Why Tampa Bay

Office Market Snapshot Q1 2024 41.4 MSF

Tampa Bay Inventory

CLASS A CLASS B 24.7 MSF 16.7 MSF Class A Spotlight

TAMPA CBD

4.8 MSF Inventory

12.6% Direct Vacancy

$44.42 Direct Rent (FS/SF)

WESTSHORE

7.6 MSF Inventory

14.6% Direct Vacancy

$39.61 Direct Rent (FS/SF)

TAMPA BAY OVERALL

I-75 CORRIDOR

4.2 MSF Inventory

22.9% Direct Vacancy

$28.63 Direct Rent (FS/SF)

SUPPLY & DEMAND

DIRECT RENTAL & VACANCY RATES

4.0M

$ 31

18 %

ST. PETERSBURG CBD

3.0M

$ 30

16 %

$ 29

1.5 MSF Inventory

6.7% Direct Vacancy

$36.79 Direct Rent (FS/SF)

2.0M

14 %

$ 28

1.0M

$ 27

12 %

$ 26

0.0M

10 %

GATEWAY 20.0% Direct Vacancy

$ 25

−1.0M

$ 24

8 %

2019

2020

2021

2022

2023

2024 YTD

2.3 MSF Inventory

$27.30 Direct Rent (FS/SF)

1Q19

1Q20

1Q21

1Q22

1Q23

1Q24

Leasing Activity

Construction Completions

Direct Absorption

Direct Rental Rate

Direct Vacancy

Cushman & Wakefield | Why Tampa Bay