Engage in Tampa
Animated publication
ENGAGE TAMPA BAY
Q4 2021
ENGAGE TAMPA BAY 2021 Q4
PAGE 2
Tampa Bay MSA Snapshot
The Tampa-St. Petersburg-Clearwater (MSA) on Florida’s West Coast is comprised of Hillsborough, Pinellas, Pasco, and Hernando counties. The region contains the third and fourth largest cities in the state, Tampa and St. Petersburg.
Leading global corporations & small businesses know that TAMPA BAY IS THE PERFECT PLACE TO LOCATE OR GROW BUSINESS.
With over 3.0 million people , Tampa Bay is the third largst MSA in the Southeast.
Hernando
Pasco
Pinellas
Hillsborough
Access to a rich and diverse talent pipeline
Stable pro-business leadership and favorable corporate tax environment
No personal income tax , low cost of living, an an excellent quality of life makes recruiting easy
Non-stop air service to more than 90 domestic and international destinations
35 million consumers within an 8-hour drive
Closest deep-water port to the Panama Canal and post-Panamax ready
Located on the I-4 warehouse, distribution and logistics corridor
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CUSHMAN & WAKEFIELD
Advantage Tampa Bay
LABOR POOL & TALENT
BUSINESS ENVIRONMENT
Tampa is the third fastest growing city in Florida U.S. Census Bureau
$595 million in capital investment, 2,620 jobs created in 2020 TampaEDC.com 64% of the total workforce is white collar and the average household income is $78,400
Best Small Business Cities – Tampa-St. Petersburg – No. 19 Biz2Credit
2nd highest best ranked city in Florida for young professionals Niche 2020 Pro-Business local and state government officials
20–25 year olds comprise 25% of total population and is expected to grow by another 10% in five years Alteryx, 2021
#6 most cost-friendly U.S. Business location Tampa EDC
Millenial Matter, TampaEDC.com
AFFORDABILITY & HOUSING
WORK/LIFE BALANCE
Tampa has the lowest housing cost among Florida major metros TampaEDC.com
Tampa’s cost of living ranks below the national average by 9% as of year-end 2020 TampaEDC.com The cost-of-living in Tampa Bay is half that of San Francisco or Manhattan Tampa Bay Technology Forum | tbtf.org
361 Days of Sunshine each Year
35 Miles of Beaches; St Pete beaches consistently voted best beach in the country
World class fishing/boating
Favorable Tax Climate; no state or local personal income tax, low property taxes compared to northern states
Professional Sporting Events Including The Lighting, Rays & Buccaneers
Tampa is a Top Beer City in America TampaEDC.com
ENGAGE TAMPA BAY 2021 Q4
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Economic Diversity
FINANCIAL & PROFESSIONAL SERVICES National firms in banking, finance and insur- ance helped employment grow by 14% in the last 5 years.
LIFE SCIENCES & HEALTHCARE
Tampa Bay has gained global recognition as a growing hub for the life sciences industry.
DEFENSE & SECURITY $14 billion in economic impact and one of the largest veteran workforces in the nation.
MANUFACTURING The region has the second largest base of manufacturing employment in Florida.
DISTRIBUTION & LOGISTICS More than nearly 35 million consumers live within an 8-hour drive of Tampa Bay.
HIGHER EDUCATION Tampa Bay is home to nearly 80 colleges, universities and tech schools.
THE DYNAMIC WORKFORCE
INFORMATION TECHNOLOGY
IN TAMPA BAY AS WELL AS STRONG PIPELINE OF TALENT OUT OF FLORIDA’S UNIVERSITIES PROVIDE COMPANIES IN THE REGION WITH THE RESOURCES NEEDED TO EXPAND.
Ranked by CompTIA as a top city for tech jobs, creating more tech jobs here than other major cities in Florida.
