156,311 Square Foot Warehouse Just Leased
Date Published: 09/04
A 156,311 square foot warehouse located in Tampa, Florida was leased this week to a home building supplier for 10 years. Rick Narkiewicz, First Vice President at CB Richard Ellis represented the landlord in what is being considered the most significant lease of its kind in nearly 5 years. View Rick's profile on LinkedIn
The Class A bulk distribution center (pictured left) is located in the East Tampa submarket. It has 30 ft. minimum clear height in the warehouse space, 38 dock high loading doors, ESFR fire suppression and additional trailer slots.
This lease transaction brings the 385,611 square foot warehouse to 100% occupancy. View detailed specifications for this warehouse.
The East Tampa submarket has experienced healthy leasing activity over a short period of time. A handful of lease transactions have resulted in nearly 400,000 square of bulk distribution space being absorbed over the last 60 days alone. There are several more leases expected to be completed shortly which will push the new warehouse leasing activity close to 600,000 square feet.
Once these warehouses are leased, Tampa's vacancy rate will likely drop below 8 percent and there will only be one or two large blocks of Class A industrial space remaining for lease. This will likely lead to additional speculative construction along the US 301 and Interstate 75 Corridors. Lease rates for new construction are expected to be in the mid $5.00 range for rear load space with a 10 percent office finish. Asking rates for new bulk distribution space are expected to be in the high $4.00 range.
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10/21 Leased Today-48,000 SF
05/31 45,000 SF Warehouse Sold