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Tampa Industrial Figures - Q2 2023

July 11, 2023 5 Minute Read

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  • Market vacancy fell 40 basis points to 3.7% this quarter as large, anticipated move-ins drove this metric to its lowest level since the Great Recession.
  • For the second consecutive quarter over 1 million square feet broke ground. However, developers have begun shifting to projects targeting the small to mid sized tenant, with all 11 buildings starting work having footprints smaller than 175,000 square feet.
  • Annual rent growth continues to post double digits, increasing 11.2% year over year. For the first time, average market wide rates have broken the $9.00/SF NNN barrier.