Tampa Bay Office Statistics
Animated publication
TAMPA BAYOFFICE MARKET Q4 2023
YTD
YTD
Direct Vacant Space
Sublease
Y-o-Y
Direct
Overall
Y-o-Y
YTD
Y-o-Y
Quarter
Number Buildings
Vacant Space
Direct
Overall
PT.
Wtd. Avg.
Wtd. Avg.
%
Leasing Activity
%
Overall Net Absorption
Overall Net Absorption
Construction Completions
Under
Inventory
Vacancy Rate
Vacancy Rate
Change Asking Rental Rates Asking Rental Rates Change
Change
Construction
CBD SUBMARKETS Tampa CBD St. Petersburg CBD
13.2%
-1.8
$41.23 $34.39
$41.01 $33.57
0.8% 431,630 5.0% 113,132
-27.3% 23,017 -11.4% -24,211
123,992 -30,770
0 0
0
23 17
6,714,449 2,030,240
796,701 137,329
87,492 16,918
11.9%
6.8%
7.6%
1.6
45,000
NON-CBD SUBMARKETS Tampa Non-CBD Pinellas County Non-CBD
237 120 397
24,298,336 8,518,740 41,561,765
4,517,029 1,528,870 6,979,929
1,405,686
18.6% 17.9% 16.8%
24.4% 18.5% 20.5%
0.2 0.2
$30.98 $25.21 $30.67
$29.83 $25.19 $29.96
2.0% 1,775,691 -1.7% 598,460 1.2% 2,918,913
-23.4% -131,286 19.6% -7,649 -17.6% -140,129
-94,284 -132,283 -133,345
75,000
131,790
0
0
43,902
1,553,998
-0.1
75,000
176,790
Tampa Bay Totals
YTD
Y-o-Y
Quarter
YTD
YTD
Direct Vacant Space
Sublease
Y-o-Y
Direct
Overall
Y-o-Y
Number Buildings
Vacant Space
Direct
Overall
PT.
Wtd. Avg.
Wtd. Avg.
%
Leasing Activity
%
Overall Net Absorption
Overall Net Absorption
Construction Completions
Under
Inventory
Vacancy Rate
Vacancy Rate
Change Asking Rental Rates Asking Rental Rates Change
Change
Construction
OVERALL Tampa CBD
-27.3% 23,017 -23.4% -131,286 -33.8% 56,002 8.8% 15,527 -23.6% -220,685 -32.7% 4,366 343.0% 13,504 -11.4% -24,211 19.6% -7,649 26.8% -53,754 47.1% 32,255 -20.6% 22,071 70.0% -5,437 -88.5% -3,036 122.2% 0
123,992 -94,284 222,155 56,273 -386,363 9,821 -9,674 13,504 -30,770 -132,283 -117,340 -24,620
0
0
11.9% 18.6% 15.4% 15.4% 25.6%
13.2% 24.4% 17.6% 34.5% 31.0%
-1.8
$41.23 $30.98 $35.60 $28.19 $27.11 $24.00 $35.35 $37.50 $34.39 $25.21 $25.56 $25.38 $24.73 $25.19 $21.61 $20.10 $30.67 $43.37 $33.72 $39.10 $27.72 $28.64 $37.50 $37.09 $26.35 $27.24 $25.75 $24.00 $26.41 $21.00 N/A N/A $33.56 $27.48 $29.94 $28.48 $25.43 $24.00 $35.35 $27.48 $23.28 $22.86 $23.38 $25.36 $24.47 $22.80 $20.10 $26.88 N/A Direct N/A $33.20 Direct
$41.01 $29.83 $35.09 $26.97 $26.40 $24.00 $35.35 $37.50 $33.57 $25.19 $25.53 $25.38 $24.73 $25.14 $21.61 $20.10 $29.96 $42.88 $32.14 $38.93 $28.23 $27.16 $37.50 $35.57 $26.27 $27.19 $25.75 $24.00 $25.79 $21.00 N/A N/A $33.48 $26.91 $29.47 $26.09 $25.36 $24.00 $35.35 $27.48 $23.29 $22.88 $23.38 $25.36 $24.47 $22.80 $20.10 $26.55 N/A Overall N/A $32.25 Overall
0.8% 431,630 2.0% 1,775,691 2.4% 983,000 2.3% 322,681 1.6% 388,438 1.4% 64,692 5.0% 113,132 -1.7% 598,460 -5.3% 335,481 3.1% 185,023 4.9% 37,994 0.3% 10,036 0.7% 0.0% 9,821 7,059
23
6,714,449 24,298,336 12,358,320 3,775,978 7,418,618
796,701
87,492
237
4,517,029 1,898,607
1,405,686
0.2
75,000
131,790 131,790
Tampa Non-CBD
0
92 61 67
