Tampa industrial real estate market reports

Q3 2021

Tampa’s supply chain is solid, industrial leasing fundamentals are strong, and the development of new larger-scale bulk distribution and warehouse projects continues along the I-4 corridor, with a concentration in the Plant City area of East Hillsborough County. Net absorption remains on pace to exceed the previous high in 2018.

4.5%

Economic conditions

Tampa’s current unemployment rate, which is holding steady over Q2 and remains down 930 basis points from the height of the pandemic.

77%

Recovery rate

The percentage of jobs the state of Florida had recovered during the pandemic as of August 2021, totaling 974,000 in number.

65.9%

Industrial demand

The amount of leasing activity recorded so far during 2021 compared to all leasing volume during 2020, with further growth expected through year-end. The largest lease transaction during Q3 2021 was Gopher Resource’s deal for 206,382 sf in the East Side submarket.

7.8M

Industrial supply

The total amount of square footage currently under construction in the Tampa metro area.

2.7%

Pricing trends

The increase in asking rents since the start of the pandemic, which have generally remained on an upward trajectory over the last decade. Strong leasing and development activity in key areas is keeping steady upward pressure on rents.

$1.4B

Capital markets

Total industrial investment volume in Tampa for the year-to-date through September 2021. The sale of University Park at Bridgewater in Lakeland to AEW Capital Management was the largest investment transaction during Q3. The 713,343-sf bulk distribution center was acquired from Crow Holdings for $100.8 million, or $141 per sf.

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Stay on top of current trends affecting the industrial real estate sector in Tampa. Gain an overall better understanding of Tampa's industrial real estate market conditions, so you can better formulate strategies to overcome any obstacle and know how to best invest in industrial real estate in Tampa.

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