Tampa Office Figures - Q1 2026

Tampa’s office market continued to show signs of stabilization in Q1 2026, supported by sustained Class A demand and a fourth consecutive quarter of positive net absorption. Overall vacancy trends highlight a widening performance gap between asset classes, as Class A vacancy has improved meaningfully on a year‑over‑year basis while Class B conditions remain comparatively softer. While pending move‑outs have begun to lift availability—particularly in core submarkets—the underlying demand profile remains notably healthier than in recent years. Rental rates have softened modestly in the near term due to the absorption of top‑of‑market space, though longer‑term growth trends remain intact, especially within Class A product.

Construction activity remains limited, with no deliveries this quarter and only two CBD‑centric projects slated for late‑2026 completion. In the absence of meaningful new supply, shifts in inventory have been driven by conversions out of office use and the reintroduction of previously owner‑occupied buildings to the leasing market, effectively functioning as “new” supply. While these assets are augmenting tenant options, competitive demand continues to gravitate toward modern, amenitized environments, reinforcing the advantage of high‑quality Class A space across the Tampa market.