CBRE

FIGURESITAMPAOFFICEIQ42025

yearahead

347,181

SFQ4NetAbsorption

138,604

SFunderconstruction

17.9%

vacancyRate

Note:Arrowsindicatechangefrompreviousyear.

OVERVIEW

-

pushedtheannualfigureto840,000squarefeet,faroutpacingnewofficedeliveries

-

Aassets,whichhasfurtherreducedthesupplyoftoptierspace

-

spacesnowrepresentagrowingshareofavailableinventory

whileit'sunlikelythemarketwillreplicatetherecord-settingleasingactivityseeninearly

2025whichfueledabsorptionthroughouttheyearanddeliveredthelargestvacancy

improvementssincebeforethepandemicmomentumremainsstrong.Nearly1millionsquarefeetofpendingmove-insarealreadyscheduledfor2026,withmorethanhalfexpectedtooccurinQ1.Althoughanticipatedmove-outswillpartiallyoffsetthisactivity,fundamentalsappear

poisedforcontinuedprogressinthenewyear.withonlyonlytwooftwelvesubmarketspostingnegativeabsorptionfor2025,wecouldseeasustainedrevivalofsuburbansubmarketsthat

werehardesthitfollowingthepandemic.

$32.07

SFQ4Deliveries

Fullservice/LeaseRate

FIGURE1:HistoricalAbsorption,Deliveriesandvacancy

25.0%

20.0%

15.0%

10.0%

source:CBREResearch

FIGURES|TAMPAOFFICE|Q42025

2CBRERESEARCH?2025CBRE,INC.

DEMAND

Thefinalquarterof2025recordednearly350,000squarefeetofpositive

netabsorption,markingthelargestquarterlygainsinceQ42017.This

pushedtheannualtotalto840,000squarefeetthefirstfullcalendar

yearofpositiveabsorptionsincethepandemicandthestrongest

performanceinalmostadecade.Threeconsecutivequartersexceeding200,000squarefeetwerefueledbyrecord-settingleasingactivityin

early2025andsubsequentmoveinsbythosefirms.DemandwasheavilyconcentratedinclassAassets,whichaccountedfortwothirdsofannualabsorption,furtherwideningthevacancygapbetweenclassAandclassBspaceto14.2%and14.7%,respectively.Lookingahead,themarket

anticipates1millionsquarefeetofpendingmove-ins,withanother1millionsquarefeetofactivetenantrequirementscurrentlyinplay.

VACANCY

Robustabsorptioncontinuedtodriveimprovementstovacancy,with

overallvacancyfallingbelow18%forthefirsttimesinceQ32021,nowat17.9%,anddirectvacancydeclining40basispointsto14.4%.New

constructionremainsscarce,creatingamulti-yearrunwaybeforeanysignificantnewofficesupplyentersthemarketasidefromGasworx,whichistargetingaspring2026delivery.

ASKINGRENTS

Mostaskingrentadjustmentsduringthequarterweremoderateto

substantialincreases(rangingfrom$1.00to$5.00ormore),atypical

trendatthestartofanewcalendaryear.However,limitedavailabilityofhigh-qualityspacetemperedtheimpactonoverallaverages,whichrosejust1.6%year-over-year.Recentleasingoftop-tierspacehasshifted

remainingavailabilitytowardlowerpricedoptions,pullingdownthemarket'saverageaskingrent.

