Tampa Office Market
Annual full-service asking rental rates reached $29.29/SF, reflecting a 1.7% increase year over year at the end of the third quarter of 2025. The vacancy rate stands at 15.5%, down 10 basis points quarter over quarter, driven by move-ins in the East Tampa Westshore and Pasco County submarkets. The development pipeline continues to be subdued with 164,656 SF currently under construction, representing just 0.3% of total market inventory. Leasing activity totaled 1.0 MSF for the quarter, marking the weakest third quarter performance since 2020. Activity year-to-date was 4.5 MSF, down 2.3% compared to the same period last year.
Tampa Industrial Market
The market reported 106,206 SF of negative absorption in the third quarter of 2025, ending four consecutive quarters of occupancy gains and bringing year-to-date absorption to 237,771 SF. Overall rental rates in Tampa’s industrial market rose 6.5% year over year in the third quarter of 2025, reaching a record high of $9.06/SF. The construction pipeline recorded 983,403 SF of deliveries at the end of the third quarter of 2025. Meanwhile, under construction activity decreased to 3.0 MSF, marking the sixth consecutive quarter of decline. Tampa’s industrial vacancy rate rose 200 basis points year over year to 8.5%, continuing a trend of supply and demand imbalance over the past two years.
Download Tampa Industrial Market 3Q25