Downtown Tampa’s Office Market is Feeling the Squeeze
With all the recent revitalization projects currently under way in Tampa’s downtown, you might be thinking it’s time to make a professional move to the area. However, you might be surprised to learn that in the midst of this commercial influx, downtown Tampa’s office market is experiencing some growing pains.
A recent article in the Tampa Bay Business Journal spotlights some growing pains issue downtown Tampa is currently experiencing. The popular office sub-market is feeling the squeeze of decreasing vacancy and increasing rent. As downtown continues to position itself as a burgeoning “live-work-play” destination, its facing realities of limited commercial space.
As more businesses and professionals have made the move downtown, space constraints have gotten tighter, sending ripples through the office market. According to the article, low vacancies have begun affecting existing office tenants. In the desirable downtown high-rises, you’d have little luck expanding square footage without disrupting someone else’s space. The article points to a current issue, in which a law firm wanting to expand square footage by 30% must discuss relocation provisions with two other tenants, who’s space would be consumed in the expansion.
What’s the future of downtown Tampa’s office market?
This signifies an ongoing problem in the downtown core, one that will only worsen as it continues to attract businesses. Current reports show that downtown office vacancy is at a mere 12.8%. With zero square feet under construction and rents on the rise, this could be a major problem down the road.
A long term solution to the downtown Tampa’s office market constraints has yet to be addressed. Fortunately there is a short term solution that can address your needs. If you’re looking to establish a presence in downtown Tampa’s office market, try a coworking space.
Short term offices in downtown Tampa
You can find these spaces peppered throughout downtown. The coworking trend has been on the rise in recent years. They offer a great temporary office space solution and many can serve long term needs. Today, coworking spaces typically feature flexible plans that fit your business needs. Our short term offices offer shared work space, meeting rooms, and private offices in the heart of downtown Tampa.
You can have access to the convenience and prestige of downtown Tampa, without dealing with the frustration of finding functional office space.