• Sign In
  • Create an Account

Dizzy

  • Search
    • Brokers
    • Haves
    • Wants
    • Transactions
    • Marketplace Advertisers
    • Directory
  • Blog
    • tBL Blog
    • How To Blog With Us
    • Blog Contributors
  • Marketplace
  • Advertise
    • Advertise on tBL
    • Marketplace Program
    • Placement Opportunities
  • FAQ
    • tBL FAQs
    • Why theBrokerList?
    • In the News
    • BULK SUBMISSION
    • Buildout Syndication
    • Site Updates
    • Contact Us
    • Feedback

Tampa Bay Industrial Market Update

This post originally appeared on tBL member Pam Pester's blog The Tenant Rep Blog and is republished with permission. Find out how to syndicate your content with theBrokerList.

Share
Tweet
Share
Pin
0 Shares

Summary

Tampa Bay Industrial Update
Vacancy in Tampa Bay’s industrial market decreased for the fifth consecutive quarter to 8.6% with total vacancy beginning to approach pre-recession levels. Overall economic expansion and strong regional job growth played a major role in a healthy Tampa Bay industrial market. Construction, manufacturing and packaging firms all experienced continued expansion as a result of the improving housing market and the recent opening of two Amazon distribution centers in the area.

There are currently 12 tenants in the market seeking space larger than 100,000 square feet with limited options available. This is prompting developers to consider speculative developments.   There are rumors that that an industrial development boasting three million square feet along the I 4 corridor near Davenport will be announced shortly.

There was a noticeable uptick in small user activity as well, which was reflective of the strengthening local economy, increased bank lending for small businesses, and tenant confidence. Buildings smaller than 20,000 square feet were in high demand both for lease and sale.

There are currently 12 tenants in the market seeking space larger than 100,000 square feet with limited options available. Click To Tweet

Employment

Tampa Bay’s economy began 2015 on a strong note gaining 34,500 jobs over the year. As a result of these job gains, the overall unemployment rate for the Tampa Bay metro area dropped to 5.1% in March 2015, down one percentage point from a year ago and 0.4 percentage points lower than the State’s rate of 5.5%.

Tampa Bay leads the south in job creation in a big way, according to a recent report from online job posting service ZipRecruiter. The company’s Hiring Demand Index is based on relative monthly job growth percentage. Tampa Bay scored a +140, double that of second-place Dallas-Fort Worth-Arlington. Jacksonville is sixth on the list and Orlando is tenth.

Tampa Bay’s economy began 2015 on a strong note gaining 34,500 jobs over the year. Click To Tweet

The Numbers

Overall, the average asking rental rates on industrial leases in Tampa Bay increased to $4.33 per square foot from $4.28 the prior quarter. The average asking rental rate for flex space also rose, to $8.03 up from $7.62 per square foot.

Market concessions remained consistent with the previous quarter, with many landlords offering less than one month of free rent per year of the lease (outside of the lease term). In addition, tenant improvement allowances continued to decline.

Jun 27, 2015Pam Pester
4 years ago 1 Comment CRE Market Reports#CRE, Florida, Pam Pester, Tampa Bay244
Pam Pester

I have over 25 years of experience first as a real estate attorney and then as a commercial real estate broker specializing in the representation of tenants, buyers and investors in office, medical and industrial properties in Southwest Florida. I hold the CCIM designation. Follow Pam on Twitter - @PamPesterCCIM or Check out Pam's blog - The Tenant Rep

Top 5 Facts to be Aware of When Buying a HotelTop 10 Marketing Tips for CRE - Tip #7 - Public Relations
  You Might Also Like  
 
NAI Isaac January 2015 Lexington Kentucky
 
Moving Compass Commercial’s Offices
 
GPE Companies’ Growth Prompts Appointment of Brooke Askew-Rossi to Chief People Officer
Comments: 1
  1. theBrokerList
    4 years ago

    Pam thanks for sharing your market knowledge and insight with us pertaining to Tampa. Not all of us are familiar with Tampa, but through your reports it is helping to learn more. Thanks for joining us and welcome!

    ReplyCancel

You must be logged in to post a comment. - Log in

 Advertisers 
 Categories 
  • Best Practices (1,186)
  • Brokerage Life & Leadership (276)
  • Business Trends (322)
  • Commercial Real Estate Is (6)
  • CRE Market Reports (339)
  • CRE Marketing (60)
  • CRE Promotions/Job Changes (46)
  • DNA of #CRE (4)
  • Done Deals (418)
  • Events & Conferences (105)
  • How To Use theBrokerList (91)
  • Marketplace Partners (2,365)
  • Member Blogs (14)
  • Press Releases (212)
  • Shout-Out (1)
  • Sponsored Blog Posts (3)
  • theBrokerList Podcast (1)
  • Top 10+ CRE Blogs (6)
  • Uncategorized (123)
 Company 


Contact Us
Technology Partner Program
Terms of Service
Privacy Policy

Copyright 2019 - theBrokerlist
 Connect 
Become a Member
Subscribe to theBrokerlist Daily
Subscribe to Property Announcements
Submit a Property Have
Submit a Property Want
Submit a Property Transaction
Submit a Blog Post or Feed
 Advertise 
Advertise with theBrokerList
Join the Marketplace
Custom Media Opportunities
Property Promotion Advertising [coming soon]

Heap | Mobile and Web Analytics
2019 © theBrokerList Blog