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 Q2 2024

Those recent move-outs pushed Tampa’s industrial vacancy to 5.6%, an increase of more than 150 basis points year over year. However, the rise in Tampa’s industrial vacancy rate is not a recent trend. Supply and demand have been out of balance since the end of 2021, and vacancy has been on an upward trajectory for the past six quarters.

Despite the recent increase in overall vacancy, Tampa maintains one of the lowest vacancy rates in the country for buildings under 50,000 SF and over 200,000 SF, especially in the southeast. Buildings under 50,000 SF have a vacancy rate of just 3%, with submarkets like Westshore/Airport and North Pinellas having vacancy rates of around 2.5%. Tampa’s industrial vacancy rate for buildings over 200,000 SF is 9.5%, well below Orlando’s 12.5%.

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 Q2 2024

Currently there are 26 industrial projects under construction in Tampa with a bit over 5.5 million square feet being added to the market. These projects represent 2.8% of the total inventory, and 66.6% of the space being constructed is already leased.

Top 10 Tampa Industrial Projects Under Construction in Q2 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 (6020 Powell Rd)
Rating: 4*
Building SF: 160,000
Stories: 1
Start: January 2023
Complete: December 2024
Developer: Not Listed
Owner: Not Listed

8) Building H (2795 Grand Ave)
Rating: 4*
Building SF: 146,539
Stories: 1
Start: May 2024
Complete: February 2025
Developer: Greystar Construction & Development
Owner: Greystar Real Estate Partners

10) Tampa Regional Industrial Center (6508 Powell Rd)
Rating: 4*
Building SF: 138,380
Stories: 1
Start: January 2024
Complete: December 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.