Migration trends continue with modest quarterly leasing volume
Even though office leasing activity in Tampa Bay showed only a slight increase to 857,699 square feet (sf) in Q1 2023, down 29% year over year from 1,215,118 million square feet (msf) in Q1 2022, guarded optimism in the Tampa office market remains. The region continues to attract companies seeking strategic growth opportunities, as well as talent acquisition, and migration into the State of Florida has not slowed down. According to the U.S. Census Bureau, two of Tampa Bay’s counties were among the top 10 fastest-growing counties in the country, with Polk County claiming the 5th spot and Hillsborough County not far behind as the 8th fastest-growing county.