MIAMI—Although the market is finally experiencing a fair amount new speculative development, Trey Carswell, principal at Avison Young, tells GlobeSt.com most of this industrial focus appears to be on larger tenants. By larger he means 200,000 square feet or more.

“Many of the small to mid-size users are forced to find options within existing product, which is becoming quite scarce,” Carswell says. “Although we are definitely seeing rent growth and reduced landlord concessions, the average market rent growth is still somewhat constricted by the absorption of older product which can be weighing down some of the numbers.”

E-commerce, building construction, and consumer products continue to be driving forces for Tampa Bay's industrial market, according to Lisa Ross, a senior vice president at Avison Young. Online retailers are absorbing more space, she says, whether it be directly or via their logistics partners, and we don't see this trend subsiding any time soon.