Tampa industrial real estate market reports

Q1 2025

Tampa industrial commercial real estate report

Tampa’s industrial market is entering a new phase of opportunity as it transitions from peak development to targeted growth. While vacancy rose to 6.9% in the first quarter, it reflects a healthy pipeline delivering space to meet evolving tenant needs. Small bay product remains exceptionally tight at 3.2%, underscoring sustained demand for infill last-mile locations. With construction starts at decade lows and rents continuing to rise, Tampa is well-positioned for a more disciplined, demand-driven expansion cycle ahead.

1.6 msf

Deliveries

Tampa’s construction pipeline delivered 1.6 million square feet in Q1 2025nearly three times the 593,523 square feet completed in Q4 2024.

$9.62 psf

Asking rents

Asking rents have increased year over year by approximately 3.6% from $9.29 psf NNN in Q1 2024.
6.9%

Vacancy rate

The vacancy rate increased by 90 basis points from Q4 2024, reflecting growing supply from ongoing development, creating new opportunities for tenants.

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