Tampa Office Market Reeling From Three Consecutive Quarters of Negative Absorption

The first quarter was the third straight for Tampa’s office sector to experience negative net absorption — the difference between move-ins and move-outs — marking the first time this has occurred locally in more than a decade. Additionally, the nearly 300,000 square feet of negative absorption was the worst quarterly total since 2012, and Tampa's average vacancy rate has risen 100 basis points since the pandemic began.