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 Q3 2024

Tampa’s industrial vacancy rate has reached its highest level in eight years, and the market recorded over one million square feet of negative absorption in the second quarter. These topline statistics are caused mainly by a few outlier tenant move-outs. Though the market does face some headwinds, the industrial fundamentals of the Tampa market are still strong.

The second quarter of 2024 was the first quarter this decade that the Tampa industrial market recorded significant negative absorption with roughly -1.2 million square feet. A few tenants make up the bulk of 2024 Q2’s move-outs, and the limited number of 100,000+ SF tenant move-ins exacerbated the issue. Coca-Cola, Wes-Flo, and Breakthru Beverage vacated over 740,000 SF combined in 2024 Q2. In contrast, PolyGlass USA was the only move-in larger than 100,000 SF, occupying 215,000 SF in I-4 Midway Logistics. Much of those move-outs were negated in the third quarter with Target’s completion and occupancy of its new 1.2 million SF warehouse in Pasco County. That, coupled with a few other move-ins, propelled the third quarter absorption rate to the third-best quarter in the past decade, with roughly 1.7 million SF.

Despite the rebound in the third quarter, Tampa’s industrial vacancy rate is up just over 100 basis points from this time last year to 5.6%. 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 until the third quarter, vacancy had been increasing for six consecutive quarters.

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 Q3 2024

Currently there are 24 industrial projects under construction in Tampa with a bit over 4.6 million square feet being added to the market. These projects represent 2.3% of the total inventory, and 46.6% of the space being constructed is already leased.

Top 10 Tampa Industrial Projects Under Construction in Q3 2024

1) 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

2) County Line Crossing – 3017 S County Line Rd
Rating: 4*
Building SF: 535,539
Stories: 1
Start: August 2024
Complete: April 2025
Developer: Robinson Weeks Partners
Owner: Robinson Weeks Partners

3) 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

4) Building 200 – 1540 N Frontage Rd
Rating: 4*
Building SF: 247,328
Stories: 1
Start: March 2024
Complete: January 2025
Developer: Clarion Partners
Owner: Clarion Partners

5) Building 100 – 1530 N Frontage Rd
Rating: 4*
Building SF: 218,780
Stories: 1
Start: March 2024
Complete: January 2025
Developer: Clarion Partners
Owner: Clarion Partners

6) Building B – 10860 Blvd
Rating: 4*
Building SF: 202,430
Stories: 1
Start: November 2024
Complete: July 2025
Developer: Columnar Investments
Owner: Not Listed

7) Building 8 – 4132. Rice Rd
Rating: 3*
Building SF: 162,470
Stories: 1
Start: November 2024
Complete: September 2025
Developer: Not Listed
Owner: Not Listed

8) Clearwater Logistics Center (13140 34th St N)
Rating: 4*
Building SF: 157,305
Stories: 1
Start: August 2024
Complete: March 2025
Developer: Not Listed
Owner: LBA Realty

8) Building C (10698 Ave)
Rating: 4*
Building SF: 155,661
Stories: 1
Start: November 2024
Complete: August 2025
Developer: Columnar Investments
Owner: Columnar Investments

10) Clearwater Logistics Center (13141 34th St N)
Rating: 4*
Building SF: 151,636
Stories: 1
Start: August 2024
Complete: March 2025
Developer: Not Listed
Owner: LBA Realty

 

Tampa Industrial Real Estate Stats and Top 5 Industrial Property Sales Q3 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: 382
Average Cap Rate: 7.4% 
Average Price/ SF: $131
Average Vacancy at Sale: 11.1%

 

Tampa Industrial Real Estate Top Property Sales Q1 2024

1) Property: 6708 Harney Rd
*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: Building 400 – 400 Tampa Commerce Blvd
*Rating: 4
Year Built: 2023
Building SF: 252,109
Vacancy: 0%
Price (PSF): $40,204,102 ($159)
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: Building 100 – 100 Tampa Commerce Blvd
*Rating: 4
Year Built: 2023
Building SF: 146,171
Vacancy: 0%
Price (PSF): $22,819,508 ($156)
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.