The Tampa Commercial Real Estate Market

Tampa continues to stand out as one of Florida’s most dynamic commercial real estate markets, drawing interest from investors, tenants, and developers across the country. From office space in St. Petersburg to retail centers in Clearwater and industrial hubs in Tampa, the region offers a wide range of opportunities - and Crexi makes exploring them easier than ever. With powerful search tools, market insights, and intuitive navigation, our platform helps users uncover the right properties and make informed decisions, faster.

As the fastest-growing online commercial real estate platform, Crexi proudly supports professionals throughout Tampa’s transaction lifecycle. Brokers, buyers, and owners rely on our technology to streamline deals and expand their reach. To date, Crexi has facilitated over $1 trillion in transactions and hosts more than 2 million monthly active users, empowering real estate professionals to stay one step ahead.

The State of Commercial Real Estate in Tampa

Set along Florida’s Gulf Coast, the Tampa Bay region is home to more than three million people and continues to grow rapidly. Tampa, St. Petersburg, and Clearwater each bring their own energy, blending business opportunities with cultural vibrancy, strong infrastructure, and coastal charm.

The local economy benefits from a diverse mix of industries, including healthcare, finance, construction, tourism, and tech. Port Tampa Bay, Florida’s largest port, serves as a vital link for commerce and logistics, while Tampa International Airport connects the region to markets across the globe. Add in an impressive talent pool, a lower cost of living, and year-round sunshine, and it’s clear why Tampa is attracting both people and capital.

As demand for commercial space continues to rise, so do the opportunities for investment. With a dynamic economy and an expanding population, Tampa Bay is well-positioned for continued growth across all sectors of commercial real estate.

Tampa Regional Breakdown

Tampa’s appeal lies in its economic diversity, coastal lifestyle, and business-friendly environment - all of which continue to support steady population growth across the metro. As the region expands, its demographic makeup and income levels reflect a maturing market with serious staying power, contributing to a strong foundation for long-term commercial real estate activity across Tampa Bay.

• Tampa is home to more than 403,000 within city limits, and about 3.3 million in the metropolitan area.
• The most populated cities in the region are Tampa, St. Petersburg, Clearwater, Brandon, and Spring Hill.
• Tampa is ranked among the fastest-growing cities in America, with Florida boasting exceptional growth as a whole. 
• The median age in the Tampa-St. Petersburg-Clearwater metro area is 42.4, about 10% higher than the figure in the US.
• Tampa’s per capita income is $54,084, and median household income is $72,851, with over a third of households earning more than $100K annually.

Tampa Job Market

Tampa Bay’s job market is holding strong, with more than 15,000 private sector jobs added over the past year - one of the highest gains in the state. Education and healthcare continue to lead the way, alongside steady growth in finance, tech, and logistics. While unemployment has ticked up slightly, the region’s economic foundation remains solid, supported by ongoing investment in major development projects and workforce training. 

• Tampa-St. Petersburg-Clearwater GDP is over $243 billion, growing by more than 70% in the last decade.
• The unemployment rate is 3.5%, with nearly 1.7 million employed in the metropolitan area.
• Key industries in the region include defense and security, information technology, financial and professional services, life sciences and healthcare, creative arts and design, and manufacturing, distribution, and logistics. 
• The largest employers are the State of Florida, MacDill Air Force Base, Baycare Health System, Publix Super Markets, and Hillsborough County Public Schools.
• There are a broad range of Tampa real estate projects currently in progress, including a $62 million expansion of Johns Hopkins All Children’s Hospital, extensive multifamily development, and more.
• Beloved local landmarks like Tampa Union Station, the Tampa Museum of Art, and the Stratz Center for the Performing Arts will also undergo exciting renovation and expansion projects in 2025 and beyond.
• The University of South Florida, the University of Tampa, and St. Petersburg College are the three largest educational institutions in the Tampa Bay area.
• Tampa Bay's transportation infrastructure is well-connected, featuring major interstates I-75 and I-4, the bustling Port Tampa Bay, and the Tampa International Airport (TPA).

Tampa Industrial Market

Market overview (Cushman & Wakefield Q2 2025 Tampa Bay Industrial Report) 

• Inventory: 123,862,399 SF
• Vacancy rate: 6.7%
• Absorption: 447,660 SF (YTD)
• Leasing activity: 2,051,132 SF (YTD)
• Under construction: 1,962,763 SF
• Key leases by tenant: FS Builder Resources (160,000 SF), CheckSammy (114,571 SF), Roland Foods (112,809 SF)
• Largest submarkets: Eastside, Gateway/Mid-Pinellas, Plant City

Crexi Insights

These are the most recent lease and sales industrial trends from Crexi Insights (as of July 2025):

For Lease (active)

• Asking rate/SqFt (median): $18 per year
• Median SqFt/listing: 3,066
• Days on market: 273
• Total listings on Crexi: 303 spaces

For Sale (active)

• Median asking price: $2.5 million
• Price/SqFt: $218
• Asking cap rate: 7%
• Days on market: 132
• Total listings on Crexi: 45

Sales Comps (past 12 months)

• Median sold price: $770,000
• Sold price/SqFt: $221
• Total sales volume: $100.7 million
• Median SqFt sold/transaction: 4,899
• Total SqFt sold: 801,000 
• Days on market (median): 126

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Tampa Office Market

The Tampa-area office market continues to adjust to shifting workplace dynamics, showing signs of stability while grappling with a few lingering challenges. Strong leasing activity in key submarkets highlights ongoing demand for high-quality space, even as vacancies remain elevated in some areas. With new Class A developments entering the mix and tenants refining their space needs, the market is finding its footing in a new normal.

