Tampa’s industrial market is cooling after years of strong performance. The vacancy rate is above the 10-year average of 4.9%, and rent increases are returning to pre-pandemic levels. Although supply has recently exceeded demand, the focus on build-to-suit developments should stabilize the vacancy rate. 

While the office market today largely contrasts what it was pre-COVID, Tenants are returning to in-person work, mainly in Class A spaces. Demand is stronger in Westshore and Downtown, where high-quality buildings attract new tenants and relocations. Westshore saw significant activity with CAE USA’s new 290,000-square-foot headquarters. Over the past year, Tampa recorded 340,000 square feet of absorption, largely driven by these areas.