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.
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.
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.
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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