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Market Trend: Tampa / St. Petersburg’s Office Vacancy Decreases to 7.6%

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The Tampa / St. Petersburg Office market ended the first quarter 2017 with a vacancy rate of 7.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 338,579 square feet in the first quarter. That compares to positive 248,922 square feet in the fourth quarter 2016. Vacant sublease space increased in the quarter, ending the quarter at 458,747 square feet. The Class-A office market recorded net absorption…
Tampa/St. Petersburg Commercial Real Estate News From CoStar Group

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General Tampa Area

Today, Tampa is part of the metropolitan area most commonly referred to as the Tampa Bay Area. For U.S. Census purposes, Tampa is part of the Tampa-St. Petersburg-Clearwater, Florida Metropolitan Statistical Area. The four-county area is composed of roughly 2.9 million residents, making it the second largest metropolitan statistical area (MSA) in the state, and the fourth largest in the Southeastern United States, behind Miami, Washington, D.C. and Atlanta.[14] The Greater Tampa Bay area has over 4 million residents and generally includes the Tampa and Sarasota metro areas.

Tampa Areas

The city is divided into many neighborhoods, many of which were towns and unincorporated communities annexed by the growing city. Generally, the city is divided into the following areas: Downtown Tampa, New Tampa, West Tampa, East Tampa, North Tampa, and South Tampa. Well-known neighborhoods include Ybor City, Forest Hills, Ballast Point, Sulphur Springs, Seminole Heights, Tampa Heights, Palma Ceia, Hyde Park, Davis Islands, Tampa Palms, College Hill, and non-residential areas of Gary and the Westshore Business District.

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