Tampa industrial real estate market reports
Q4 2022
Tampa’s industrial market fundamentals have remained resilient throughout the economic headwinds. Robust demand has forced direct asking rents to increase by 14% year-over-year. The development pipeline is up 12% year-over-year with 6.1 million square feet (msf) under construction in December. The federal reserve increased interest rates two more times during the fourth quarter, resulting in a 4.25% rise in interest rates throughout 2022.
Net absorption
During the fourth quarter, absorption remained positive and brought the year-end total to 4.9 msf, which was down 43.9% from 2021’s historic record, but still outpaced 2020 and even pre-pandemic levels in 2019.
Leasing volume
The industrial market experienced a 13.4% decline in leasing volume since 2021; however, 2022’s volume was up 15% from 2019 levels.
Deliveries
Robust demand has kept industrial developers busy as 5.7 msf of industrial space delivered in Tampa during 2022 which was down just 3.1% from 2021.
Unemployment
As of November, Tampa’s unemployment rate reached 2.6%, down from 3.1% recorded during the same period in 2021.
Vacancy
The overall vacancy rate remained relatively unchanged throughout the year at 5.3%, increasing by 40 basis points from year-end 2021.
Investment sales
Total investment sales volume for 2022 were down 20.2% from 2021’s historic year, but up 42% from pre-pandemic sales volume.
Your source for the latest Tampa industrial real estate reports
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.
Here, you’ll always find the latest industrial real estate market news so you can stay ahead. Come back often to see expert insights on the current and future of Tampa's industrial real estate market.