Tampa Office Market
Annual full-service asking rental rates reached $29.35/SF, reflecting a 2.6% increase year over year at the end of the second quarter of 2025. The vacancy rate stands at 15.6%, unchanged quarter over quarter but up 30 basis points year over year, driven by move-ins in the Westshore and Tampa CBD submarkets. The development pipeline continues to contract, with 143,496 square feet currently under construction—representing just 0.2% of total market inventory. Leasing activity totaled 1.1 MSF for the quarter, marking the weakest second quarter performance since 2020. Activity year-to-date was 3.2 MSF, up 3.8% compared to year-to-date this time last year.
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Tampa Industrial Market
The market reported 47,861 SF of positive absorption in the second quarter of 2025, the lowest quarterly occupancy gain in the last 20 years. Overall rental rates in Tampa’s industrial market rose 3.2% year over year in the second quarter of 2025, reaching a record high of $8.99/SF, despite the ongoing supply and demand imbalance in the market. The construction pipeline recorded 1.8 MSF of deliveries at the end of the second quarter of 2025. Meanwhile, under construction activity decreased to 3.5 MSF, marking the fifth consecutive quarter of decline. Tampa’s industrial vacancy rate rose 110 basis points year over year to 8.2%, continuing a trend of supply and demand imbalance over the past two years.
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