Key Findings
- Tampa’s industrial vacancy rate has climbed to 7.3%, a decade high, as new supply and tenant moveouts from older buildings outpace absorption.
- Developments cooled to 2.4 million square feet under construction, with build-to-suits now a small share of activity.
- Tampa recorded $1.1 billion in industrial sales volume over the past year, well above pre-2020 averages, supported by strong private buyer activity and consistent quarterly deal flow.
Tampa Industrial Supply & Demand Dynamics
Source: CoStar Group, Inc.
Tampa Demographics
Source: CoStar Group, Inc.
- Unemployment Rate: 3.8%
- Current Population: 3,465,598
- Households: 1,394,157
- Median Household Income: $79,467
Tampa’s population has increased quickly throughout the past five years, making it the second-most populous metro in Florida. Retirees continue moving to the metro, with those over 65 taking over Tampa’s population growth. Industrial operators continue moving to Tampa because of its top-performing fundamentals. As such, City Furniture, Lowe’s, and Target have opened distribution centers greater than 1 million square feet, benefiting from the metro’s performance.
Top Tenant Leases
- Primo Brands
- Actron Engineering, Inc.
- Prime Furniture
- Chadwell Supply
Population, Labor Force, & Income Growth
Source: CoStar Group, Inc.
Tampa Industrial Construction
Tampa’s industrial construction pipeline is normalizing as build-to-suit activity fades. Previously, build-to-suits accounted for more than half of total construction, but they now represent only a small share of the 2.4 million square feet underway. Over the past year, 2.9 million square feet delivered, highlighted by Target’s 1.4 million-square-foot facility in Pasco County and Coca-Cola’s 725,000-square-foot project in East Tampa. Target’s building remains vacant, underscoring leasing challenges for large assets. Roughly 1.2 million square feet under construction falls in the 100,000– to 200,000-square-foot range, with 90% available. Despite fewer groundbreakings, developers remain active as land scarcity pushes interest toward office-to-industrial redevelopment.
SF Construction Starts
Source: CoStar Group, Inc.
SF Under Construction
Source: CoStar Group, Inc.
Tampa Industrial Sales
Tampa’s industrial investment market has remained resilient, posting $1.1 billion in total sales volume over the past year, with 2025 marking the strongest year since 2022. Activity remains well above the $660 million annual average recorded from 2015 to 2019. After a slow start to 2025, several large transactions in the second half of the year lifted momentum, contributing to $391.7 million in Q4 2025. Private buyers led activity, accounting for roughly 50% of total volume, often acquiring assets from institutional owners. While institutional capital has been more selective, it continues to execute some of the market’s largest trades, supporting steady liquidity and long-term investor interest.
Tampa Industrial Sales Volume
Source: CoStar Group, Inc.
By the Numbers
Q4 2025 | Source: CoStar Group, Inc.
- Sales Volume: $392M
- Price Per SF: $156
- Cap Rate: 7.4%
- Vacancy Rate: 7.3%
- Rent Growth: 3.4%
- Asking Rent Per SF: $12.82
- SF Under Construction: 2.4M
- SF Delivered: 681K
- SF Absorbed: 589K
