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Tampa Bay Q1 2026 Industrial Market Report

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MARKET TRENDS

  • Tampa Bay’s industrial vacancy rate continues to climb, rising 90 basis points year over year from 8.2% to 9.1%, marking the tenth consecutive quarter of vacancy increases.
  • Corresponding with the uptick in vacancy, net absorption in Tampa Bay has been well below the 5-year quarterly average since mid-2023, dropping 18.1% year over year.
  • With 5.2 million square feet (msf) under construction and set to deliver in the coming quarters, market conditions are likely to continue softening in the near term.

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