Lingering Large Spaces Prop Up Tampa’s Office Vacancy Rate

Tampa’s office vacancy has been steadily increasing since the last quarter of 2021, reaching a seven-year high of 9.2% as of the second quarter of 2023. Two key factors have contributed to the metropolitan area’s vacancy rate: sublease space and lingering large vacancies, defined as space that has been on the market for more than a year. Tampa already leads the state in available sublease space with over 3.6 million square feet.