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Q1 2021 | Tampa Bay Office Market Report

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Executive Summary

The Tampa office market fundamentals remained optimistic as companies focused on regaining traction after the pause in activity during the pandemic. As tenants reevaluated space needs, many decided to renegotiate their lease provisions with many choosing to renew and remain in their current footprint, increasing direct vacancy to 10.9%. Other tenants opted to sublease any unused vacant space, which increased sublease availability to 2.9%. There was a slight rise in the vacancy rate, but it is too early to attribute the rising to the slowdown and economic uncertainty from the pandemic or an unbalance between tenant move-outs and tenant occupancy.


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Q1 2021 | Tampa Bay Office Market Report

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