TAMPAFLCRE.
COMMERCIAL REAL ESTATE
DOWNTOWN · TAMPA, FLORIDA

Office space for lease in Downtown Tampa and Water Street

Office space for lease in Downtown Tampa: Cushman & Wakefield reported 14.6% overall vacancy in its Tampa CBD office submarket in Q2 2026, with an average asking rent of $42.77 per square foot across all classes and $45.31 for Class A.[1] It also noted that asking rates at Thousand & One reached $75.00 per square foot for available space.[1]

We could not verify acreage, square footage or project figures for Water Street, so this page publishes none; the figures below are for Cushman & Wakefield's Tampa CBD and Downtown Tampa submarkets.

As of Q2 2026 data · Last updated · Published by Makayla Richardson, Commercial Real Estate Advisor

What is office vacancy in Downtown Tampa in 2026?

Cushman & Wakefield counted 6,972,228 square feet of office space in its Tampa CBD submarket in Q2 2026, with 14.6% overall vacancy.[1] Net absorption was negative: -15,894 square feet for the quarter and -4,168 square feet for the year to date. Leasing activity reached 228,026 square feet year to date, and the table shows no office space under construction in the CBD.[1]

Negative absorption means more space was vacated than leased in the period. If you are a tenant, ask landlords how long the space you are touring has been available and what concessions recent deals in the building received.

Tampa CBD office submarket, Q2 2026 (Cushman & Wakefield)
MeasureQ2 2026
Inventory6,972,228 sq ft
Overall vacancy14.6%
Net absorption, Q2 2026-15,894 sq ft
Net absorption, year to date-4,168 sq ft
Leasing activity, year to date228,026 sq ft
Under construction0 sq ft
Average asking rent, all classes$42.77 per sq ft
Average asking rent, Class A$45.31 per sq ft

Office buildings for sale in Downtown Tampa

Cushman & Wakefield's list of significant Q2 2026 office sales includes 400 N Ashley Drive in the Tampa CBD: 530,892 square feet at $94.0M, with Banyan Street Capital and Ally Capital Group named as the parties.[1] For a Tampa Bay benchmark, Lee & Associates reported an office sale price of $211.00 per square foot in Q2 2026, for an inventory it says represents Downtown Tampa, South Tampa and Westshore.[3] One sale is not a valuation; if you own downtown office space, ask for an opinion of value built from comparable sales.

Who looks after Downtown Tampa?

The Tampa Downtown Partnership was founded in 1986.[4][4] The City of Tampa's Downtown Community Redevelopment Area page says the downtown CRA is currently investing tax increment financing (TIF) funds in renovations and improvements to several cultural assets.[5]

For historical context, the City Clerk's history of former mayor Robert Martinez credits his era with "significant renovation to downtown Tampa with the construction of new office buildings and high-rise residential apartments."[7]

Getting around Downtown Tampa: the streetcar

HART describes its streetcar as a "2.7-mile streetcar line that runs along Downtown Tampa, through the Channel District, and Ybor City."[6] If staff or customers will come by transit, ask how far each building is from a stop. See the Ybor City page for the other end of the line.

Retail space for lease in Downtown Tampa

Cushman & Wakefield's Downtown Tampa retail submarket had 2,217,074 square feet in Q2 2026, with 143,002 square feet vacant, a 6.5% vacancy rate, and an average asking rent of $30.54 per square foot.[2] See retail space for lease in Tampa for the other city submarkets.

What to bring to a downtown office search

If you are considering Downtown Tampa, have these ready:

  • Headcount and size range, now and over the lease term.
  • Parking needs, and whether staff could use the streetcar.
  • Building class you will consider, and your budget per square foot.
  • Lease expiration date and notice deadline on your current space.
  • Improvements you need and who you expect to pay for them.

Next steps

Her team's current listings are on Invest Florida CRE. Compare downtown with Westshore on the Tampa submarkets hub.

Looking at office space downtown? Start with your headcount, parking needs and timing.

Talk with Makayla

Questions people ask

How much is office space for lease in Downtown Tampa?

Cushman & Wakefield reported an average asking rent of $42.77 per square foot across all classes in its Tampa CBD office submarket in Q2 2026, and $45.31 for Class A. It noted asking rates at Thousand & One reached $75.00 per square foot for available space.

What is the office vacancy rate in Downtown Tampa?

Cushman & Wakefield reported 14.6% overall office vacancy in the Tampa CBD in Q2 2026, on 6,972,228 square feet of inventory, with net absorption of -15,894 square feet for the quarter.

How big is Water Street Tampa?

We could not verify acreage or square footage for Water Street, so we do not publish one. The Tampa Downtown Partnership's About page gives a figure of 1,177 acres for the downtown area it describes.

Does the streetcar serve Downtown Tampa?

Yes. HART describes a 2.7-mile streetcar line that runs along Downtown Tampa, through the Channel District, and Ybor City.

Sources

  1. Tampa Bay Office MarketBeat, Q2 2026, Cushman & Wakefield, Q2 2026. Accessed October 12, 2026.
  2. Tampa Retail MarketBeat, Q2 2026, Cushman & Wakefield, Q2 2026. Accessed October 12, 2026.
  3. Tampa Bay Office Market Report, Q2 2026, Lee & Associates, Q2 2026. Accessed October 12, 2026.
  4. About, Tampa Downtown Partnership. Accessed October 12, 2026.
  5. Downtown Community Redevelopment Area, City of Tampa. Accessed October 12, 2026.
  6. TECO Line Streetcar, HART (Hillsborough Area Regional Transit). Accessed October 12, 2026.
  7. Previous mayors: Robert Martinez, City of Tampa, City Clerk. Accessed October 12, 2026.