Leasing activity spikes this quarter
Occupiers across Tampa Bay were active in the third quarter resulting in over 1.0 million square feet (msf) of leasing activity, the highest for the region since Q3 2022, and an 84% increase over Q2 2023. The largest lease transaction was a 90,375-square-foot sublease by Tampa start-up company, Cirkul, a beverage manufacturing company known for its innovative bottle design that allows users to control the amount of flavor in their water. Not only is the company's explosive growth and the size of the lease notable, but the transaction also represents the absorption of a full-building sublease that was on the market for just over 13 months in an anemic submarket.