FIGURE2:statisticalsnapshotQ42025

CBD8,739,2109.7%10.8%19,745158,330138,604$44.09

TampacBD7,068,15810.2%11.6%1,176140,04294,170$43.75

stpetecBD1,671,0527.6%7.6%18,56918,28844,434$45.30

Hillsboroughsuburbs26,335,11315.7%20.4%271,141537,919o$31.20

westshore13,268,36514.6%17.2%153,061187,142o$38.43

NorthwestTampa4,383,2007.8%24.0%(16,846)210,837o$26.24

southwestTampa657,51319.7%20.2%12,628(36,382)o$40.39

NortheastTampa4,715,28425.3%28.8%38,832106,846o$24.23

EastTampa2,880,11318.4%18.8%83,46669,476o$25.43

southeastTampa430,6380.0%0.0%oooN/A

pinellassuburbs8,449,85815.4%17.7%56,295142,339o$25.25

Northpinellas3,089,37213.3%17.4%36,29276,744$24.49

Mid-pinellas/Gateway5,118,64217.1%18.4%20,00366,932o$25.65

southweststpete168,0713.6%3.6%o(1,337)o$18.69

southeaststpete73,77310.9%10.9%oooN/A

classA23,751,90714.2%17.3%300,134560,146138,604$36.84

classB19,772,27414,7%18.6%47,047278,442o$26.41

FIGURES|TAMPAOFFICE|Q42025

3CBRERESEARCH?2025CBRE,INC.

FIGURE3:classAstatisticalsnapshotQ42025

TampacBD5,238,88212.2%14.0%(5,284)(4,585)(9,869)52,592$45.04

stpetecBD995,4625.8%5.8%33,738o33,73837,143$48.97

westshore8,147,65013.2%15.0%69,81424,27194,o8584,460$44.59

NorthwestTampa1,292,4443.0%26.3%o2,6232,623165,437$28.20

southwestTampa222,38827.2%28.7%17,162(2,605)14,557(8,427)$55.97

NortheastTampa2,243,91826.1%32.4%(40,894)90,62249,72870,294$27.58

EastTampa1,382,40116.1%16.5%(23,215)95,09571,88082,159$26.25

southeastTampa119,7290.0%0.0%ooooN/A

Northpinellas1,405,86016.1%16.1%35,30535,30568,715$26.75

Mid-pin./Gateway2,703,17316.9%19.1%17,589(9,502)8,0877,773$27.23

FIGURE4:classBstatisticalsnapshotQ42025

TampacBD1,829,2764.3%4.8%11,045o11,o4587,450$36.93

stpetecBD675,59010.3%10.3%(15,169)o(15,169)(18,855)$37.31

westshore5,120,71516.9%20.5%48,68510,29158,976102,682$30.98

NorthwestTampa3,090,7569.8%23.0%(5,943)(13,526)(19,469)45,400$25.85

southwestTampa435,12515.8%15.8%(1,929)o(1,929)(27,955)$29.12

NortheastTampa2,471,36624.5%25.6%(10,896)o(10,896)36,552$21.19

EastTampa1,497,71220.6%20.9%11,586o11,586(12,683)$24.15

southeastTampa310,9090.0%0.0%ooooN/A

Northpinellas1,683,51211.0%18.4%9879878,029$21.89

Mid-pin./Gateway2,415,46917.5%17.6%11,916o11,91659,159$24.35

southweststpete168,0713.6%3.6%ooo(1,337)$18.69

southeaststpete73,77310.9%10.9%ooooN/A

FIGURES|TAMPAOFFICE|Q42025

MarketAreaoverview

ECONOMICOUTLOOK

Theu.s.economyissendingsomemixedsignals.Financialmarketsarefocusedontheupside,particularlyAI'ssizablecontributiontogrowthinrecentquarters.someindicatorsofbusinessactivity,suchascapitalgoods

orders,areimproving,andstrengtheningcreditmarketsarehelpingtousherrealestateintoanewcycle.

Thepicturegetsmoremelancholywhenlookingathouseholds.consumerconfidenceremainsweak,withspendingreportedlydrivenbyasmallersegmentofaffluenthouseholds.Thismosaicofdatasuggeststhatannualaverage

GDpgrowthwillbesteadyin2026,at2%,butatouchsofterthanin2025.Akeycatalystisasofterlabormarket,ascompaniesare'slowtohire,slowtofire'atrendthatislikelytolastafewquarters.Aconsequenceofthisoutlookissofterinflationandlong-termbondyieldstrendingjustbelow4%byH22026.

surveycriteria:IncludesallcompetitiveclassAandBofficebuildings10,000sq.ft.andgreaterinsizeinHillsboroughandpinellascounties.Excludes:owneroccupied,governmentandmedicalbuildings.

contact

MikeDiBlasi

ManagingDirector

/p>

mike.diblasi@cbre.com

MarcL.Miller

FieldResearchDirector/p>

marc.miller1@cbre.com

kylekoller

FieldResearchMana