Market overview (Cushman & Wakefield Q2 2025 Tampa Bay Office Report)

• Inventory: 40,518,531 SF
• Vacancy rate: 20.2%
• Absorption: 157,804 SF (YTD)
• Leasing activity: 2,020,235 SF (YTD)
• Key leases by tenant: Salon Centric (47,591 SF), Marsh McLennan (31,526 SF), Cox Media (25,308 SF)
• Under construction: 136,964 SF
• Largest submarkets: Westshore, I-75 Corridor, Central Business District

Crexi Insights

Here is the detailed information on recent sales and leasing office trends on Crexi as of July 2025.

For Lease (active)

• Asking rate/SqFt (median): $26 per year
• Median SqFt/listing: 2,325 SF
• Days on market: 141
• Total listings on Crexi: 578 spaces

For Sale (active)

• Median asking price: $1.6 million
• Price/SqFt: $305 
• Asking cap rate: 6.5%
• Days on market: 143
• Total listings on Crexi: 93

Sales Comps (past 12 months)

• Median sold price: $1.1 million
• Sold price/SqFt: $326
• Total sales volume: $258.6 million
• Sold cap rate: 6.8%
• Median SqFt sold/transaction: 2,863 SF
• Days on market (median): 215

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Tampa Retail Market

Tampa’s retail market continues to shine, supported by a healthy local economy, consistent foot traffic, and limited new supply. With vacancy rates near historic lows, available space is being snapped up quickly, especially in prime submarkets like Pasco County and South Pinellas. While construction activity remains modest, demand for well-located retail properties hasn’t slowed, keeping pressure on rents and driving interest from both tenants and investors.

Market overview (Cushman & Wakefield Q2 2025 Tampa Bay Retail Market Report)

• Inventory: 179,166,790 SF
• Vacancy rate: 3%
• Absorption: 1,113,283 SF (12-month rolling)
• Under construction: 317,720 SF
• Key leases by tenant: Whole Foods (38,000 SF), Spirit Halloween (36,000 SF), Ace Pickle Ball (33,000 SF)
• Largest submarkets: Pasco County, South Pinellas, Northwest Tampa

Crexi Insights

Lease and sales retail trends from Crexi Insights (as of July 2025):

For Lease (active)

• Asking rate/SqFt (median): $24 per year
• Median SqFt/listing: 2,909 SF
• Days on market: 128
• Total listings on Crexi: 299 spaces

For Sale (active)

• Median asking price: $2.5 million
• Price/SqFt: $488
• Asking cap rate: 6.1%
• Days on market: 159
• Total listings on Crexi: 99 

Sales Comps (past 12 months)

• Median sold price: $1.3 million
• Sold price/SqFt: $316
• Total sales volume: $239.7 million
• Sold cap rate: 7.1%
• Median SqFt sold/transaction: 3,192 SF
• Days on market (median): 107

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Tampa Multifamily Market

After a record-breaking year for new deliveries, Tampa Bay’s multifamily market is navigating a quickly shifting landscape. With construction slowing and absorption on the rise, the region appears to be entering a period of healthy recalibration. Rent growth is making a comeback (especially in Class A communities), and stabilized occupancy is trending upward. It’s a promising sign that demand is keeping pace with supply, even as the market absorbs thousands of new units.

Market overview (Cushman & Wakefield Q4 2024 Tampa Bay Multifamily Market Report)

• Total housing units: 1,540,717
• Multi-unit inventory: 174,603 units
• Vacancy rate: 6.9%
• Average rent per unit: $1,878
• Units under construction: 7,707
• Units delivered: 6,973 (YTD)
• Key projects under construction: MAA Breakwater (495 units), Arya (415 units), Marina Club (400 units)

Crexi Insights

Here are the most recent multifamily Insights from Crexi (as of July 2025):

For Sale (active)

• Median asking price: $1.6 million
• Price/SqFt: $190
• Price/Unit: $174,100
• Asking cap rate: 6.4%
• Days on market: 130
• Total listings on Crexi: 41

Sales Comps (past 12 months)

• Median sold price: $444,700
• Sold price/SqFt: $320
• Sold price/unit: $382,200
• Total sales volume: $870.4 million
• Sold cap rate: 5.9%
• Total SqFt sold: 3.2 million
• Days on market (median): 125

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Get more in-depth Tampa market data with Crexi Intelligence.