Tampa commercial real estate market report

Tampa

St. Joseph’s Hospital Area · Westshore · Carrollwood · USF

Selling or Leasing an Office Building in Tampa

You own an office or medical office building in Tampa and you’re deciding what to do with it. Sell, lease the vacant suite, renovate first, or hold? The answer depends on the building, the tenants, the location, and what you want from the property.

  • Serving
  • St. Joseph’s area
  • Drew Park
  • Egypt Lake
  • Westshore
  • Carrollwood
  • USF

I represent owners of office and medical office buildings throughout Tampa, with a focus on the medical and office market around St. Joseph’s Hospital. I also work throughout Westshore, Carrollwood, and the USF medical district. I help owners decide whether to sell, lease, or hold, and then I handle the sale or lease from start to finish.

The Tampa Office Market From an Owner’s Point of View

Downtown and Westshore towers get most of the headlines, but most of the buildings owners call me about are smaller: low-rise office buildings, medical office buildings, professional parks, office condos, and converted houses on commercial streets.

Much of Tampa’s medical office demand is anchored by its hospital campuses. St. Joseph’s Hospital sits in 33607. Moffitt Cancer Center, the James A. Haley VA Hospital, and USF Health are in 33612. AdventHealth Tampa is on Fletcher Avenue in 33613. Practices want to be near the hospitals where their doctors work and their patients are treated, which keeps demand steady for buildings in those areas.

My Main Focus: The St. Joseph’s Hospital Area (33607 and 33614)

Most of my attention goes to the medical and office market around St. Joseph’s Hospital on W. Dr. Martin Luther King Jr. Boulevard. The hospital campus draws doctors, specialists, and outpatient providers who want offices close by, and that demand reaches into the surrounding neighborhoods of 33607 and 33614, including Drew Park, the edge of Westshore, and Egypt Lake–Leto north of the airport.

The buildings here are mostly small and mid-size: single-tenant medical offices, multi-tenant medical and professional buildings, and older offices that have been converted for medical use. Armenia Avenue, Himes Avenue, Habana Avenue, and the blocks around MLK Boulevard have many of them.

Being close to the hospital matters to tenants and buyers. I recently subleased a primary care clinic that closed when the practice moved closer to St. Joseph’s. At 4144 N. Armenia Avenue, a three-building office and medical office property, I’ve leased several suites, including one to a hospital group at a rent above both the asking rate and the market.

Owners in this area often ask me about:

  • Whether to lease a vacant medical suite as it is or update it first
  • What their building is worth to a practice that wants to own near the hospital
  • How to replace a longtime medical tenant without a long vacancy
  • Whether a sale-leaseback makes sense for a practice that owns its building

Other Central Tampa Markets

USF, Moffitt, and the VA (33612)

The area around USF Health, Moffitt Cancer Center, and the James A. Haley VA Hospital is one of the largest concentrations of medical activity in the region. Bruce B. Downs Boulevard, Fowler Avenue, and N. Florida Avenue all have medical office buildings serving it. At 10549 N. Florida Avenue, I leased a large medical suite to a regional practice opening its first Hillsborough County location, and a smaller suite to a pharmacy.

AdventHealth Tampa and Fletcher Avenue (33613)

Medical offices cluster around AdventHealth Tampa on Fletcher Avenue and along Bruce B. Downs Boulevard near USF. Buildings close to the hospital attract specialists, outpatient services, and practices with admitting privileges there.

Carrollwood and Buschwood Park (33618)

Carrollwood has a mix of professional parks, office condos, and medical buildings along N. Dale Mabry Highway, Busch Boulevard, and Fletcher Avenue. At 3550 Buschwood Park Drive, I found an insurance company to sublease a full 5,563 SF space after an acquisition moved the tenant’s staff to Dallas.

Elsewhere in Tampa

I also work with owners in Tampa Heights, Seminole Heights, Town ‘N’ Country, Northwest Tampa, and New Tampa. Recent deals include an office building sale at 901 W. Hillsborough Avenue, medical leases on W. Dr. Martin Luther King Jr. Boulevard and Webb Road, and office leases on W. Linebaugh Avenue and in Hunters Green.

Selling a Tampa Office or Medical Office Building

Two kinds of buyers usually look at small and mid-size Tampa buildings. Owner-users are practices and businesses that want to own the building they work from. Investors look first at the leases: who the tenants are, how long they’re committed, and what the building earns.

