Tampabay / June 20, 2022
Tampa Bay Industrial Market | Q1 2022
With the end of Q2 2022 coming up at the end of the month, let’s reflect on the strong start the Tampa Industrial Market had in the first quarter. Overall vacancy ended Q1 at 4.3%, down 280 bps YOY and the lowest rate since 2007. Hillsborough County saw overall vacancy drop 240 bps over the past twelve months, as every submarket had a YOY decrease in vacancy.
- Industrial Supply
- – Vacancy Rate |4.3% – Down 280 bps YOY
- – New Construction | 262,000 SF delivered in Q1
- – New Product Under Construction | 5.6 million SF – Region All-Time High
- Industrial Demand
- – Industrial Leasing Activity | 2.9 msf – 99% Increase YOY
- — Warehouse/Distribution accounted for 84% of leasing activity
- – Overall Absorption | 762,000 SF
- Market Pricing
- – Asking Rent, PSF | $7.94 psf triple net – a 6% increase from Q1 2022
- Economic Indicators
- – Tampa Unemployment Rate | 2.5 %
- – Industrial-Using Employment | Highest Annual Growth in the State
- — Trade, Transportation & Utilities | 16,000 new jobs
- — Construction | 1,500 new jobs
- — Manufacturing | 3,800 new jobs
Download the full report here
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