Tampa Office Real Estate Market Report – Q1 2025

Tampa Office Real Estate Activity Highlights: Q1 2025

The Tampa office market is on solid footing as of early 2025, following two years of positive absorption. Westshore and Downtown Tampa continue to lead in leasing activity and absorption. Market participants believe that this could shift slightly over the course of 2025 as lower-cost options in outer suburban submarkets gain traction.

Tampa has an average asking rent of $30.00/SF on a full-service basis. However, asking rents range widely across the region, with 4 & 5 Star buildings in Westshore and Downtown Tampa achieving starting rates north of $47.00/SF. By comparison, 4 & 5 Star rates in other suburban submarkets are typically around $35.00/SF.  

Positive absorption and limited speculative construction have kept Tampa’s vacancy relatively flat over the past several years, sitting at 9.8% as of the second quarter of 2024. While 260,000 SF is under construction, the vast majority of that is the 430,000 SF Midtown East, which only has 90,000 SF remaining for lease.

Based on current trends, demand in Tampa’s primary and secondary submarkets will continue to differ significantly over the next year. However, tenants with larger requirements will find submarkets like Gateway and Northeast Tampa have space with lease rates 20% to 35% cheaper than Downtown Tampa and Westshore.

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

Tampa Office Real Estate Stats Highlights Q1 2025

Below are some key statistics for the office market in Tampa over the last quarter: cap rate, absorption, vacancy rate, and the current asking rate per square foot.

• Cap Rate: 7.1%
• Absorption: 269,458 SF
• Vacancy Rate: 9.8%
• Asking Rate / SF: $30.48

Tampa Office Real Estate Stats Overview – Last 12 Months

Over the last 12 months, the total deliveries of completed Tampa office real estate space is 482K square feet, while there has been an aggregated absorption of (136K) square feet. The current vacancy rate of office space in the area is 9.8%, and the rental rate has grown 1.5% total during the same time. To give some context, Tampa’s office vacancy rate is below the historical average of 9.9%.

• 12 Month Deliveries (in SF): 482,000
• 12 Month Absorption (in SF): (136,000)
• Vacancy Rate: 9.8%
• 12 Month Rent Growth: 1.5%

Tampa Office Real Estate Sales Summary for Q1 2025

Office sales activity remained below pre-pandemic norms in 2024, with the Tampa market recording just $800 million in total sales volume. By comparison, current investment volumes are well below the five-year average of $1.0 billion. Pricing has mostly plateaued over the past year around $184, and very few trades have been cap-rate-driven in the Tampa market. The vast majority of sales have been smaller owner-user transactions, with only a dozen trades for over $10 million in 2024.   

Tampa Florida Significant Office Property Sales for Q1 2025

Over the near term, office investment deals are expected to remain challenging to finalize due to several factors. A lack of motivation to put office assets on the market, except under extreme circumstances such as impending debt maturities, has led many sellers to delay listing their properties. Furthermore, disparities in pricing expectations between buyers and sellers persist, with many bids falling 5% to 15% below pricing guidance.

Here are the top office real estate sales statistics in Tampa, FL from a total of 485 sales comparables. The average cap rate of these sales was 7.0% with an average price per square foot of $180. The properties were sold with an average vacancy of 13.3%.

• Sales Comparables: 485
• Average Cap Rate: 7.0%
• Average Price / SF: $180
• Average Vacancy During Sale: 13.3%

Here are the Top 5 Tampa Office Property sales during the last 12 months:

1) 100 North Tampa – 100 N Tampa St
Rating: 5*
Building SF: 557,000
Year Built: 1992
Vacancy: 14.7%
Sale Date: 6/25/2024
Price: – $151,300,000
Price/SF: $272

Office Space Under Construction in Tampa Q1 2025

Here are the top stats for office properties currently under construction in Tampa, FL. From the 15 properties under construction, there is a total of 260,132 square feet being added to the market, which represents 0.2% of the total market. 65.8% of the under-construction space is preleased.

• Total Properties Under Construction: 15
• Total Square Feet Being Built: 260,132
• % of Inventory Under Construction: 0.2%
• Preleased: 65.8%

Here are the top office real estate assets under construction in the Tampa market.

1) Grow Financial Place at 1301 E 4th Ave
Rating: Not Listed
Building SF: 102,000
Stories: 6
Start: March 2025
Complete: – Oct 2026
Developer/Owner: Darryl Shaw / Darryl Shaw

5) Building C – 40347 US Highway 19 N
Rating: Not Listed
Building SF: 7,200
Stories: 1
Start: Aug 2024
Complete: Sep 2025
Developer/Owner: Not Listed

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

* Data is courtesy of CoStar Group Inc.