Owner-users often pay more for a small building because they’re buying a long-term home for their business. In 2025 I sold an older converted house at 901 W. Hillsborough Avenue to a cash buyer, an owner-user from Miami, at about $289 per square foot. We closed within four months of listing. A building with solid leases in place may appeal more to an investor, and the marketing and pricing should reflect that.

Before going to market, I help owners gather what buyers will ask for: current leases, rent history, operating expenses, recent repairs, and anything that affects how the building can be used.

Leasing Space in Your Tampa Building

Tampa medical tenants often look for space near the hospitals they work with. Expanding practices, specialty groups opening satellite offices, and out-of-area groups entering the Tampa market all compete for well-located suites. A suite that’s already built out for medical use can lease quickly to the right practice.

Older space can still lease well when the terms are right. At 4144 N. Armenia Avenue, a suite had dated finishes after a 15-year tenant left. I found a new tenant willing to sign an 8-year lease, long enough to justify bringing the space back up to standard.

I help Tampa landlords price space realistically, find tenants that fit, and negotiate terms that work with their plans for the building.

What Is Your Tampa Building Worth?

Value depends on size, condition, occupancy, lease terms, parking, zoning, and who the likely buyer is. A medical building near St. Joseph’s, a professional building in Carrollwood, and an older office near the airport can sell at very different prices per square foot, even a few miles apart.

I can review your building and give you a realistic value range based on recent comparable sales.

Request a Property Value Review

Questions Tampa Owners Ask

Does being near a hospital make my building worth more?

Often it helps. Practices want to be close to the hospitals where their doctors have privileges, so buildings near St. Joseph’s, the USF and Moffitt area, and AdventHealth Tampa tend to draw more interest from medical buyers and tenants. Condition, parking, and layout still matter.

Should I renovate before I lease or sell?

Not always. Sometimes the better move is to offer a longer lease term or a credit and let the tenant or buyer choose the finishes. I’ll help you compare the cost of improvements with what they’re likely to return.

Should I sell to an owner-user or an investor?

A vacant or owner-occupied building often draws the best price from an owner-user. A building with solid leases often appeals more to investors. Some buildings attract both, and marketing to both groups creates more competition.

Do you only work in central Tampa?

No. Central Tampa is my focus, but I work with office and medical office owners throughout Hillsborough, Pinellas, and Pasco counties, including Brandon, St. Petersburg, Clearwater, and Wesley Chapel.

Track record

Recent work in Tampa

See all completed transactions →

Exterior of 4144 N. Armenia Avenue in Tampa, FLLEASED

Medical office space

2,777SF

4144 N. Armenia Avenue

Suite 250 · Tampa, FL 33607

Represented
Landlord
Leased
May 1, 2025

After years with a weight loss and medical spa tenant, the suite needed new lighting, paint, and flooring. I secured a hospital group on a 3-year lease at a rent above both the asking rate and the market.

Exterior of 10549 N. Florida Avenue in Tampa, FLLEASED

Medical office space

3,500SF

10549 N. Florida Avenue

Suite B · Tampa, FL 33612

Represented
Landlord
Leased
Aug. 14, 2025

A large medical suite in a part of town with few medical users. I brought in a regional practice opening its first Hillsborough County location on a 5-year lease, with no tenant improvement allowance.

Exterior of 3550 Buschwood Park Drive in Tampa, FLSUBLEASED

Office space

5,563SF

3550 Buschwood Park Drive

Tampa, FL 33618

Represented
Sublandlord
Subleased
July 30, 2026

After an acquisition moved the company’s staff to Dallas, it was paying rent on empty space. In a tough sublease market, I found an insurance company to take the entire space for the rest of the lease.

Exterior of 901 W. Hillsborough Avenue in Tampa, FLSOLD

Office building

2,041SF

901 W. Hillsborough Avenue

Tampa, FL 33603

Represented
Seller
Closed
March 28, 2025

An older converted house that needed significant work. I found a cash buyer, an owner-user from Miami, at about $289 per square foot, and we closed within four months of listing.

Property sale

We chose to sell the Salvation Army College Student Center in Tampa and wanted to find a local broker that not only knew the area well but would actively market the property. He immediately began a marketing campaign that brought us four great offers. We had a successful closing and were very happy with the results of the sale.

Randall Gunn, Esq.Divisional Property Director, Salvation Army

Next step

Discuss Your Tampa Property

If you own an office or medical office building near St. Joseph’s Hospital, in Westshore, Carrollwood, the USF area, or anywhere in Tampa, contact me to talk through selling, leasing, or what your building is worth.