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 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 a decade high, impacting the magnitude at which owners can raise rents.
Tampa’s industrial vacancy rate has increased by 1.3% from this time last year to 7.5% as of the first quarter of 2026. This increase continues a multi-year trend of supply outpacing demand, with vacancies rising from a record low of 3.6% in 2021. Absorption has been muted over the trailing 12-month period, with the market recording -280,000 SF of absorption. Much of which is occurring in buildings built before 2015, as the flight to quality has become a major theme in Tampa’s industrial market.
Additionally, the lack of larger leases being executed, along with fewer build-to-suits, has dampened leasing activity and absorption over the past two years. Tampa historically is not a big-box leasing market, with most leases under 50,000 SF. That changed in 2020, as demand for large-scale distribution accelerated. Now, that sector of the market has cooled, with far fewer leases over 100,000 SF executed than at the market’s peak. Tampa went on a multi-year run of landing 1-million-SF+ BTSs with Target, Lowe’s, and City
Furniture. The largest build-to-suit is a 400,000-square-foot facility for Baudocco Foods in Pasco County.
Developers are adjusting to changing market conditions, with only 2.6 million SF currently under construction. 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.
Asking rents have increased 3.1% year-over-year. While still healthy, this is well below the 13% average growth seen from 2021 to 2023. Many tenants, particularly local and regional firms, are pushing back. Those who signed leases before 2020 are now facing sticker shock upon renewal, as rents have climbed roughly 60% over the past five years.
Even though construction activity has cooled, new supply remains a headwind, and vacancies are expected to rise as additional product comes online. Still, Tampa continues to outperform the U.S. and several major industrial markets on both rent growth and vacancy rates, a dynamic expected to persist over the coming 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 Q4 2025
Tampa Industrial Projects Under Construction Stats in Q4 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: 31
- Total Square Feet Under Construction: 2.6M
- Percent of Inventory Represented: 1.3%
- Preleased Property Space: 33.9%
Top 10 Tampa Industrial Projects Under Construction in Q4 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 2 West Site – 10411 US 92
Rating: 4*
Building SF: 202,540
Stories: 1
Start: Sep 2025
Complete: Nov 2026
Developer: EastGroup Properties, Inc.
Owner: Not Listed
3) Causeway Logistics – 3602 Causeway Blvd
Rating: 4*
Building SF: 143,100
Stories: 1
Start: Nov 2025
Complete: May 2027
Developer: Scannell Properties
Owner: Morin Development Group
4) 8333 Bryan Dairy Rd
Rating: 4*
Building SF: 140,400
Stories: 1
Start: Sep 2025
Complete: June 2026
Developer: Not Listen
Owner: Harrod Properties
5) 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
6) South Tampa Trade Center – 4130 W Gandy Blvd
Rating: 4*
Building SF: 139,864
Stories: 1
Start: April 2025
Complete: Feb 2026
Developer: Miller Construction Company
Owner: LBA Realty
7) 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: Zippy Shell
8) South Tampa Trade Center – 4130 W Gandy Blvd
Rating: 4*
Building SF: 125,052
Stories: 1
Start: April 2025
Complete: Feb 2026
Developer: Miller Construction Company
Owner: LBA Realty
9) Bldg C – 2580 Grand Ave
Rating: 3*
Building SF: 125,400
Stories: 1
Start: May 2025
Complete: April 2026
Developer: Greystar Real Estate Partners
Owner: Greystar Real Estate Partners
10) Bldg C – 2590 Grand Ave
Rating: 3*
Building SF: 125,400
Stories: 1
Start: Oct 2025
Complete: Oct 2026
Developer: Greystar Real Estate Partners
Owner: Greystar Real Estate Partners
Tampa Industrial Real Estate Stats and Top 5 Industrial Property Sales Q4 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: 453
- Average Cap Rate: 6.8%
- Average Price/ SF: $153
- Average Vacancy at Sale: 9.1%
Tampa Industrial Real Estate Top Property Sales Past 12 Months
1) Mango I-4 Logistics Center – 6337 Mango Rd
Rating: 5*
Year Built: 2022
Building SF: 302,940
Vacancy: 27.6%
Price (PSF): $56,200,000 ($186)
Cap Rate: Not Listed
2) Airport Logistics Center – 4908 W Linebaugh Ave
Rating: 3*
Year Built: 2025
Building SF: 125,400
Vacancy: 39.9%
Price (PSF): $27,189,400 ($217)
Cap Rate: Not Listed
3) 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
4) 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
5) 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
*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.