A new report from commercial real estate research firm CoStar Group states that Tampa Bay’s annual office rental rate growth was the seventh highest in the country. The area has seen an increase of 5.5 percent in asking office rents over the past 12 months. The increase has been driven by the arrival of fortune 500 companies such as Bristol Myers Squibb, Johnson & Johnson and Amgen. More than 1.2 million sqf of new space is expected to come online by 2022, with the majority of that supply coming from the $3 billion, 53-acre mixed-use neighborhood Water Street Tampa currently under construction.
