tampa bay Office Market Report
By CREhunt Research · Data through Q1 2026 · Aggregated from JLL
Quarterly office market indicators for tampa bay, aggregated by CREhunt from JLL. As of Q1 2026, average asking rent was $32.34/SF/yr and vacancy was 15.6%, per JLL.
Projected current office pricing — tampa bay
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for tampa bay office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q1 2026 JLL asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent held flat). Assumes ~84% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 JLL | $32.34/SF/yr | 15.6% | 185K SF | — | JLL |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each tampa bay office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Bayside | $26.19/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Clearwater Downtown | $21.00/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Countryside | $25.03/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Hyde Park | $45.03/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| I-75 Corridor | $26.56/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Mid Pinellas/Gateway | $28.52/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| North Pinellas | $24.59/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Northwest | $26.49/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| South St. Petersburg | $28.34/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Southwest | $28.79/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| St. Pete CBD | $43.52/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Tampa CBD | $42.77/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Westshore | $38.55/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Ybor City | $61.41/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
Frequently asked questions
- What is the average asking rent for office space in tampa bay?
- As of Q1 2026, the average asking rent for office space in tampa bay was $32.34/SF/yr, per JLL.
- What is the office vacancy rate in tampa bay?
- The office vacancy rate in tampa bay was 15.6% as of Q1 2026 (JLL).
- Where does CREhunt's tampa bay market data come from?
- This report aggregates quarterly office market data for tampa bay from JLL.