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 2025
The Tampa Industrial market continues to outperform many major U.S. metros. However, the recent development wave, slowdown in large leases, and tenant move-outs from older buildings have pushed the vacancy rate to an eight-year high, impacting the magnitude at which owners can raise rents.
Tampa’s industrial vacancy rate has increased by 100 basis points from this time last year to 6.5%. This increase continues a three-year trend of supply outpacing demand, with vacancies rising from a record low of 3.6% in 2021.
Like many markets across the country, industrial absorption has been muted so far this year. While 2.0 million SF was absorbed over the trailing 12-month period, essentially all of that occurred in the later months of 2024. Absorption has been flat throughout 2025 as limited large move-ins have done little to offset move-outs by tenants from older buildings.
Tampa historically was not a big-box leasing market, with most leases under 50,000 SF. That changed starting in 2020 as the demand for large-scale distribution accelerated. Now, that sector of the market has cooled. Overall, five new leases for over 100,000 SF have been signed year to date, on par with 2024 figures but down from nine executed in both 2022 and 2023.
The lack of larger deals, especially in the form of build-to-suits, has dampened the market’s leasing activity and absorption over the past few years. Tampa went on an multi-year run of landing 1-million-SF+ BTSs with Target, Lowe’s, and City Furniture. Now the largest build- to-suit is a 400,000-SF facility for Baudocco Foods in Pasco County.
Developers are adjusting to the changing market conditions, with only 2.4 million SF currently under construction, a 60% decline from last year. Market participants have indicated that some of this slowdown is also due to the lack of land in the core Tampa submarkets of East Side and Westshore/Airport. In fact, industrial developers have been purchasing office complexes in these highly desirable industrial areas as traditional land positions are few and far between.
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 2025
Tampa Industrial Projects Under Construction Stats in Q2 2025
Tampa’s construction pipeline is shifting back to historic norms as the number of build-to-suits fades. As the market enters 2025, less than 750,000 SF of the market’s 3.0 million SF currently under construction is being built to suit.
- Total Properties Under Construction: 19
- Total Square Feet Under Construction: 2.44M
- Percent of Inventory Represented: 1.2%
- Preleased Property Space: 22.6%
Top 10 Tampa Industrial Projects Under Construction in Q2 2025
1) Bauducco Foods – Chancey Rd
Rating: 4*
Building SF: 400,000
Stories: 1
Start: March 2025
Complete: July 2026
Developer: – Bauducco Foods, Inc
Owner: Bauducco Foods, Inc
2) Building B – 10860 Tradeway Blvd
Rating: 4*
Building SF: 202,430
Stories: 1
Start: Nov 2024
Complete: Nov 2025
Developer: Columnar Investments
Owner: Not Listed
3) Building 8 – 4132 Rice Rd
Rating: 4*
Building SF: 162,470
Stories: 1
Start: Nov 2024
Complete: Oct 2025
Developer: Not Listed
Owner: Central Florida Development
4) Building 3 West Side – 10407 Tanner Rd
Rating: 4*
Building SF: 156,495
Stories: 1
Start: August 2024
Complete: August 2025
Developer: Not Listed
Owner: EastGroup Properties, Inc.
5) Building C – 10698 Tradeway Blvd
Rating: 4*
Building SF: 155,661
Stories: 1
Start: Nov 2024
Complete: Aug 2025
Developer: Columnar Investments
Owner: Columnar Investments
6) South Tampa Trade Center – 4130 W Gandy Blvd
Rating: 4*
Building SF: 139,874
Stories: 1
Start: April 2025
Complete: Feb 2026
Developer: Miller Construction Company
Owner: LBA Realty
7) South Tampa Trade Center – 4130 W Gandy Blvd
Rating: 4*
Building SF: 139,864
Stories: 1
Start: April 2025
Complete: Feb 2025
Developer: Miller Construction Company
Owner: LBA Realty
8) Park 52 Logistics – 11600 Trade Park Way
Rating: 4*
Building SF: 130,148
Stories: 1
Start: August 2025
Complete: Aug 2026
Developer: McCraney Property Company
Owner: Morin Development Group
9) Airport Logistics Center – 4908 W Linebaugh Ave
Rating: 3*
Building SF: 125,400
Stories: 1
Start: July 2025
Complete: Dec 2025
Developer: Not Listed
Owner: Wrr of Marion County LLC
10) Tampa Logistics Center – 1751 Suddath Park St
Rating: 4*
Building SF: 125,052
Stories: 1
Start: Nov 2024
Complete: Oct 2025
Developer: Miller Construction Company
Owner: LBA Realty
Tampa Industrial Real Estate Stats and Top 5 Industrial Property Sales Q2 2025
The Tampa industrial market has surpassed $150 million in quarterly sales volume for seven consecutive quarters. While current levels are well below what the market recorded in 2021 and 2022, it is far above pre-pandemic norms. The trailing 12-month sales volume is $880 million.
- Sales Comparables: 394
- Average Cap Rate: 7.3%
- Average Price/ SF: $134
- Average Vacancy at Sale: 6.2%
Tampa Industrial Real Estate Top Property Sales Past 12 Months
1) Peak Logistics Center I – 3501-3661 Fancy Farms Rd
Rating: 5*
Year Built: 2022
Building SF: 299,439
Vacancy: 0%
Price (PSF): $41,100,000 ($137)
Cap Rate: Not Listed
2) 10950 Belcher Rd S
Rating: 3*
Year Built: 1986
Building SF: 176,765
Vacancy: 0%
Price (PSF): $22,700,000 ($128)
Cap Rate: Not Listed
3) NVGTN Headquarters – 1990 Corporate Center Dr
Rating: 4*
Year Built: 2024
Building SF: 100,000
Vacancy: 0%
Price (PSF): $22,500,000 ($225)
Cap Rate: Not Listed
4) Crossroads Commerce – 10889 Crossroads Commerce
Rating: 4*
Year Built: 2017
Building SF: 113,729
Vacancy: 0%
Price (PSF): $22,100,000($194)
Cap Rate: Not Listed
5) 3401 Queen Palm Dr
Rating: 3*
Year Built: 2000
Building SF: 157,410
Vacancy: 0%
Price (PSF): $20,635,713 ($131)
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.