Tampa Office Real Estate Market Report – Q2 2026

Tampa Office Real Estate Activity Highlights: Q2 2026

Differences in performance across building quality and location continue to define Tampa’s office market. Leasing demand is concentrated in a limited set of 4 & 5 Star properties. While these top-tier buildings continue to capture the bulk of tenant interest, their outperformance has not been enough to offset persistent weakness in older, lower-quality inventory.

Over the past year, Tampa has recorded 230,000 SF of absorption, driven almost entirely by losses in 3 Star and 1 & 2 Star properties, which together have shed more than 800,000 SF of occupancy. Tenant move-outs have been particularly pronounced in suburban submarkets like East Tampa and Gateway, where aging inventory and a limited amenity base have struggled to attract or retain tenants amid ongoing flight-to-quality and rightsizing trends.

Despite sustained negative absorption, Tampa’s vacancy rate has remained stable around 10% for the better part of a year. This stability has been driven in large part by a shrinking supply base rather than a meaningful improvement in office demand. Roughly 700,000 SF of largely obsolete office space has been removed from inventory over the past year, primarily involving properties with long-term vacancies. At the same time, recently delivered, well-located buildings such as Midtown East, which reached full occupancy within a year, have captured a significant share of leasing demand, helping to limit broader increases in vacancy.

Supply-side pressure is expected to remain limited over the next several years. Traditional office construction has effectively come to a halt, with only one building currently underway: the roughly 105,000-SF Grow Financial Place at Gas Worx in Ybor City. The remainder of the pipeline is largely comprised of medical office projects. Over the near term, redevelopment and conversion activity are likely to play a more meaningful role in shaping inventory levels rather than new ground-up development.

Rent growth has remained resilient, supported by strong performance at the top end of the market. Asking rents are up 2.6% year over year, with 4 & 5 Star properties leading gains. However, the gains have not been distributed evenly across the market. While landlords of high-quality assets in core submarkets continue to push rents, owners of lower-tier buildings are more frequently relying on concessions to attract or retain tenants, limiting broader rent acceleration.

Current market dynamics are expected to persist over the coming quarters. Demand will likely remain concentrated in a relatively small group of high-quality buildings, while many older properties continue to face elevated vacancy and slower leasing activity.

With little new supply on the horizon and ongoing demolition reducing inventory, vacancy rates are expected to remain near current levels in the near term. At the same time, leasing activity is likely to remain concentrated in a relatively small share of Tampa’s office inventory, particularly within the market’s high

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 Q2 2026

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: 227K SF
• Vacancy Rate: 9.7%
• Asking Rate / SF: $31.83

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 509K square feet, while there has been an aggregated absorption of (227K) square feet. The current vacancy rate of office space in the area is 9.9%, and the rental rate has grown 4.0% total during the same time. To give some context, Tampa’s office vacancy rate is below the historical average of 9.8%.

• 12 Month Deliveries (in SF): 509,000
• 12 Month Absorption (in SF): 227,000
• Vacancy Rate: 9.7%
• 12 Month Rent Growth: 2.6%

Tampa Office Real Estate Sales Summary for Q2 2026

While less frequent, large traditional office transactions are still occurring. The largest was the $94 million ($160/SF) recapitalization of Rivergate Tower in April 2026, carried out through a joint venture between local investment group Ally Capital and Miami-based Banyan Street Capital. Banyan Street, which has owned the building since 2015, will remain involved, with the partnership planning an $8 million capital improvement program to upgrade tenant spaces and common areas and create move-in-ready suites.

Sales activity is expected to remain near pre-pandemic norms, with medical office and redevelopment opportunities continuing to account for a significant share of larger transactions. While traditional office assets are still trading, pricing is often influenced by occupancy levels, redevelopment potential, or underlying land value rather than cap rates alone.

Tampa Florida Significant Office Property Sales for Q2 2026

Large traditional office transactions remain relatively limited in Tampa, as buyer interest has been concentrated on medical office properties and redevelopment opportunities. Over the past year, the market has recorded $1.1 billion in total sales volume, in line with pre-pandemic annual norms.

Medical office properties continue to account for some of the market’s largest transactions. Earlier this year, BGO purchased 6606 Simmons Loop in Riverview for $28.5 million ($680/SF). The 42,000-SF, 2025-built building was 100% occupied by Women’s Care of Riverview and AdventHealth Primary Care Network, with nine years remaining on the term.

Multifamily developers are also targeting underperforming office buildings for new opportunities. In February, Wood Partners purchased Roosevelt III, a 166,000-SF office building in the Gateway Submarket that had been difficult to backfill following several tenant move-outs, for $22.5 million, or roughly $44 per land SF. The firm plans to demolish the building and construct a 381-unit multifamily property. That same month, Greystar Real Estate Partners acquired 10 small office buildings across 21.85 acres in the Bayside Submarket for $19.25 million, or $2.24 per land SF, with plans for a 376-unit apartment development.

Market participants expect redevelopment activity to remain an active theme across the market, particularly where land values exceed the value of the existing office improvements. As a result, relatively few larger office trades are cap rate-driven, with price per SF or land value often playing a greater role in pricing.

• Sales Comparables: 561
• Average Cap Rate: 7.1%
• Average Price / SF: $181
• Average Vacancy During Sale: 11.4%

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

1) Rivergate Tower (400 N Ashley Dr)
Rating: 4*
Building SF: 589,778
Year Built: 1986
Vacancy: 14.3%
Sale Date: 4/2/2026
Price: $94,000,000
Price/SF: $159

Office Space Under Construction in Tampa Q2 2026

Here are the top stats for office properties currently under construction in Tampa, FL. From the 18 properties under construction, there is a total of 354,452 square feet being added to the market, which represents 0.3% of the total market. 79% of the under-construction space is preleased.

• Total Properties Under Construction: 18
• Total Square Feet Being Built: 354,452
• % of Inventory Under Construction: 0.3%
• Preleased: 79%

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

1) E2 – Grow Financial Place – 1301 4th Ave
Rating: 4*
Building SF: 106,338
Stories: 6
Start: Mar 2025
Complete: Apr 2026
Developer/Owner: Darryl Shaw

5) 2133 2nd Ave S
Rating: 3*
Building SF: 25,000
Stories: 3
Start: Jan 2026
Complete: – Jul 2027
Developer/Owner: Not Listed / TRB Development, LLC

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.