Tampa commercial real estate market outlook

What is the office vacancy rate in Tampa Bay?

Lee & Associates reported Tampa Bay office vacancy at 13.50% in Q2 2026, writing that "Vacancy improved slightly, declining 11 basis points quarter-over-quarter to 13.50%."^[5] The same report gives an average asking rate of $35.78 per square foot, 12-month net absorption of (29,909) square feet, and 140,409 square feet under construction.^[5]

That is one firm's Tampa Bay office market, not the city of Tampa alone. When you compare office figures, compare like with like: the same source and the same market definition, quarter over quarter.

How many people live and work in Tampa and Hillsborough County?

The Census Bureau estimated Tampa's population at 413,554 on July 1, 2025, up from 412,981 a year earlier.^[1] Hillsborough County was estimated at 1,574,115, up from 1,571,198.^[2]

Hillsborough County had 788,882 covered jobs across 58,498 establishments in March 2026, at an average weekly wage of $1,658, in the Bureau of Labor Statistics' Quarterly Census of Employment and Wages.^[3] The county's unemployment rate was 4.6 percent in August 2026, a preliminary figure from the Bureau of Labor Statistics.^[4] Jobs, wages and unemployment are Hillsborough County figures, not Tampa city figures.

Which industries employ the most people in Hillsborough County?

Among private-sector industry groups, professional and business services and trade, transportation and utilities employed the most people in March 2026, followed by education and health services. Financial activities and information paid the highest average weekly wages of the groups listed.^[3]

How busy is Tampa International Airport?

Tampa International Airport handled 24,811,007 passengers in calendar year 2025, up 0.22% from 2024, and 182,383,176 pounds of cargo.^[7] From January to June 2026 it handled 12,675,911 passengers, compared with 12,812,961 in the same months of 2025, a change of 1.07% down.^[8] If your business serves travelers, the airport's passenger reports are worth following.

What are the property tax rates in Tampa?

For fiscal year 2025-26 the City of Tampa levied 6.2076 mills, unchanged from 2024-25. The Hillsborough County Board of County Commissioners levied 5.4608 mills, down from 5.6026, according to the Florida Department of Revenue.^[6] Other taxing authorities also levy millage; the table lists four of the rates in the Department's report.

What this page does not show

We could not verify a public retail or industrial vacancy and rent series for Tampa in our October 2026 research, so this page publishes none. One brokerage's reports could not be retrieved for verification and are left out rather than quoted secondhand.

For a real number on a specific space, ask for a property-level analysis.

What this means for tenants and owners

If you are leasing office space in Tampa, use the Q2 2026 vacancy and asking rate above as a starting point, then compare actual buildings and terms; a market average is not a quote.

If you own commercial property in Tampa, check how the 2025-26 millage changes apply to your parcel, and follow the next quarterly office report for the direction of vacancy.