Though relatively resilient, Tampa office market begins to show signs of slowdown
Although the Tampa Bay office market has not the same fallout that many other markets have since the onset of the global pandemic, some signs indicate that the market is slowing down. Class A sublease space increased by 10.1% quarter over quarter and a similar 4.5% uptick was seen in Class B/C sublet space. Though not yet dramatic, this upward trend will likely continue as decisions at the executive level, whether to maintain existing space or seek sublease relief, take time to put into action. Availability of Class A product jumped from 14.0% last quarter to 16.7% due to both space additions and new projects nearing delivery. Overall market availability increased from 15.3% to 16.6%. Cautious optimism remains, though many expect the next two quarters to be more telling of the pandemic’s true impact than the past two quarters.