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Q3 2022 | Tampa Bay Office Market Report

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High inflation, rising interest rates and overall economic pressure, coupled with a mix of remote and in-office work policies by businesses, continued to put pressure on the Tampa Bay Office Market.

Key Takeaways

  • The wait-and-see approach, driven by the unpredictability of the current market, has slowed and in some cases, stalled acquisition or disposition activity.
  • 2.9M sq. ft. of available sublease space currently on the market was the highest amount of space in over a decade; however, the amount added each quarter has slowed and was unchanged from the previous quarter.
  • Although deal velocity remained high compared to YTD 2019, before the pandemic, the total amount leased dipped 9.4%, noting continued space contraction as businesses grapple with remote work expectations of employees.

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Q3 2022 | Tampa Bay Office Market Report

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