The Tampa Bay office market maintained its strength through the third quarter of 2017 and continued as a landlord’s market. Overall, the Tampa MSA remains healthy and robust with several large tenants active in the market. Few companies rightsized this quarter, with the majority of tenants either adding to or retaining their square footage upon lease renewal.
Tampa Bay’s regional economy continues to boast a 4.0% unemployment rate. From 2015 to 2016, Tampa saw 6.2% year-over-year growth in its professional and business services industry, ahead of Orlando (5.3%) and Jacksonville (0.8%). In September, Cognizant Technology Solutions announced an expansion of its Tampa operations, marking the company’s fourth expansion in Tampa with the addition of 75 high-wage jobs.
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