In terms of overall vacancy, the Tampa industrial market ended the first half of 2019 at 4.9%, up 50 basis points from the vacancy rate posted the same time last year.
Despite the delivery of 9 new buildings during the second quarter, totaling nearly 1.8 million sq. ft., there continues to be a limited supply of Class A space throughout the Tampa market.
Overall asking rents at mid-year 2019 averaged $6.90 per sq. ft. (NNN), up $0.91 per sq. ft., or 15.2%, from the average rent posted at the close of the second quarter of 2018.
Warehouse demand continues to grow with rising e-commerce sales. CBRE and eMarketer estimate that 1.25 million sq. ft. of industrial space will be required for every $1 billion of e-commerce sales. Markets across the U.S. will need to remain diligent across the next ten years in developing modern warehouse space to quench e-commerce demand based upon sales projections through 2029.