Navigating Lakeland/Polk County's route to industrial stability in the Tampa MSA

At the end of 2024, the Lakeland/Polk County industrial market’s vacancy sat at 7.6%—one of the highest rates in the Tampa MSA.
In the five years before the pandemic, Lakeland/Polk County averaged 1.25 million square feet (msf) of net absorption annually. If that pace continues, vacancy could drop to 4% by 2026. A slower 1 msf per year would push that to 2027, while a more modest 750,000 sf per year would keep vacancy elevated until 2028.
With Lakeland/Polk County’s strategic location, developers and lenders should factor these absorption trends into project timelines and investment decisions.

February 20, 2025

US-FL-TPA Tampa