Tampa Industrial Market Improving

TAMPA, FL-The curve on the vacancy chart for Tampa’s 148 million sf of industrial space is slowly heading downward, even as net absorption remains in the negative column and rental rates remain flat, according to a new market analysis by the regional office of Grubb & Ellis Co.

Vacancies are averaging 8.4%, down from 8.9% in 3Q 2002 and 9.2% in 1Q and 2Q 2002. Total net absorption for last year, however, was a negative 702,723 sf; in 4Q, a negative 430,291 sf.

Average asking rents in the 132.6 million-sf warehouse/distribution sector are $4.51 per sf; and $6.79 per sf in the 15.4 -million-sf R&D Flex category.