278,312 724,202 403,172
-2.1 -0.2
Westshore Northwest I-75 Corridor Southwest Hyde Park
580,023
75,000
0 0 0 0 0 0 0 0 0 0 0 0
1,899,276
4.0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
4 7 6
143,447 257,225 344,748
1,449 9,674
0 0 0
1.0% 3.8%
1.0% 3.8%
-6.8
3.8
128,000 137,329
37.1%
37.1%
-3.9
Ybor City
17
2,030,240 8,518,740 4,096,484 1,469,701
16,918 43,902 10,776
6.8%
7.6%
1.6 0.2
45,000
St. Petersburg CBD Pinellas Non-CBD Gateway/Mid-Pinellas
120
1,528,870
17.9% 22.1% 22.2% 11.8% 11.5% 10.0%
18.5% 22.4% 22.2% 11.8% 14.8% 10.0%
57 19 16 10
907,014 325,723 100,917 114,958 51,012 29,246
-0.4
1.7
0 0
Bayside
856,465 998,647 509,881 587,562
-0.7
5,994
Countryside North Pinellas
3.0 0.0
-18,584
33,126
7
0 0
6.9%
1,368
-121
Clearwater Downtown South St. Petersburg
5.0%
-3.0 -0.1
4.5% 28,558 1.2% 2,918,913
-35.9%
252
22,388
11
5.0%
397
41,561,765
6,979,929
1,553,998
16.8%
20.5%
-17.6% -140,129
-133,345
75,000
176,790
Totals
YTD
Y-o-Y
Quarter
YTD
YTD
Direct Vacant Space
Sublease
Y-o-Y
Y-o-Y
Number Buildings
Vacant Space
Direct
Overall
PT.
Wtd. Avg.
Wtd. Avg.
%
Leasing Activity
%
Overall Net Absorption
Overall Net Absorption
Construction Completions
Under
Inventory
Vacancy Rate
Vacancy Rate
Change Asking Rental Rates Asking Rental Rates Change
Change
Construction
CLASS A Tampa CBD
-26.9% 23,598 -24.0% -55,027 -34.8% 34,766 -3.2% -3,798 -16.0% -85,995
108,098 -42,475 213,584
0
13.4% 18.7% 15.0% 20.3% 22.8%
15.1% 24.7% 16.3% 41.9% 32.1%
-2.2
-1.4% 351,244 1.5% 1,077,854 0.6% 637,678 1.3% 168,091 0.5% 224,085 1.4% 48,000 8.2% 102,760 -4.2% 293,976 -9.1% 137,906 3.0% 136,344 7.5% 19,726 0.0% 0.0% 0 0
13 85 36 15 31
4,814,313 13,589,305 7,618,075 1,527,544 4,200,234
643,245
84,823 820,264 96,672 330,625 392,967
2,535,021 1,141,511
1.2
131,790 131,790
Tampa Non-CBD
-2.8 0.2 6.0 0.0 0.0 0.0 1.1 3.9 4.7 5.2 3.2 3.3 0.0 0.5 -1.2
Westshore Northwest I-75 Corridor Southwest Hyde Park
309,942 955,568
-3,458
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-252,601
0 2 1 7
0
0 0
0 0 0
N/A
N/A
0.0% 0.0% 0.0%
0 0 0
0 0 0
115,452 128,000
0.0%
0.0%
100.0%
100.0%
128,000 105,262 924,810 527,890 276,363 44,652 42,291 33,614
Ybor City
-18.5% -27,377 -100.0% -37,038 -35.7% -66,746 63.5% 16,172 -27.8% 13,536
-16,211 -184,097 -108,138 -50,980
45,000
1,534,509 4,760,656 2,308,171
16,918 40,702
6.9%
8.0%
St. Petersburg CBD Pinellas Non-CBD Gateway/Mid-Pinellas
45 22
19.4% 22.9% 28.4%
20.3% 23.2% 28.4%
7,576
9 8 4 2 0
973,171 505,988 733,326 240,000
0 0
Bayside
8.8% 5.8%
8.8%
6,099
Countryside North Pinellas
0.0%
0 0 0
-23,183 -7,895
33,126
10.3% 14.0%
-2.0% 7.2% 0.0%
0 0 0
0 0
14.0%
-100.0%
Clearwater Downtown South St. Petersburg
0
0
N/A
N/A
0.0%
0
150
24,698,783
4,208,338
962,707
17.0%
20.9%
-1.1% 1,825,834
-22.3% -95,844
-134,685
176,790
Totals
Direct Vacant Space
Sublease
Y-o-Y
Y-o-Y
YTD
Y-o-Y
Quarter
YTD
YTD
Number Buildings
Vacant Space
Direct
Overall
PT.
