Higher quality office buildings command larger leases in Tampa

Over the past five years, Trophy and Class A office buildings in Tampa have consistently attracted larger leases than Class B properties. As of Q3 2024, the average lease size in Trophy and Class A buildings is 8,595 square feet, significantly higher than the 5,119 square feet average in Class B buildings. The average lease size in Trophy/Class A buildings has increased by 14% year-over-year, Class B buildings have seen a 6% decline during the same period. In 2024, 72% of all leases exceeding 10,000 square feet have been signed in Trophy and Class A buildings, with only 28% occurring in Class B properties. The market is experiencing a continued flight to quality, as tenants increasingly favor top-tier buildings to attract talent, support hybrid work models, and encourage a return to the office.