Tampa-St. Petersburg Industrial Market Report

Speculative builds in pipeline amid long-term tailwinds. After a year in which net absorption in Tampa-St. Petersburg lagged new supply, preliminary data from the second quarter of 2025 points to a modest rebound in demand materializing. Nevertheless, upcoming deliveries will have an impact on the metro’s near-term vacancy rate. While total completions in 2025 are projected to move closer to historical norms, over 80 percent of this year’s delivery slate are speculative projects — a notable shift from 2024, when build-to-suits accounted for the bulk of completions. While some of the space added during the second half may struggle to secure tenants over the near term, the outlook for Tampa’s industrial sector remains positive. In-migration is projected to remain strong, supporting tenant demand for distribution and last-mile logistics moving forward. Infrastructure upgrades at Port Tampa Bay — including the new Omniport terminal and deep-water berth — are also set to boost throughput and strengthen industrial demand across the metro’s supply chain.