Corporate commitments bolster leasing amid moderating activity

Tampa Bay's leasing activity dipped 2.1% year over year to approximately 0.9 million square feet (msf), dropping it below the five-year average of 1.0 msf. Significant leases during the quarter included AmeriLife Group recommitting to a combined 120,124 square feet (sf) at its Clearwater campus. Additionally, Ferguson made a notable market entry with its 50,570-sf lease at Gasworx, a Class A office building currently under construction by master developer Kettler. While Ferguson maintains its headquarters in Newport News, Virginia, the relocation of senior leadership and corporate functions to Tampa signals the market's growing appeal as a destination for major corporate occupiers.

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