The Tampa Commercial Real Estate Market

Few Florida markets bring together coastal access, population growth, and business connectivity quite like Tampa Bay. Anchored by Tampa, St. Petersburg, and Clearwater, the region has become an important Gulf Coast market for companies, residents, investors, and commercial real estate professionals.

The region has a distinct identity that blends business, lifestyle, and Gulf Coast appeal. Waterfront neighborhoods, historic districts, major entertainment destinations, and access to some of Florida’s best-known beaches all help define the Tampa Bay market.

For brokers, buyers, and owners, that mix creates a market worth watching closely. Crexi helps users explore opportunities, evaluate markets, and move deals forward with confidence across Tampa, St. Petersburg, Clearwater, and nearby communities throughout the Bay area.

Since 2016, Crexi has facilitated more than $902 billion in deals closed and supported billions of square feet of leasing activity nationwide. We’re proud to serve Tampa Bay and provide the data, insights, and marketplace visibility that help commercial real estate professionals make informed decisions.

The State of Commercial Real Estate in Tampa

Tampa Bay has spent the past several years growing into a larger, more competitive commercial real estate market. New residents, business activity, and steady visitor demand have added depth to the region, while development has expanded across urban districts, suburban corridors, and waterfront communities.

The regional commercial real estate market is supported by the infrastructure and employment base around it. Port Tampa Bay, Tampa International Airport, and major highway connections help move people, goods, and businesses across the region, while industries such as healthcare, finance, tourism, logistics, technology, and professional services create demand for space.

For CRE professionals, Tampa Bay offers a market with both scale and staying power. Its population growth, economic diversity, infrastructure, and Gulf Coast location give the region a strong foundation for long-term commercial real estate activity.

Tampa Regional Breakdown

Tampa Bay is not a one-city market. While Tampa serves as the region’s largest city and business center, much of the metro’s growth is spread across St. Petersburg, Clearwater, Brandon, Spring Hill, and other nearby communities.

That regional spread gives the market a broad demographic profile, with a large population base, strong household income, and a cost of living that remains competitive compared with the national average. Tampa also appeals to a wide range of residents, from working professionals and families to retirees drawn to the area’s climate, amenities, and Gulf Coast location.

• More than 3.4 million people live in the Tampa-St. Petersburg-Clearwater metro area, with over 414,000 residents located within Tampa city limits. 
• The region’s largest population centers include Tampa, St. Petersburg, Clearwater, Brandon, and Spring Hill.
• Over the past several years, Tampa Bay has ranked among the country’s faster-growing major regions. The larger metro area has grown by nearly 8% since 2020, reflecting steady population gains across the Gulf Coast market. 
• Median age in the Tampa-St. Petersburg-Clearwater metro area is 42.2, which is about 10% higher than the overall US figure.
• Tampa’s per capita income is $54,445, and median household income is $84,114. Over 40% of households earn more than $100K annually.
• The cost of living in Tampa is about 3% lower than the national average, with housing expenses coming in about 10% lower than the US overall.
• Tampa was included among the top 20 of America’s Best Large Cities to Live In by WalletHub, as well as the top 5 Best Places to Retire.

Tampa Job Market

Tampa Bay’s economy has expanded significantly over the past decade, with GDP now above $243 billion and nearly 1.7 million people employed across the metro. The region’s business base includes major employers, corporate headquarters, innovation districts, higher education institutions, and ongoing development activity. That mix gives the market a broad economic foundation, supported by workforce access, transportation infrastructure, and a range of established and emerging industries. 

• Tampa-St. Petersburg-Clearwater GDP is over $243 billion, growing by more than 70% in the last decade.
• The unemployment rate is 4.7% (April 2026), with nearly 1.7 million employed in the metropolitan area.
• Key industries in Tampa Bay include financial and professional services, life sciences and healthcare, corporate headquarters, information technology, defense and security, and manufacturing, distribution, and logistics.  
• There are 19 major corporate headquarters located in Tampa Bay, including several Fortune 1000 companies. Globally-recognized corporations with major operations in the region include Amazon, Home Shopping Network, USAA, Citigroup, and Raymond James. 
• Major employers in the Tampa Bay region include Publix Super Markets, Baycare Health System, the State of Florida, Hillsborough County School District, and HCA Healthcare. 
• St. Petersburg’s 560-acre Innovation District marked its 10th anniversary in 2026, with a reported $3 billion economic impact and more than 10,000 jobs supported over the past decade. 
• Major development is taking shape across Tampa Bay. In St. Petersburg, the Waldorf Astoria Residences are nearing construction, while South Hillsborough is seeing plans for a large mixed-use project with residential and commercial space.
• Tampa Bay is home to nearly 80 colleges, universities, and technical schools, including major institutions such as the University of South Florida, the University of Tampa, and Saint Leo University.
• With access to I-75, I-4, Port Tampa Bay, and Tampa International Airport (TPA), Tampa Bay is well-positioned for regional travel, trade, and business.

