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Troubled Times for Tampa Bay Industrial

TAMPA, FL-Smithfield's pending plant shutdown marks the latest hit to the struggling sector.

By Carl Cronan | Updated on February 19, 2009

(Carl Cronan is editor of Real Estate Florida.)

TAMPA, FL-The Tampa Bay industrial market used to be strong enough to absorb 1.5 million square feet every year. Now the trend has turned opposite, with more than 2 million square feet of negative absorption in 2008 and more space expected to return to market as this year rolls forward.

“We weren’t used to the numbers going into a downward trend,” observes Brian Rettig, first vice president with CB Richard Ellis in Tampa. Even though there remains demand for warehouse and similar space locally, the pipeline of interest by prospective tenants across the country has slowed considerably by economic conditions, he says.

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