Downtown Tampa Office Market

Tampa's downtown office market surged in the final half of 2015, the result of shrinking vacancy, a dearth of new construction and improved leasing activity, an analysis of CoStar Group data shows.

Those improving fundamentals, in turn, spurred sales of such high profile buildings as the SunTrust Financial Centre, Rivergate Tower and Bank of America Plaza, right. Combined, those three sales generated more than $387 million.

At year-end 2015, office vacancy in the Tampa and St. Petersburg market stood at 10.1% overall, down from 13.3% at the same point in 2011, though downtown Tampa's rate was slightly higher, at 10.6%.