Tampa Industrial Market

Market Overview (Cushman & Wakefield Q1 2026 Tampa Bay Industrial Report) 

• Inventory: 125,494,371 SF
• Vacancy rate: 6.8%
• Absorption: 452,300 SF (YTD)
• Leasing activity: 1,153,228 SF (YTD)
• Under construction: 1,494,230 SF
• Key leases by tenant: JW Fulfillment (252,580 SF), Versatile Packagers, LLC (130,205 SF), Aries EV (96,540 SF)
• Largest submarkets: Eastside, Gateway/Mid-Pinellas, Plant City

Crexi Insights

Here are the latest industrial leasing and sales trends for Tampa, based on Crexi Insights data (as of June 2026):

For Lease (active)

• Asking rate/SqFt (median): $14 per year
• Median SqFt/listing: 6,463
• Days on market: 130
• Total listings on Crexi: 316 spaces

For Sale (active)

• Median asking price: $3.6 million
• Price/SqFt: $196
• Asking cap rate: 6.8%
• Days on market: 127
• Total listings on Crexi: 53

Sales Comps (past 12 months)

• Median sold price: $1.4 million
• Sold price/SqFt: $188
• Total sales volume: $237.2 million
• Median SqFt sold/transaction: 7,712
• Total SqFt sold: 1.2 million 
• Days on market (median): 209

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Tampa Office Market

Tampa Bay’s office market opened the year with its strongest vacancy improvement in more than four years, while leasing continued in key business districts. Westshore is still one of the area’s strongest office hubs, supported by recent leasing at properties such as Highwoods Bay Center I and continued activity around Midtown East.

With little new construction underway, higher-quality space in established locations may continue to hold its value. Going forward, office activity is likely to stay measured, with tenants prioritizing well-located space and developers taking a selective approach to new projects.

Market Overview (Cushman & Wakefield Q1 2026 Tampa Bay Office Report)

• Inventory: 41,001,933 SF
• Vacancy rate: 18.2%
• Absorption: 114,892 SF (YTD)
• Leasing activity: 563,488 SF (YTD)
• Key leases by tenant: Philip Morris International (56,191 SF), NinjaOne (43,400 SF), Truist (39,154 SF)
• Under construction: 92,530 SF
• Largest submarkets: Westshore, I-75 Corridor, Central Business District

Crexi Insights

Tampa office leasing and sales trends from Crexi Insights, as of June 2026, include:

For Lease (active)

• Asking rate/SqFt (median): $23 per year
• Median SqFt/listing: 2,029 SF
• Days on market: 100
• Total listings on Crexi: 706 spaces

For Sale (active)

• Median asking price: $1.8 million
• Price/SqFt: $338 
• Asking cap rate: 6.5%
• Days on market: 183
• Total listings on Crexi: 111

Sales Comps (past 12 months)

• Median sold price: $1.2 million
• Sold price/SqFt: $271
• Total sales volume: $362.1 million
• Sold cap rate: 6.7%
• Median SqFt sold/transaction: 3,433 SF
• Days on market (median): 218

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Tampa Retail Market

Retail space across Tampa Bay remains tight, especially in established corridors where quality vacancies are limited. Recent store closures have added some space back to the market, but well-located centers continue to draw tenant interest, particularly from larger retailers that may need build-to-suit options when existing space is hard to find.

New construction is modest, and much of the current pipeline is already tied to tenant commitments. That limited supply has helped support rent growth and investor interest, with activity concentrated in areas such as Northwest Tampa, South Pinellas, and Pasco County. Large leases from tenants like The Home Depot and BJ’s Wholesale Club highlights continued retailer confidence in the region.

Market Overview (Cushman & Wakefield Q1 2026 Tampa Bay Retail Market Report) 

• Inventory: 174,613,733 SF
• Vacancy rate: 3.8%
• Absorption: -290,843 SF (YTD)
• Under construction: 818,162 SF
• Key leases by tenant: The Home Depot (107,514 SF), BJ’s Wholesale Club (106,371 SF), Floor and Decor (30,624 SF)
• Largest submarkets: Pasco County, Northwest Tampa, South Pinellas

Crexi Insights

Here are Tampa’s latest lease and sales retail trends from Crexi Insights (as of June 2026:

For Lease (active)

• Asking rate/SqFt (median): $27 per year
• Median SqFt/listing: 2,113 SF
• Days on market: 181
• Total listings on Crexi: 304 spaces

For Sale (active)

• Median asking price: $2.2 million
• Price/SqFt: $400
• Asking cap rate: 6.3%
• Days on market: 130
• Total listings on Crexi: 116

Sales Comps (past 12 months)

• Median sold price: $1.2 million
• Sold price/SqFt: $364
• Total sales volume: $291.7 million
• Sold cap rate: 6.6%
• Median SqFt sold/transaction: 3,170 SF
• Days on market (median): 225

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Tampa Multifamily Market

The multifamily market in Tampa Bay is still working through the effects of recent apartment supply, with vacancy elevated and rents softer than a year ago. At the same time, fewer new starts could give recently delivered properties more room to lease up and help the market move closer to balance.

Demand has not disappeared, but performance varies by location. Areas such as East Tampa, Downtown Tampa, and Northwest Tampa continue to benefit from access to jobs and fewer competing deliveries, while investors remain focused on newer, well-located assets across the region.

Market overview (Cushman & Wakefield Q1 2026 Tampa Bay Multifamily Market Report)

• Multi-unit inventory: 182,524 units
• Vacancy rate: 9%
• Net absorption: 1,050 units (YTD)
• Average rent per unit: $1,806 
• Units under construction: 8,908 
• Units delivered: 1,059 (YTD)
• Key projects under construction: Waterways Luxury Apartments (470 units), Caroline Anclote Harbor (404 units), Skytown I (401 units)

Crexi Insights

Here are the most recent multifamily Insights from Crexi (as of June 2026):

For Sale (active)

• Median asking price: $1.2 million
• Price/SqFt: $273
• Price/Unit: $218,800
• Asking cap rate: 7%
• Days on market: 161
• Total listings on Crexi: 55

Sales Comps (past 12 months)

• Median sold price: $351,000
• Sold price/SqFt: $272
• Sold price/unit: $244,100
• Total sales volume: $575.6 million
• Sold cap rate: 7.2%
• Total SqFt sold: 2.1 million
• Days on market (median): 204

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