Tampa-St. Petersburg Industrial Market Report
Port Activity, Population Growth Boost Demand;
Development Focused in East Metro
Residential gains generate the need for storage space. Population expansion that is typically double the U.S. level will bring more than 20,000 residents to the metro during 2021. The added residents will boost the need for goods, including a rise in e-commerce activity. The increase will support demand for warehouses smaller than 50,000 square feet, with several set for delivery throughout the metro this year. At the other end of the size spectrum, the Port of Tampa Bay and nearby Port Manatee underpin demand for large logistics space. More than 40 million tons of cargo pass through the two ports annually and both are expanding their container facilities, which will likely amplify the need for additional industrial inventory in the coming years.