Tampa Bay office market demonstrating resilience once again as unemployment rate remains low
In Q3 2024, the Tampa Bay region showed its remarkable resilience and stability, despite challenges such as the hybrid work trends and national political factors that continue to affect office market conditions in other regions of the country. Overall availability in Tampa Bay dropped by 10 basis points (bps) year over year from 20.1% in Q3 2023 to 20.0% in Q3 2024 but remained identical to last quarter. Year over year office-using job growth increased by 0.4%, marking the first rise in nearly two quarters, driven primarily by a 2.0% increase in professional and business services jobs. Sublease inventory continues to decline, down nearly 4.0% from the prior quarter to 2.5 million square feet (msf).