Chelsea Drinkard No Comments

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.

Chelsea Drinkard No Comments

What I Wish More People Knew Before Leasing Office Space in Tampa Bay

If there’s one thing I’ve learned after 10+ years in commercial real estate:

Most companies don’t realize how much their office lease impacts their bottom line.

Whether you’re opening your first office or relocating your headquarters, here’s what I wish every business leader knew before making their office decision:

Your lease is more than a lease agreement, it’s a business strategy.

A lease shapes your cash flow, flexibility, and company culture. Before touring a single property, get clear on your growth plan, hiring goals, and space needs. Here are a few considerations: Where do majority of your talen pool lives? What is demographics of those you plan on hiring? How do you want your team to ulitize the office space? The right lease supports your vision and just your square footage.

Square footage can be deceiving.

Two offices might both be 5,000 square feeet but one could feel half the size. Why? Layout efficiency, column spacing, and what counts as usable vs. rentable square footage. Knowing the difference between the useable and rentable with give the answer to why one “feels” bigger. Rentable square feet has a common area factor included for the shared common areas such as elevators, restrooms, stairwells, stairwelss and Tenant ammentities like conference rooms. Multistory buildings you see in Westshore, Downtown St Petersburg and Downtown Tampa area rentable buildings. Useable includes a space has their own entrance directly into the Suite, restrooms inside and does who have any shared common area space.

Watch the hidden costs

Your “base rent” is just the beginning. Operating expenses (CAM, taxes, insurance, janitorial, parking) can swing your total cost dramatically. Even in Full Service leases, there is still expenses a Tenant can be responsible before in the event the Operating Expenses surpass the Tenant’s bse year. Negotiate caps on increases or base year structures to protect your budget.

Timing is everything in Tampa’s market.

In submarkets like Westshore, Downtown, and Midtown, prime space goes fast especially for custom build outs. Start early (ideally 9–12 months before your lease ends).The earlier you plan, the more leverage you have.

Flexibility and lowest rent are not synonymous.

Shorter terms can give your business the flexibility it needs and worth the premium you pay when your company’s future is uncertain during growth mode. Making sure your lease grows with your company is important with first right of refusal to adjacent space that might come available, having favorable sublease terms and etc.

Representation matters.

Landlords have Brokers working for them, you should too. enant Representation Broker advocates only for your interests, helping you uncover hidden opportunities, negotiate better terms, and avoid costly oversights. Here’s the secret: Landlords pays Tenant Representative broker’s fee.

Final Thought

Leasing office space isn’t just about location or price, it’s a business decision that directly and indirectly impacts a company’s bottom line. A great space supports your growth, inspires your team, and strengthens your bottom line.

If you’re planning to lease or renew in Tampa Bay, let’s talk.
Even a 15-minute strategy chat can save you months of stress and thousands of dollars.

Chelsea Drinkard No Comments

What To Do When Facing Difficulty Forecasting Your Office Space Needs:

Finding a home for your team is important because, in both business and real estate, location is everything. In addition to selecting a suitable location, it is critical to select the proper building for your business. You could locate a fantastic small space for rent on a busy street, but what if the structure itself isn’t suitable for your company or its clients who visit? That’s why there are 5 important steps to consider before finding your perfect office space:

 

Find A Tenant Representative

Choosing the right Tenant Representative is one of the most critical decisions you’ll make when it comes time to leasing. A competent agent will assist you in navigating the leasing process to increase efficiency, leverage their market knowledge for your benefit, and ensure you are equally represented, just like the Landlord is represented by their Listing Agent. As the market ebbs and flows, there can be different nuances and market trends only a commercial agent, who is in the space day in and day out, is aware of. 

 

Budget

First understanding what your budget is will determine what Submarket in Tampa you can evaluate. Our highest price per square foot markets in Tampa are located in Westshore and Downtown Tampa. Knowing your budget will save time from considering office space. Understanding the three different types of lease structures is very important so you can understand what is included in the monthly rents you are reviewing. Read more about the three different types of leases here.

 

Location

Budget can determine location since each submarket’s rental rates are different. Downtown Tampa and Westshore rents are drastically different than Carrollwood or Wesley Chapel. Location can also be determined by where your employees are located and if clients are coming to your office.

A few questions to consider:

  • Where are the majority of employees commuting from? Where are you focusing on for hiring?
  • Do you want to be close to major highways for ease of access for employees and clients? 
  • What is the culture of your office? For example, if the majority of your employees live in Downtown Tampa and part of the culture is walking or biking to the office and taking advantage of the Tampa Riverwalk, restaurants and bars moving or keeping your office in this location is part of your company culture. Being in a location where employees desire to be or already live can bring an overall sense of satisfaction.

