Ybor City Office Rents Climb 52% to $64
Class A asking rents in Ybor City now exceed Westshore and downtown Tampa, driven by new Gasworx office development.
Updated on Nov. 10, 2026 in Commercial
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Ybor City Class A office asking rents rose 52.4% over the past year to $64 per square foot, according to Cushman & Wakefield. The district's average is now above Westshore and downtown Tampa, with Gasworx asking rents reaching $75 per square foot.
Why it matters
The increase reflects new Class A supply and strong demand in Tampa's Ybor City district, where Gasworx's higher asking rents pushed the district average upward. Advertised asking rents do not reflect negotiated lease discounts or concessions.
Cushman & Wakefield's Class A asking rent for Ybor City is $64 per square foot, up 52.4% over the past year, compared with $46.76 in Westshore and $44.80 in downtown Tampa. Because the figures are advertised asking rents, the effective rent paid after negotiated discounts and concessions is not captured.
The players
Ferguson
Ferguson is a company that signed a 50,570-square-foot lease at Gasworx in Ybor City and expects to move in by April 2027.
Grow Financial Federal Credit Union
Grow Financial Federal Credit Union is a credit union that plans to move its headquarters to 1301 E. Fourth Ave. in Ybor City.
Darryl Shaw
Darryl Shaw is a Tampa developer who, with KETTLER, has leased all of the office space at Gasworx.
KETTLER
KETTLER is a development firm that, with Darryl Shaw, has leased all of the office space at Gasworx.
The details
Ferguson signed a 50,570-square-foot lease at Gasworx in August, accounting for more than 95% of the 53,020 square feet of new office leasing in Ybor City through September. Developers Darryl Shaw and KETTLER have leased all of Gasworx's office space in the six-story East 5th building.
Timeline
August 2026: Ferguson signs its 50,570-square-foot lease at Gasworx.
Through September 2026: Ybor City records 53,020 square feet of new office leasing.
December 2026: The six-story East 5th Gasworx office building is expected to be completed.
April 2027: Ferguson expects to move into Gasworx.
Market Dynamics
The Ybor City jump stands out within the Cushman & Wakefield quarterly Tampa Bay series, where overall Class A rent growth was 5.3% while one submarket rose far faster. The gap suggests newly delivered trophy-style space can reset a district's rent benchmark well above neighboring submarkets.
Tenants negotiating Class A office space in Ybor City face asking rents now above Westshore and downtown Tampa, so budgeting should account for concessions and build-out allowances. Companies comparing Tampa locations may find lower-cost Class A alternatives in Westshore or downtown.
The takeaway
Asking rents overstate what many tenants ultimately pay, so comparing effective rents after concessions gives a truer picture of Tampa office costs. Evaluating submarkets against that negotiated figure can reveal better value than headline rates alone.
What happens next
Ferguson is expected to move into Gasworx in April 2027, and the East 5th building is slated for completion in December 2026.
Further reading
Explore more Commercial real estate coverage across Tampa to see how new office supply is reshaping local rent markets.
Source note: This article includes information reported by Tampa Bay Business & Wealth.
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