Tampa Bay Office Statistics

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TAMPA BAYOFFICE MARKET Q4 2023

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.

Leasing Activity

Overall Net Absorption

Construction Completions

Under

Inventory

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

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

43,902

1,553,998

-0.1

75,000

176,790

Tampa Bay Totals

YTD

Y-o-Y

Quarter

YTD

Direct Vacant Space

Sublease

Y-o-Y

Direct

Overall

Y-o-Y

Number Buildings

Vacant Space

Direct

Overall

PT.

Wtd. Avg.

Leasing Activity

Overall Net Absorption

Construction Completions

Under

Inventory

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

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

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

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%

-6.8

3.8

128,000 137,329

37.1%

-3.9

Ybor City

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

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

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

Direct Vacant Space

Sublease

Y-o-Y

Number Buildings

Vacant Space

Direct

Overall

PT.

Wtd. Avg.

Leasing Activity

Overall Net Absorption

Construction Completions

Under

Inventory

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

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

N/A

0.0% 0.0% 0.0%

0 0 0

115,452 128,000

0.0%

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

N/A

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

YTD

Y-o-Y

Quarter

YTD

Number Buildings

Vacant Space

Direct

Overall

PT.

Wtd. Avg.

Leasing Activity

Overall Net Absorption

Construction Completions

Under

Inventory

Vacancy Rate

Change Asking Rental Rates Asking Rental Rates Change

Change

Construction

CLASS B Tampa CBD

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

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

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%

-6.8

0.7%

9,821 7,059

6.8

N/A N/A

-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%

Bayside

8 6 5

16.1% 27.4%

0.0 6.3

-105

Countryside North Pinellas

4,599 7,774

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

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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