.Year-to-date, both direct and sublease space have expanded, pushing Tampa’s overall vacancy rate to 7.1 percent—up from 5.0 percent at this year’s start.
New construction boosted Tampa’s industrial inventory by just over 800,000 square feet in the first half, with 60 percent of this space committed on delivery.
It now appears that the climb of Tampa’s industrial rents peaked in the final quarter of 2007 at $7.66 per square foot. The average asking rate for industrial space in Tampa has since receded to the $6.66 mark this period.
However, the longer term prospects for Tampa’s industrial market show definite signs for optimism.
According to a mid-year 2008 review by Real Capital Analytics (RCA), the sale prices of Tampa’s industrial properties are stacking up well against other markets in the Southeast region.