Low Vacancy Rate Hampers Tampa Industrial Leasing Activity
Date Published: 07/24
A large industrial deal in the Tampa Bay region is 30,000 SF and above. This time last year there were five spaces above 100,000 SF available within 5 miles of each other. There are now none. Rick Narkiewicz represented Snyders-Lance which leased the last large space available for immediate occupancy. Aside from old metal buildings, the largest space available is now only 21,000 SF and there is virtually nothing available for sale. The brokerage community is doing the "doggie paddle" until new product comes online later this year.
The largest building under construction (pictured left) is the 168,000 SF rear load facility located about 2 miles from interstate 75. The building has 30 ft. clear height, a high parking ration and ESFR fire suppression. Ironically, Rick Narkiewicz was hired to represent the developer. They are reporting strong demand and expect to have the building pre-leased. Narkiewicz's team has recently won other notable assignments as well. Click to view his profile on LikedIn.
Tampa Bay's industrial market's dilemma isn't unlike other markets. 75% of leading brokers polled said they are having trouble securing space for their clients due to the scarcity in the market. However, everyone agrees this is much better than the opposite-an over built market with no demand.
10/21 Leased Today-48,000 SF
05/31 45,000 SF Warehouse Sold