Tampa Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $31.47 2023 Avg. Asking Rent
  • -0.28% Y-o-Y Avg. Asking Rent Change
  • 13.79% 2023 Office Vacancy Rate
  • $450.7M2023 Total Office Sales
  • $182.63Avg. Sale Price/SF

Tampa office price per square foot in 2023 was $31.47 on average. This marked a -0.28% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.79% across all asset classes combined. The 30 transactions that closed here throughout 2023 amounted to a total sale volume of $450.7M. Tampa office space commanded an average sale price per square foot of $182.63.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Tampa Class A & A+ Office Space$36.48
  • Tampa Class B Office Space$25.79
  • Tampa Class C Office Space$20.63
  • Florida Class A & A+ Office Space$36.87
  • Florida Class B Office Space$27.52
  • Florida Class C Office Space$32.32

Tampa, FL Office Asking Rents by Class

Average office rent in Tampa rested at $31.47 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Tampa averaged $36.48 per square foot. Across all submarkets, class B office space recorded an average asking rent of $25.79 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.63 per square foot, on average. Comparably, statewide Florida average office rents by class in 2023 were: $36.87 per square foot for class A office space; $27.52 per square foot for class B office space; $32.32 per square foot for class C office space.

2023 Office Vacancy Rates in Tampa

Submarket Asking Rents Vacancy Rates
South Tampa $40.00 2.62%
Downtown Tampa South - Islands $37.94 0.52%
Tampa CBD $35.48 12.83%
Westshore $32.49 11.78%
East Tampa $24.66 16.28%
Northeast Tampa $24.35 17.09%
Downtown Tampa North $23.82 1.86%
Northwest Tampa $23.34 20.97%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Tampa market was 13.79% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Tampa was 0.52% in the Downtown Tampa South - Islands submarket, while the highest office vacancy in the market was 20.97%, recorded in Northwest Tampa.

Office Spaces for Rent in Florida

Tampa Office Sale Price per SF

  • $182.632023 Avg. Price per SF
  • -35.16%Y-o-Y Avg. PpSF Change
  • $450.7M2023 Office Sales Volume
  • 302023 Number of Transactions

Tampa, FL Sale Price per SF Trend

  • Tampa Avg. Sale Price per SF in 2023$182.63
  • Florida Avg. Sale Price per SF in 2023$213.92
Tampa office space cost in 2023 marked a -35.16% change compared to the previous year. The sale price for office space in Tampa averaged $182.63 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $213.92 per square foot.

2023 Office Sales Volume

  • Tampa, FL Total Office Sales Volume in 2023 $450.7M
  • Tampa, FL Total Number of Office Sales Closed in 2023 30
A total of 30 deals closed on the Tampa office market in 2023, adding up to a yearly sales volume of $450.7M. Notably, the largest transaction on the market saw Bridgeport Center change hands for $40,000,000 on 2/24/2023.

Largest Tampa Office Sales in 2023

Property name Address Date Price
Bridgeport Center 5201 West Kennedy Blvd 2/24/2023 $40,000,000
Tampa Medical Tower 2727 West Dr. Martin Luther King Jr. Blvd 3/13/2023 $31,500,000
Interstate Corporate Center 6302 East Dr. Martin Luther King Jr. Blvd 1/19/2023 $31,000,000
Venus Investment Properties 5002 West Waters Avenue 2/3/2023 $26,440,000
Carrollwood Medical Center 6919 North Dale Mabry Hwy 2/10/2023 $20,750,000
Data provided by Commercial Edge

Coworking Spaces in Florida

2023 Office Construction in Tampa, FL

  • Tampa, FL Total SF completed in 2023 120,000
  • Tampa, FL Total SF under construction in 2024 178,750

During 2023, 120,000 square feet of new office space were delivered across the market. At the close of 2023, the Tampa office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 120,000 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 178,750 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Tampa
Office building Address SF Completed
13701 Bruce B Downs Boulevard 13701 Bruce B Downs Boulevard, 33613 100,000 2023
North Florida Office Building 10050 North Florida Avenue, 33612 75,000 2023
Midtown West 1150 Assembly Drive, 33607 152,000 2021
624 S MacDill Ave. 624 S MacDill Ave., 33629 8,000 2021
Newer Construction ± 84,976 RSF Class "A" Office Building 13008 Telecom Dr, 33637 84,976 2015
MetWest One 4030 W Boy Scout Blvd, 33607 253,716 2009
USF Area Bruce B Downs Medical Office 12206 Bruce B Downs Blvd, 33612 33,406 2009
East Tampa Office Sublease 12653 Telecom Drive, 33637 203,509 2008
Tampa Oaks II 12906 Tampa Oaks Blvd, 33637 104,082 2008
Highwoods Bay Center I 5426 Bay Center Drive, 33609 209,079 2007

Worth noting among recent office completions on the Tampa market is 13701 Bruce B Downs Boulevard, which is currently the largest new office development in the city, at 100,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Tampa commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.