Tampa Bay Office MarketBeat Q1 2026

Tampa Bay's office market achieved its lowest vacancy rate since year-end 2021 at 18.2% in Q1 2026, down 110 basis points year-over-year, with the market ranking ninth nationally for annual vacancy improvements and posting 115,000 square feet of net absorption driven by major tenant move-ins including Geico's 61,000-square-foot expansion at Corporate Oaks I. Direct asking rents reached a historical high of $33.02 per square foot with Class A space commanding $36.30 per square foot (up 4.6% year-over-year), while 563,000 square feet of new leasing activity occurred in Q1 with the Westshore submarket leading at 264,000 square feet and concentrated primarily in Class A product representing 59.4% of activity.