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Q2 2021 | Tampa Bay Office Market Report

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Executive Summary

With over 94% of the U.S. reopen in some capacity, the national GDP began to show positive growth, with a 12.63% change year-over-year. The U.S. 10-Year treasury fell slightly below 1.5%, after strong economic growth during the start of the year. Florida, one of the first states to reopen, continued to see a growth in population, an increase in business activity, and declining unemployment. One year ago, at the height of the COVID shutdown, Tampa MSA’s unemployment level rose substantially to 13.9%, but has since fallen to 4.6%. In addition, the MSA had the highest annual job growth compared to all the metro areas in the state in professional and business services, adding 27,400 more jobs than last year. The expansion in the local office market, coupled with employment growth, demonstrates the long-term stability of the Tampa MSA.


TBFLOfficeQ22021

Q2 2021 | Tampa Bay Office Market Report

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