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TAMPA BAY — Nearly 6 million square feet of Tampa-area office space is vacant, representing 18.7% of the area's inventory, according to a report published by Cushman & Wakefield. That vacancy rate is below the statewide level of 20.1%.
In Tampa's Westshore district, which Cushman & Wakefield estimates to be the most expensive place to rent, 2.3 million square feet of space is vacant, for an 18.7% rate. Relative occupancy is much higher in Hyde Park; the vacancy rate there is just 10.3%.
In the Pinellas market, 3.3 million square feet of space is vacant, which translates to a 24.6% vacancy rate. The area's Bayside submarket is having the most trouble with office vacancy, with 38.3% of its space unoccupied.
Downtown St. Petersburg shows a 19.0% vacancy rate, while downtown Clearwater has a 23.7% rate.
To bring down these vacancy rates, owners of Tampa office space might want to consider attracting clients from the state's southeastern region: office space in Miami is being rented for $30.15 per square foot on average, compared to Tampa's average rate of $21.64 per square foot.
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