MARKET TRENDS

• Tampa Bay’s industrial vacancy rate reached 9.3%, up 90 basis points year over year. However, for the first time since mid-2023, the vacancy rate did not increase quarter over quarter.
• Despite the influx of new inventory and the increase in vacancy, asking rental rates remained stable at $9.05 compared to $9.02 a year ago.
• The region has 7.3 million square feet (msf) under construction, the majority of which is in the highly sought-after Polk County and East Side/University markets.

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