Tampa Florida Industrial Real Estate Activity
At Bounat we work regularly to compile a comprehensive list of the most significant industrial commercial real estate activity, focusing heavily on construction projects and industrial real estate sales taking place each quarter in Tampa, Florida.
Tampa’s industrial market has experienced significant growth over the past few years, marked by brisk leasing activity, historic rates of net absorption, and strong rent growth. Its geographic advantages are apparent, as well. Sitting in the central part of Florida and along the waters of the Gulf of Mexico, Tampa makes for a great transportation hub of goods and materials coming in and out of the country for not only national, but international markets as well.
Below we go over several important statistics of industrial real estate in Tampa, FL.
Tampa Industrial Real Estate Stats and Updates Q1 2024
Industrial construction starts have slowed over the past year compared to previous years in the Tampa area after a big peak in 2021. Three years ago the market was fueled by comparatively strong demand and record low vacancies. More than 12 million square feet of industrial project starts have been recorded since the start of 2021, including over 6 million SF as of Q1 2024.
Industrial rents in Tampa remain on an upward trajectory, rising by over 14% over the last four quarters, as unwavering demand for distribution space fuels rent growth. The average industrial rent as of Q4 2023 is $12.21/SF (from $12.21/SF in 23Q4), up nearly 3.4% since last quarter and up roughly 35% over the past five years.
You can view our commercial properties in Florida to see what real estate assets are available for lease/sale.
Tampa Industrial Projects Under Construction Stats in Q1 2024
Currently there are 33 industrial projects under construction in Tampa with a bit over 6 million square feet being added to the market. These projects represent 3.1% of the total inventory, and 63% of the space being constructed is already leased.
Total Properties Under Construction: 33
Total Square Feet Under Construction: 6.0M
Percent of Inventory Represented: 3.1%
Preleased Property Space: 63.1%
Top 10 Tampa Industrial Projects Under Construction in Q1 2024
1) Target Distribution – I-75 & Pasco Rd
Rating: 4*
Building SF: 1,383,296
Stories: 1
Start: March 2023
Complete: May 2024
Developer: NorthPoint Development
Owner: NorthPoint Development
2) Coca-Cola Distribution – US 301 & Lee Roy Selmon
Rating: 4*
Building SF: 1,213,587
Stories: 1
Start: May 2023
Complete: February 2025
Developer: –
Owner: The Coca-Cola Company
3) Building III – Henderson Way
Rating: 4*
Building SF: 533,347
Stories: 1
Start: May 2023
Complete: July 2024
Developer: Not Listed
Owner: Not Listed
4) Building E2 – 475 Charlie Taylor Rd
Rating: 5*
Building SF: 517,000
Stories: 1
Start: March 2024
Complete: January 2025
Developer: The Sudler Companies
Owner: The Sudler Companies
5) Building 200 – 1540 N Frontage Rd
Rating: 4*
Building SF: 247,520
Stories: 1
Start: March 2024
Complete: December 2024
Developer: Not Listed
Owner: Clarion Partners
5) Building 100 – 1540 N Frontage Rd
Rating: 4*
Building SF: 218,960
Stories: 1
Start: March 2024
Complete: December 2024
Developer: Not Listed
Owner: Clarion Partners
7) Baytop Commerce Center – 13209 Memorial Hwy
Rating: 4*
Building SF: 172,620
Stories: 1
Start: June 2023
Complete: June 2024
Developer: Johnson Development Associates
Owner: Johnson Development Associates
8) Tampa Regional Industrial Center
Rating: 4*
Building SF: 160,000
Stories: 1
Start: January 2023
Complete: December 2024
Developer: Not Listed
Owner: Not Listed
8) Tampa Regional Industrial Center
Rating: 4*
Building SF: 138,380
Stories: 1
Start: January 2024
Complete: December 2024
Developer: Not Listed
Owner: Not Listed
10) Building 1 East Site – 10608 Tanner Rd
Rating: 4*
Building SF: 122,320
Stories: 1
Start: April 2024
Complete: November 2024
Developer: Not Listed
Owner: Not Listed
Tampa Industrial Real Estate Stats and Top 5 Industrial Property Sales Q1 2024
The total sales comparables that took place over the last 12 months is 381 industrial properties. The average cap rate for industrial real estate properties sold in Tampa is currently 6.7% with an average price / square foot of $136. Average vacancy at the time of these sales is 7.0%.
Sales Comparables: 381
Average Cap Rate: 6.7%
Average Price/ SF: $136
Average Vacancy at Sale: 7.0%
Tampa Industrial Real Estate Top Property Sales Q1 2024
1) Property: Seaboard Tampa Terminal
*Rating: 3
Year Built: 1987
Building SF: 434,034
Vacancy: 0%
Price (PSF): $49,200,000 ($113)
Cap Rate: Not Listed
2) Property: TIA Logistics Center – 6290 Hoover Blvd
*Rating: 5
Year Built: 2023
Building SF: 245,000
Vacancy: 0%
Price (PSF): $48,950,000 ($200)
Cap Rate: Not Listed
3) Property: 301 Logistics – 1220 N US Hwy 301
*Rating: 3
Year Built: 1972
Building SF: 390,711
Vacancy: 0%
Price (PSF): $46,000,000 ($118)
Cap Rate: Not Listed
4) Property: Tampa Airport Logisitics – 5416 Sligh
*Rating: 4
Year Built: 2022
Building SF: 185,298
Vacancy: 0%
Price (PSF): $36,374,404 ($196)
Cap Rate: Not Listed
5) Property: 8660 133rd Ave N
*Rating: 4
Year Built: 2023
Building SF: 160,000
Vacancy: 100%
Price (PSF): $29,600,000 ($185)
Cap Rate: Not Listed
*Rating is 1-5, 5 being the best
Take a look at our featured commercial real estate properties in Central Florida, or contact the Bounat team to start your own property search for commercial real estate space in the region.
* Data is courtesy of CoStar Group Inc.