Tampa Office Market
Annual full-service asking rental rates reached a new high at $27.83/SF, a 1.3% increase year over year at the end of the third quarter of 2023. Vacancy rates remained relatively flat, decreasing by 30 basis points quarter over quarter and year over year to 14.7%.The under-construction pipeline continues to remain muted in the market, with 508,941 SF under construction at the end of the third quarter of 2023. Occupancy ended the quarter at 176,241 SF, pushing year-to-date net absorption to 181,610 SF.
Download Tampa Office Market 3Q23Tampa Industrial Market
The market reported 435,041 SF of positive absorption in the third quarter of 2023, bringing year-to-date totals to 4.0 MSF. Overall rental rates grew 2.8% year over year to $7.74/SF, keeping asking rents at a historical yearly high. Construction pipeline remains strong with 1.0 MSF of deliveries as of the end of the third quarter of 2023, with another 6.3 MSF under construction. Following yearly supply outpacing demand for the second consecutive quarter, vacancy increased by 40 basis points year over year to 5.8%. Landlords leased a large amount of bulk space over the past year, improving the bulk-space segment that had been dragging down the market.
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