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 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.