Tampa-St. Petersburg Industrial Market Report
Tampa's Broad Industrial Infrastructure Underpins Leasing Activity and Long-Term Investor Confidence
Demand surge stimulates historic supply wave. Robust population gains job creation and the exponential growth of e-commerce have combined to fuel a strong retail sales environment in the Tampa metro that has bolstered industrial firms' storage needs. Over the past year online retailers logistics companies and suppliers absorbed 6.5 million square feet of space slicing 200 basis points off the market's vacancy rate. Although the recent spike in demand has prompted a record supply wave that will likely place upward pressure on availability in the short run the metro is poised for long-term success moving forward. Tampa's key positioning near the largest seaport in Florida three interstate highways two international airports and the CSX terminal in Winter Haven grants the metro access to other major markets within the state. Additionally cargo volumes at the Port of Tampa are expected to remain elevated throughout this year further strengthening the need for nearby warehouse space.