Total sales volume across the four major commercial property types—office, industrial, retail, and multifamily—surpassed $5.5 billion in 2025, just 2% higher than 2024. While that signals stabilization, the recovery was far from uniform. Office and retail posted gains, industrial remained strong, and multifamily continued to face headwinds.
Office: Medical and Redevelopment Drive Activity
The office sector recorded $1.1 billion in sales volume, crossing the $1 billion threshold for the first time since 2022. However, much of this activity was not traditional office investment. Healthcare systems and redevelopment buyers dominated the largest transactions.
Major hospital groups expanded aggressively:
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BayCare Health Systems acquired three buildings totaling 615,000 square feet in Tampa Bay Park for $145 million, positioning the site for long-term expansion near St. Joseph’s Hospital.
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Tampa General Hospital purchased 17 Davis Blvd. for $22 million, supported by its partnership with USF Health.
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AdventHealth acquired the University Professional Center, a renovated medical office building that traded at a 9.3% cap rate.
At the same time, office-to-industrial and office-to-multifamily redevelopment gained momentum. In East Tampa, a former corporate campus was purchased and slated for demolition to make way for a 550,000-square-foot industrial park. Downtown, a major office site was acquired for a future 43-story apartment tower.
These trends reflect a broader repositioning of underutilized office assets rather than a full rebound in traditional office demand.
Industrial: Private Capital Leads a Strong Year
Industrial remained one of Tampa Bay’s most resilient sectors. Total investment volume reached $1.2 billion, the highest since 2022 and 75% above the 2015–2019 annual average.
Private buyers were the most active, accounting for 50% of total volume, often purchasing from institutional sellers. Notable transactions included:
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SB Services acquiring two industrial parks for $94 million, with the portfolio nearly fully leased and trading at a 5.9% cap rate.
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East Capital Partners purchasing two large industrial parks for $92.5 million, with strong occupancy from small-bay tenants.
After a slow first half of the year, deal flow accelerated in the second half, driving the sector’s year-end rebound.
Retail: Larger Deals Fuel Growth
Retail investment volume reached just under $1.5 billion, a 14% increase year over year. Growth was driven by a surge in transactions above $10 million, with private buyers and owner-users leading activity.
Highlights included:
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Triarch Capital Group purchasing Tampa Bay Center in Westshore for $37.7 million, a fully leased center anchored by Ashley Furniture and Floor & Decor.
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Publix Supermarkets continuing its strategy of owning its real estate, acquiring an anchored center in Apollo Beach for $32.5 million.
Despite the increase in large deals, the foundation of Tampa’s retail market remains transactions under $5 million, primarily single-tenant, triple-net investments such as fast-food, pharmacy, and gas station properties.
Multifamily: Caution Replaces Aggression
Multifamily was the weakest-performing sector in 2025. Sales volume declined 20% year over year to $1.7 billion, which is 33% below the pre-pandemic annual average.
Rising vacancy rates and declining rents weighed heavily on investor sentiment. Large transactions over $100 million, once common in 2021 and 2022, were rare, with only four recorded in 2025. Overall deal count also dropped sharply.
Private buyers dominated the space, representing 65% of buyers, with notable activity from major operators such as Greystar, which acquired the 240-unit Sands at Clearwater for $105 million.
Looking Ahead
Tampa Bay’s 2025 capital markets performance reflects a market in transition. Industrial and retail remain solid, office is being reshaped by healthcare and redevelopment, and multifamily is navigating a correction phase.
Rather than a broad-based recovery, 2025 was defined by selective strength, strategic repositioning, and disciplined capital—trends likely to continue shaping the market in 2026 and beyond.