Wtd. Avg.
Wtd. Avg.
%
Leasing Activity
%
Overall Net Absorption
Overall Net Absorption
Construction Completions
Under
Inventory
Vacancy Rate
Vacancy Rate
Change Asking Rental Rates Asking Rental Rates Change
Change
Construction
CLASS B Tampa CBD
10
1,900,136 10,709,031 4,740,245 2,248,434 3,218,384
153,456
2,669
8.1%
8.2%
-0.7 -0.1 -0.8 -0.3
4.6% 80,386 2.7% 697,837 2.5% 345,322 3.4% 154,590 2.3% 164,353
-29.3%
-581
15,894 -51,809
0
152
1,982,008
585,422 181,640 393,577 10,205
18.5% 16.0% 12.0% 29.3%
24.0% 19.8% 29.5% 29.6%
-22.5% -76,259 -31.8% 21,236 25.7% 19,325 -32.0% -134,690 -32.7% 4,366 14.3% 13,504 599.4% 3,166 75.0% 29,389 295.3% 12,992 14.9% 16,083 -11.0% 8,535 70.0% -5,437 -87.1% -3,036 122.2% 0
75,000
Tampa Non-CBD
56 46 36
757,096 270,081 943,708
8,571
0
Westshore Northwest I-75 Corridor Southwest Hyde Park
59,731
75,000
0 0 0 0 0 0 0 0 0 0 0 0
1.5
-133,762 9,821 -9,674 13,504 -14,559 51,814 -9,202 26,360
4 5 5
143,447 141,773 216,748 495,731
1,449 9,674
0 0 0 0
1.0% 6.8% 0.0% 6.5%
1.0% 6.8% 0.0% 6.5%
-6.8
0.7%
9,821 7,059
6.8
N/A N/A
0
-6.2
16,692
Ybor City
10 75 35 10
32,067 604,060 379,124 49,360 56,265 72,667 17,398 29,246
3.1
-0.8% 10,372 -1.9% 304,484 -5.5% 197,575 -0.7% 48,679 2.9% 18,268 1.1% 10,036
St. Petersburg CBD Pinellas Non-CBD Gateway/Mid-Pinellas
3,758,084 1,788,313
3,200 3,200
16.1% 21.2%
16.2% 21.4%
-4.2 -6.6 -5.3
496,530 350,477 265,321 269,881 587,562
0 0 0 0 0
9.9%
9.9%
Bayside
8 6 5
16.1% 27.4%
16.1% 27.4%
0.0 6.3
-105
Countryside North Pinellas
4,599 7,774
6.4% 5.0%
6.4% 5.0%
-2.9 -3.0 -1.0
9.3%
1,368
Clearwater Downtown South St. Petersburg
4.5% 28,558 2.3% 1,093,079
-35.9%
252
22,388
11
247
16,862,982
2,771,591
591,291
16.4%
19.9%
-8.1% -44,285
1,340
75,000
Totals
*Overall figures include sublease and direct space Note: Cushman & Wakefield is continuously refining its database. Due to adjustments made to the inventory, vacancy & leasing activity which affects absorption, current figures may not match what was published previously. Historical data has been adjusted to take in account these changes. This report contains information available to the public and has been relied upon by Cushman & Wakefield on the basis that it is accurate and complete. Cushman & Wakefield accepts no responsibility if this should prove not to be the case. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. Copyright @ 2022 Cushman & Wakefield, Inc. All rights reserved.
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