Five Fast Industrial Facts Tampa

Josh Faircloth • 7/31/2023

Read our Five Fast Facts for more insight into the key trends that impacted the Tampa Bay industrial market during the second quarter.

W/D VACANCY DROPPED
W/D product recorded a 110-BP decline QOQ in overall vacancy to 4.7%, the lowest rate since Q4 2018.
MOVE-INS SURPASSED 1.0 MSF FOR 3^RD CONSECUTIVE QUARTER
Tampa Bay ranked No. 2 in the nation for absorption as a share of inventory after recording over 2.7 MSF of positive absorption through Q2.
W/D DEMAND OUTPACED SUPPLY
Over 643,000 SF of W/D product delivered 100% leased during Q2, including TIA Logistics Center and Tampa Commerce Center Buildings 100 & 400, showing demand for new product remained strong in a tight market.
RENTS ASCENDED TO NEW HEIGHTS
Overall rents rose 13.6% YOY to $9.04 PSF NNN, the first time eclipsing the $9.00 PSF mark. W/D assets also broke record highs, ending Q2 at $8.14 PSF NNN.
FUTURE PIPELINE REMAINED STRONG
There was over 2.7 MSF of new product under construction at the close of Q2, of which 44.9% was pre-leased.

2Q23-Tampa-IND-FFF

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