Tampa-St. Petersburg Industrial Market Report

Rent surge spearheaded by a key submarket. Entering the second half of 2024, the metro’s average asking rent had grown by roughly 86 percent in a five-year span, ranking second fastest among major U.S. markets. The cost to lease industrial space has swelled due to several factors including Tampa’s robust population gains as well as interstate connectivity to other fast-growing southeast metros. Rent momentum is most pronounced in East Hillsborough County, which holds the most supply in the market. Here, the mean asking rate has nearly doubled over the past three years and the area claimed below market average vacancy of 5.6 percent in June 2024.