MIAMI—Early this week in Florida saw strong numbers coming out of the Tampa-Saint Pete region. Overall, there was strong activity across the Central Florida region.
BY THE NUMBERS
TAMPA, FL—Growth in logistics and e-commerce firms is generating demand for warehouse and distribution space across Tampa-Saint Petersburg. A budding population and Florida's largest port influence more industrial firms to expand operations within the metro. This year, FedEx will occupy a new center in Saint Petersburg, following recent expansion by Walmart. The arrival of two Post-Panamax cranes at Port Tampa Bay will bolster the facility's container ship operations, heightening interest for nearby space. Encouraged by vacancy falling below 5 percent, developers are scheduled to bring more speculative space online. Tampa's East End and the Interstate 4 corridor in general will receive speculative warehouses and distribution centers in 2017. Overall absorption will outpace construction activity this year, compressing vacancy to a historically low level, pushing rents higher. (Source: Marcus & Millchap)
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