vacancy (Avg)~14.0%~13.0–14.5%TighteningModerate-High
I-75 Corridor Vacancy~20.0%Elevated / Slow ImprovementStructuralHigh
Avg Asking Rate$30.38/SF$31.15/SFStable to RisingModerate
Class A Rate$38.77/SF$39.25/SFIncreasingModerate-High
Net Absorption (Avg)~-72K SFModest Positive to NeutralImprovingModerate
Under Construction~122K SFNo New Starts ExpectedConstrainedHigh
Top-of-Market Rents>$75/SF Full Service$79/SF Full ServiceSustainedHigh
Future Pipeline (2028–2030)Early Movement SignalsWatch for AnnouncementsFormingLow-Moderate

Data sources: Market data sourced from believed to be accurate sources. Economic data: FloridaCommerce; U.S. Bureau of Labor Statistics. This report was prepared by Office Space Brokers for informational purposes only and does not constitute legal, financial, or investment advice. Forward-looking statements represent OSB professional opinion and are not guarantees of future performance. © 2026 Office Space Brokers. All rights reserved.

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What CEOs Are Asking About Tampa Bay Office Real Estate Right Now Part 2 of 2

As Tampa Bay continues to attract businesses and talent, companies are making increasingly deliberate real estate decisions. The conversations happening today go beyond leasing and purchasing. They are centered around timing, positioning, and long term impact. You can read our Part 1 here.

5) One of the most important questions CEOs are asking is where companies are relocating within the region. Submarkets like Westshore, Downtown Tampa, Midtown, and Downtown St. Petersburg are seeing continued movement as businesses seek proximity to talent, amenities, and infrastructure. Location is no longer just geographic. It is a competitive advantage.

6) At the same time, owners and investors are evaluating whether now is the right time to sell. While demand remains, buyers are more selective and underwriting is more disciplined. This has created a market where preparation, financial clarity, and strategic timing directly influence outcomes.

7) Timing is also critical for Tenants. Companies that begin their search early maintain control of the negotiation and access to the best opportunities. Those that wait often find themselves making reactive decisions with limited leverage.

8) Many leaders are questioning which buildings will remain relevant. The answer is increasingly tied to quality, experience, and adaptability. Older, underinvested assets face greater challenges, while well positioned properties continue to outperform. The ones we are seeing performing the best in Tampa Bay in Midtown, Westshore Business District in Tampa, Downtown Tampa and Downtown St Petersburg.

Ultimately, the future of office space in Tampa Bay is not uncertain. It is evolving. Businesses that approach commercial real estate with intention and strategy will continue to gain an advantage.

The companies that win are not simply choosing space. They are aligning their real estate with where they are going next.

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What CEOs Are Asking About Tampa Bay Office Real Estate Right Now Part 1 of 2

Tampa Bay’s office market continues to evolve, yet one thing remains consistent: decision makers are asking smarter, more strategic questions before committing to space.

1) One of the most common questions today is whether the region is running out of quality office space. The reality is not a shortage, but a shift. Companies are consolidating into higher quality buildings that better reflect their brand, culture, and long term vision in areas such as Downtown Tampa and Westshore Business District. As a result, the best spaces in these submarkets are leasing faster, and often at a premium.

2) At the same time, leaders are reevaluating whether to lease or buy. This decision is no longer just about occupancy. It is about capital allocation, flexibility, and long term positioning. In some cases, ownership creates wealth and stability. In others, leasing preserves liquidity and allows for agility.

3) Another area of focus is cost. Many executives initially look at rental rates, but quickly realize that operating expenses, property taxes, and insurance significantly impact total occupancy cost. Understanding these variables early can prevent costly surprises later.

4) Perhaps the most discussed topic is space utilization. Hybrid work has changed how companies think about square footage. The question is no longer how much space per employee, but how space supports collaboration, productivity, and growth.

What this all signals is a more sophisticated approach to real estate. CEOs are no longer viewing office space as a fixed expense. They are treating it as a strategic lever that influences talent, brand perception, and financial performance.

Those who ask the right questions early are the ones who create the most value from their real estate decisions.