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Market Spotlight: Tampa Bay Industrial

( The Tampa-area industrial market has been among the most active along the Gulf Coast for the past five years, driven largely by population influx, changes in distribution protocols and the rise of online shopping.

Although overshadowed by Lakeland and other area in Polk County along the Interstate 4 Corridor because of its centralized location, Tampa’s inventory of logistics properties has grown steadily thanks to so-called “last-mile distribution” of goods directly to consumers.

While the submarket’s industrial submarket — which includes Tampa, St. Petersburg, Brandon and Plant City — could suffer over the balance of 2020 as the full impact of the coronavirus becomes known, the sector also could benefit from heightened consumer demand and deliveries.

By almost every measure, though, through early May of this year the industrial market throughout Tampa Bay was posting record or near-record performances. Sales volume, rent growth, vacancy and deliveries all generated significant growth above historical averages, according to figures compiled by commercial real estate research firm CoStar Group.

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