Law firms remain a bright spot in Tampa Bay's office market, JLL says
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Mar 22, 2024

As many companies grapple with post-pandemic hybrid work models, law firms in the Tampa Bay region continue to drive demand for corporate office space, according to a new report from JLL Inc.

The real estate firm’s report on law firms' office leasing habits shows that while the legal industry’s 2023 activity in the Tampa Bay region wasn’t as high as 2022, it was still above the five-year average.

Among the largest deals was national law firm Bradley’s move to Water Street Tampa, where it leases 37,000 square feet in office tower Thousand & One. Johnson Pope Bokor Ruppel & Burns LLP also expanded in Tampa’s urban core. That firm signed a lease for the top two floors — 33,175 square feet — in Rivergate Tower. It vacated a full floor, or 20,025 square feet, in Truist Place.

Gunster expanded its footprint in Truist Place.

“Over the past five years, the legal industry has leased more space than any other sector in Tampa Bay,” according to JLL. “More than 1.3 million square feet of transactions completed were inked from legal practices with transaction volume remaining stable and healthy compared to other industries.”

In downtown St. Petersburg, Trenam Law and Banker Lopez Gassler renewed their leases in 200 Central and First Central Tower, respectively.

JLL said it expects law firms to continue to be top demand drivers for office space in the Tampa Bay region.

“Only 8% of law firms that signed leases throughout 2023 downsized their office, further highlighting the sector’s growth in Tampa Bay,” JLL said. “As premium office spaces continue to be highly sought after by legal practices, renewal activity is anticipated to remain robust, given the current shortage of large office spaces available in the core.”