Tampa industrial real estate market reports

Q4 2023

In the fourth quarter, Tampa's unemployment rate fell to 3.1%, 10 basis points lower than the previous quarter. Nonfarm employment increased by 1.9% year over year, with a notable 3.1% increase in the manufacturing sector and a 2.1% increase in the construction sector.

516k sf

Net absorption

Net absorption remained positive to wrap up 2023, with just over 516,000 square feet of positive net absorption in the fourth quarter.

3.3 msf

Under construction

At the end of 2023, there was a little over 3.3 million square feet under construction, with 68% concentrated in Hillsborough County.

22.1%

Increase in asking rates

Asking rates continue to surge, increasing 22.1% year over year to $8.79 per square foot NNN.

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