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Market Reports

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The commercial market report provides economic and commercial statistics on portions of the metropolitan areas in which significant commercial transactions take place. The data are compiled from publicly available statistics and for which information is available.

The reports include market key statistics,  leasing, market economy, and sales trends that provide you with information on the commercial real estate transactions in the Tampa Bay markets.

Office

Industrial

Retail

Multi-family

The Tampa office market is on solid footing as of early 2025, following two years of positive absorption. Tampa has an average asking rent of $30/ SF on a full-service basis. Additionally, 4-5 star buildings in Westshore and downtown Tampa are achieving starting rates north of $47/ SF. Rent growth has stalled in the market, down to 1.6%. Limited construction will likely keep Tampa’s office fundamentals similar to what it has seen over the past year.
The Tampa Industrial market enters 2025 in a notably better position than most major industrial markets. Despite this, the large increase in developments has pushed the vacancy rate to an 8-year high. As vacancies continue to rise with an increase in supply, we can expect a downshift in rent growth. Overall, the Tampa market continues to outpace the US and several major industrial markets in both growth and vacancies and this trend should continue over the next year.
Tampa’s retail market continues to be one of the highest demand retail markets in Florida. Over the past two years, retail availability has hovered at all-time lows. Population growth and an expanding consumer base has fueled Tampa’s retail demand and is likely to continue for the next few years. There are macro-level headwinds which could bring new space to the market, but they are likely to be leased up quickly. Retail rent growth has increased nearly 35% over the past 5 years and is currently sitting at $26/ SF on a triple net basis.
The Tampa multifamily market starts 2025 on the heels of a historic supply wave that had cascading effects on several fundamentals. Overall, demand conditions improved in 2024 but were unable to keep up with the record pace of new completions. Far fewer units are expected to be completed in 2025 and 2026, and the gap between supply and demand should begin to narrow. Rent growth will likely hover around 3% over the course of 2025 with vacancy rates sitting at 9.2%.

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