 

What Kind of Layout Do do You Need For Your Team To Thrive?

Was your office previously all remote and scaling folks back into the office? Determining if you will continue a flex office schedule can minimize the amount of space you need. A “flex office schedule” means you have folks coming into the office and on different days and evenings designing your office space where there are “hot seats” where different people are using the same workstations for offices. 

  • Do key people need offices vs workstations?
  • Are our individual flex rooms needed for Zooms calls or phone calls?
  • Are our smaller meeting spaces required for team break-out meetings?
  • Do you want to create spaces for your team to naturally collaborate?
Chelsea Drinkard No Comments

What Are Spec Suites?  

 


What Are Spec Suites?  

Speculative Suites is an office space designed to demonstrate to prospective renters what the office space may look like. While the finer specifics of what exactly makes a spec suite differ from each Landlord, at its most basic level, a spec suite is a place where the Landlord has invested construction expenditures ahead of time to have the room in move-in ready shape by creating an effective layout for the space, paint, and floors based on current market trends.

 

Who Are Spec Suites For:

Small to mid-sized Tenants with standard office space requirements are best served by spec suites. They’re especially appealing to Tenants who need to move in quickly, generally within three months or less since the office space is in a move-in ready condition.

 

Benefits of Spec Suites:

One of the main advantages of leasing a spec suite is that it reduces your out-of-pocket expenditures for building and finishing. Furniture and construction costs have been steadily rising, making new office development prohibitively expensive. Spec Suites are usually furnished and ready to move in, allowing Tenants to enjoy new, high-quality furnishings without having to pay for them out of pocket. 

For firms who need to be in their new office fast, Spec Suites might be a terrific solution. Depending on the extent of construction required, a new office build-out might take anywhere from 2 to 8 months to complete. The period between signing a lease and moving in can be greatly reduced with Spec Suites. Landlords create select “spec suites” to provide move-in ready options for Tenants who have a quick time frame to occupy quickly. Delayed permits have recently played a role in having quick occupancy options. Some companies are waiting to make a decision (due to uncertainty in their business) having an easy option can give Landlords a competitive advantage to win the deal.

 

Downfalls Of Spec Suites:

A downside of spec suites is the lack of control over the space’s appearance and feel. The Landlord has already chosen the spec suite’s design and finishing and typically may not invest additional money into the space unless the Tenant is willing to cover the cost of signing a longer lease.

 

 

A Tenant Representation Broker can walk you through if a spec suite is a right solution for you. Give Office Space Brokers a call at 813-289-3700.

 

Chelsea Drinkard No Comments

How Office Space Can be Used to Hire and Retain Employees

Tenant lounge and shared areas started trending in Tampa around 2017. In commercial real estate we say, “if you build, they will come.” Landlords who wanted to fill and maintain buildings started using this to leverage office buildings to be used as a competitive advantage to gain and retain Tenants. When Covid first hit, these building amenities were shut down for a period of time and thankfully up and running again.

Companies that are facing hiring challenges and desire to bring their folks back to the office are looking for ways to stand out amongst their competitors and create an environment their team wants to experience. Gone are the days of giving lunch on Fridays and maybe a ping-pong table will cut it for “workplace culture”. Maintaining a holistic community focus is an imperative factor to accomplish both goals.

 

Where is the office building located?

The first factor in a holistic community is where the office building is located. When selecting sites ask yourself the following:

  • “Is my team already driving here?” I.e., is a grocery store nearby, popular gyms, and other stores? When companies are requiring their employees to come to the office, being located where employees plan on running errands is convenient for cities like Tampa where most folks are individually commuting.

 

  • “Is the building easy to access?” i.e., is located on major highways like i-275, Veterans Expressway, and i-4. Folks have been used to not commuting to work and being able to minimize the commute time is a lifestyle preference.

 

  • “Does my team feel safe and comfortable in the surrounding environment?” We all know when the time changes in Tampa and the sun is setting at 5:30 pm, there still can folks working past 5:00 pm whom you want to ensure are comfortable walking to their car if they are in the office later.

 

Does the inside and outside of the building support a healthy and happy lifestyle?

Tenants want to look for buildings with amenities like an onsite gym, workout classes, and outside community spaces. Tampa Bay is surrounded by water, we have outside-friendly weather the majority of the year and have the best sunsets in the entire country. Looking for buildings that incorporate an outdoor design and other wellness-oriented amenities into projects creates a flexible feel for employees to recharge and alternative workspaces to boost focus and productivity. Some great examples to look for is wifi outside, walking path, and even yoga classes offered before work or during the lunch hour.

In a day and age where finding and maintaining the right people is tough, having a holistic approach with your office space will give companies the edge needed to win the right people who align with their company.