Why Tampa Bay

Office Market Snapshot Q1 2025 40.5 MSF

Tampa Bay Inventory

CLASS A CLASS B 24.0 MSF 16.5 MSF Class A Spotlight

TAMPA CBD

4.8 MSF Inventory

12.8% Overall Vacancy

$45.81 Direct Rent (FS PSF)

WESTSHORE

7.6 MSF Inventory

15.6% Overall Vacancy

$41.11 Direct Rent (FS PSF)

TAMPA BAY OVERALL

I-75 CORRIDOR

4.2 MSF Inventory

27.3% Overall Vacancy

$28.23 Direct Rent (FS PSF)

SUPPLY & DEMAND

DIRECT RENTAL & VACANCY RATES

35.0%

$32.00

4.0M

30.0%

$31.00

ST. PETERSBURG CBD

3.0M

$30.00

25.0%

1.3 MSF Inventory

9.3% Overall Vacancy

$41.88 Direct Rent (FS PSF)

2.0M

$29.00

20.0%

1.0M

$28.00

15.0%

0.0M

$27.00

10.0%

GATEWAY 19.3% Overall Vacancy

-1.0M

$26.00

5.0%

2.2 MSF Inventory

$28.02 Direct Rent (FS PSF)

-2.0M

$25.00

0.0%

2020

2021

2022

2023

2024

2025 YTD

1Q20

1Q21

1Q22

1Q23

1Q24

1Q25

Leasing Activity

Construction Completions

Overall Absorption

Direct Rental Rate

Overall Vacancy

Cushman & Wakefield | Why Tampa Bay