Tampa Office Market
Annual full-service asking rental rates reached a new all-time high of $29.59/SF, reflecting a 1.1% increase year over year at the end of the fourth quarter of 2025. The vacancy rate stands at 15.5%, down eight basis points year over year, driven by move-ins in the NW Hillsborough and Westshore submarkets. The development pipeline continues to be subdued with 164,656 SF currently under construction, representing just 0.3% of total market inventory. Leasing activity totaled 1.0 MSF for the quarter, marking the weakest fourth quarter performance since 2009. Yearly activity closed 2025 at 5.9 MSF, down 5.5% compared to the previous year.
Tampa Industrial Market
The market reported 5,447 SF of occupancy gains in the fourth quarter of 2025, the fifth consecutive quarter of occupancy gains and bringing year-to-date absorption to 824,892 SF. Overall rental rates in Tampa’s industrial market rose 7.4% year over year in the fourth quarter of 2025, reaching $9.15/SF and marking a return to positive annual growth following a decline in 2024. The under-construction pipeline retracted to 1.9 MSF and is now just 24.5% pre-leased, reflecting a significant pullback in development activity and a predominantly speculative construction environment. Tampa’s industrial vacancy rate rose 170 basis points year over year to 8.7%, continuing a trend of supply and demand imbalance over the past two years.
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