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As we enter Q3 2024, Avocat Group has prepared a brief review of the previous quarter’s office and industrial market conditions in Tampa, Florida

July 9, 2024

Tampa’s industrial market is cooling after years of strong performance. The vacancy rate is above the 10-year average of 4.9%, and rent increases are returning to pre-pandemic levels. Although supply has recently exceeded demand, the focus on build-to-suit developments should stabilize the vacancy rate. 

While the office market today largely contrasts what it was pre-COVID, Tenants are returning to in-person work, mainly in Class A spaces. Demand is stronger in Westshore and Downtown, where high-quality buildings attract new tenants and relocations. Westshore saw significant activity with CAE USA’s new 290,000-square-foot headquarters. Over the past year, Tampa recorded 340,000 square feet of absorption, largely driven by these areas.  

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This post was written by Elevate, Inc.

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