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Dec, 1

Q3 Market Report: Office Properties Under Construction in Tampa, Florida

tampa florida offices under construction

Tampa Florida Office Properties Under Construction in Q3 2021

New office completions dramatically increased in Tampa during the past two years, after nearly a decade of muted office construction. Speculative construction also ramped up, including large block availabilities in Thousand & One and Midtown Tampa, both of which were completed during the past year. Following the completion of Thousand & One, all submarkets have less than 2% of inventory underway, with the majority of the space either preleased or medical office.

Each of the past two quarters saw a little more than 450,000 square feet in deliveries, the two largest supply quarters in Tampa since early 2009. The second quarter’s supply came primarily from the completion of SkyCenter One and the first two office buildings of Midtown Tampa.

Supply pressure should dissipate somewhat going forward, as starts have significantly declined over the past year and the pipeline is greatly lessened following the completions of SkyCenter One, the first phase of Midtown Tampa, and the Heights Union project. 

Office building renovations or adaptive reuse projects, while not reflecting in the new construction data, have also contributed new office space to the Tampa market. The office loft renovation at Sparkman Wharf added nearly 200,000 square feet and Highwoods renovated nearly 100,000 square feet at the former Laser Spine Institute headquarters building.

You can view our commercial properties in Tampa and elsewhere in Central Florida to see what real estate assets are available for lease/sale.

office space under construction tampa florida

Office Space Under Construction in Tampa Q3

 

1. Fowler Ave 

Rating: 4* 

Building Sq Ft: 120,000

Stories: 3

Start: August 2020

Complete: November 2021

Developer: Skanska

Owner: University of South Florida

 

2. BayCare Medical Arts Building  • Bruce B Downs Boulevard

Rating: 4*

Building Sq Ft: 80, 000

Stories: 3

Start: January 2021

Complete: January 2023

Developer: —

Owner: —

 

3. 10050 N Florida Ave

Rating: 4* 

Building Sq Ft: 75,000

Stories: 3

Start: March 2021

Complete: November 2021

Developer: —

Owner: —

 

4. 54 Crossings • South Building

17919 State Road 54

Rating: 4* 

Building Sq Ft: 60,000

Stories: 3

Start: August 2021

Complete: August 2022

Developer: Colwell Avenue Properties LLC

Owner: Rizzetta & Company

 

5. 11910 Balm Riverview Road 

Rating: 3* 

Building Sq Ft: 45,000

Stories:1 

Start: September 2021

Complete: March 2022

Developer: —

Owner: —

 

6. 13837 Circa Crossing Drive

Rating: 3* 

Building Sq Ft: 37,000

Stories: 1 

Start: February 2021

Complete: February 2022

Developer: —

Owner: —

 

7. The Medical Professional Center

5947-5949 Webb Road, Tampa, Florida 

Rating: 3* 

Building Sq Ft: 20m000

Stories: 2

Start: March 2021

Complete: April 2022

Developer: —

Owner: West Florida MHT, LLC

 

8. 6327-6331 Memorial Highway

Rating: 3* 

Building Sq Ft: 12,000

Stories: 2

Start: January 2021

Complete: December 2021

Developer: —

Owner: Academic Alliance in Dermatology

 

9. San Jose Mission Catholic

3204 San Diego Lane

Rating: 2* 

Building Sq Ft: 9,000

Stories: 1

Start: October 2020

Complete: December 2021

Developer: McCullagh & Scott, Inc

Owner: McCullagh & Scott, Inc

 

10. Bldg 15

1168-1171 Bell Shoals Road

Rating: 3* 

Building Sq Ft: 8,500

Stories: 1

Start: December 2020

Complete: December 2021

Developer: —

Owner: McCullagh & Scott, Inc

 

Take a look at our featured Tampa office space, or other Tampa commercial real estate properties here, or contact the Bounat team to start your own search.