Tampa industrial real estate market reports

Q3 2022

Tampa’s industrial market fundamentals have remained resilient throughout the economic headwinds. As interest rates continue to rise, the industrial sector may still be the safest place for buyers and a good place for sellers to maximize their value. With the largest amount of inventory to deliver in a single year totaling 7.4 million square feet (msf), developers are still betting on the Tampa Bay market.

7.4 msf

Under construction

The industrial market is on track to smash records for the largest amount of inventory to deliver within a single year at 7.4 msf—an increase of 38% from 2021.

924,937 sf

Net absorption

During the third quarter, net absorption remained positive, totaling 924,937 square feet (sf) and bringing the year-to-date total to 2.7 msf. Currently, there is 3.7 msf under construction that is expected to deliver by the end of the year. A strong positive absorption is expected in the fourth quarter to wrap up the year.

$7.04 psf

Direct asking rent

Demand across the industrial market continues to be at an all-time high, putting pressure on landlords to raise asking rates. Year-over-year asking rates have increased by 20% to $7.04 NNN per square foot (psf) and are not expected to retreat anytime soon.

10.4 msf

Availabilities

Industrial availabilities remain at all-time lows. Occupiers are chasing high-quality warehouse space, leaving very little new inventory available in the market as it delivers.

5.5%

Vacancy

Tampa’s overall vacancy is 5.5% at the end of the third quarter, remaining unchanged from last quarter. As demand continues to outpace supply, vacancy is expected to stay relatively low for the near future. 

$120 psf

Investment sales

Throughout the third quarter, the Federal Reserve increased interest rates twice by 75 basis points each. Industrial sales volume has seen a strong performance with $951 million in transaction volume for the year-to-date, which is the second highest in market history.

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