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 Q4 2023

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 11 million square feet of industrial project starts have been recorded since the start of 2021, including over 5 million SF as of Q4 2023.

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 $10.71/SF in 22Q4), up nearly 20% since the beginning of the pandemic and up roughly 30% 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 Q4 2023

Currently there are 26 industrial projects under construction in Tampa with a bit over 5 million square feet being added to the market. These projects represent 2.6% of the total inventory, and 76.3% of the space being constructed is already leased.

Total Properties Under Construction: 26
Total Square Feet Under Construction: 5.1M
Percent of Inventory Represented: 2.6%
Preleased Property Space: 76.3%

Top 10 Tampa Industrial Projects Under Construction in Q4 2023

1) Target – I-75 & Pasco Rd
Rating: 4*
Building SF: 1,383,296
Stories: 1
Start: March 2023
Complete: February 2024
Developer: NorthPoint Development
Owner: –

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) North Pasco Corporate – 14640 Softwind Ln
Rating: 4*
Building SF: 500,000
Stories: 1
Start: February 2022
Complete: December 2023
Developer: Harrod Properties
Owner: Gary Connors

4) Feeding Tampa Bay – 4000 Causeway Blvd
Rating: 3*
Building SF: 215,000
Stories: 1
Start: March 2023
Complete: February 2024
Developer: Ryan Companies US, Inc
Owner: Feeding America Tampa Bay

5) 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

6) Bldg H – 2795 Grand Ave
Rating: 3*
Building SF: 146,539
Stories: 1
Start: December 2022
Complete: September 2024
Developer: Greystar Construction & Development
Owner: Greystar Real Partners 

7) Building 300 – 300 Tampa Commerce Blvd
Rating: 3*
Building SF: 124,000
Stories: 1
Start: March 2022
Complete: November 2023
Developer: Hines
Owner: Hines

8) Highpoint Commerce Center
Rating: 4*
Building SF: 122,160
Stories: 1
Start: May 2023
Complete: February 2024
Developer: Not Listed
Owner: Carroll Investment Properties

9) Mid-Pinellas Logistics Center
Rating: 4*
Building SF: 110,700
Stories: 1
Start: January 2023
Complete: February 2024
Developer: Johnson Development Associates
Owner: Not Listed

10) 3601 E 3rd
Rating: 4*
Building SF: 108,554
Stories: 1
Start: September 2023
Complete: March 2024
Developer: Mandich Group LLC
Owner: –

 

Tampa Industrial Real Estate Stats and Top 5 Industrial Property Sales Q4 2023

The total sales comparables that took place over the last 12 months is 403 industrial properties. The average cap rate for industrial real estate properties sold in Tampa is currently 6.8% with an average price / square foot of $141. Average vacancy at the time of these sales is 5.8%.

Sales Comparables: 403
Average Cap Rate: 6.8% 
Average Price/ SF: $141
Average Vacancy at Sale: 5.8%

 

Tampa Industrial Real Estate Top Property Sales Q4 2023

1) Property: 6101 45th St N
*Rating: 4
Year Built: 2022
Building SF: 114,334
Vacancy: 0%
Price (PSF): $63,411,900 ($584)
Cap Rate: 4.8%

2) 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

3) 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

4) 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

5) Property: CAE USA – 4908 Tampa West Blvd
*Rating: 3
Year Built: 1979
Building SF: 214,806
Vacancy: 0%
Price (PSF): $22,950,000 ($107)
Cap Rate: 9.5%

*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.