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CUSHMAN & WAKEFIELD
Economic Drivers
Tourism
Global Headquarters
International Airports
Ports
MacDill Air Force Base
Professional Sports
Higher Education
ENGAGE TAMPA BAY 2021 Q4
PAGE 6
Transportation
TAMPA INTERNATIONAL AIRPORT EXPANSION $2 BILLION MASTER PLAN
PHASE 3 Construction of new Airside D with 16 gates for both domestic and international flights Pushed back due to COVID-19 pandemic
PHASE 2 SkyCenter One 270,000 sf Class A Office Delivered April 2021 16 Express Curbside Lanes For Passengers Without Checked Bags First airport in the nation to launch this feature
2
INTERNATIONAL AIRPORTS
PHASE 1 Decongest curbsides, roads and main terminal Completed in 2018
25M PASSENGERS PER YEAR (APPROX.)
BRIGHTLINE HOPES TO LAUNCH A 320-MILE, HIGH-SPEED PASSENGER TRAIN STRETCHING FROM TAMPA TO ORLANDO TO MIAMI BY 2028.
2
3
INTERSTATES
TOLL ROADS
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CUSHMAN & WAKEFIELD
Tourism Dynamics
4 PROFESSIONAL SPORTS TEAMS
54,000 JOBS CREATED FROM TOURISM
>30 MILLION ANNUAL VISITORS, WITH AN ECONOMIC IMPACT OVER $16 BILLION
6.2 MILLION HOTEL NIGHTS SOLD PER YEAR
Tampa Bay Buccaneers 2021 Super Bowl Champion
Tampa Bay Lightning 2020 & 2021 Stanley CupWinner
Tampa Bay Rays
Tampa Bay Rowdies
Outdoor Activities
5 MILLION VISITORS PER YEAR
Golfing
15 BEACHES INCLUDING ST. PETE BEACH, TRIP ADVISOR’S #1 RANKED BEACH IN THE U.S.
Fishing
Boating
ENGAGE TAMPA BAY 2021 Q4
PAGE 8
Education Fundamentals
75% OF THE GRADUATES AT LOCAL POST- SECONDARY INSTITUTIONS END UP STAYING IN FLORIDA
NEARLY 80 LOCAL COLLEGES AND HIGHER EDUCATION INSTITUTIONS ARE PREPARING GRADUATES WITH THE SKILLS OUR LOCAL JOB MARKET DEMANDS
TOP COLLEGES By Enrollment 2020
University of South Florida 51,000 Hillsborough Community College 29,000 St. Petersburg College 25,000 Polk State College 15,400 Pasco-Hernando State College 10,300 Saint Leo University 9,600 University of Tampa 4,200 Keiser University 4,200 Southeastern University 3,900 Florida Southern College 3,400
A MAJORITY WITHIN THE TAMPA BAY REGION.
MILLENNIALS ARE THE SECOND LARGEST LABOR BASE IN FLORIDA
WITH A MEDIAN AGE OF 30, WE ARE YOUNG, TALENTED, AND EDUCATED
#1
BEST STATE FOR HIGHER EDUCATION U.S. News & World Report, 2020
THE UNIVERSITY OF TAMPA, a private, four-year institution that has earned a spot on the Forbes’ list of America’s Best Colleges, has 200 academic progams at both the undergradiate and graduate levels.
>175,000 STUDENTS ATTEND ONE OF THE NUMEROUS, DISTINGUISHED EDUCATIONAL INSTITUTIONS IN THE TAMPA BAY AREA.
UNIVERSITY OF SOUTH FLORIDA FASTEST-RISING UNIVERSITY IN AMERICA U.S. News and World Report’s (U.S. News) 2021 Best Colleges Rankings
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CUSHMAN & WAKEFIELD
Port Tampa
TONS OF CARGO HANDLED IN 2020 32M
FLORIDA’S LARGEST PORT BY SIZE AND TONNAGE
TOP 10 U.S. CRUISE PORT HANDLING OVER 1 MILLION CRUISE PASSENGERS IN 2019
FOUR CRUISE LINES
$17.2B CONTRIBUTED ANNUALLY TO THE LOCAL ECONOMY WHILE SUPPORTING 85,000 JOBS
Most gasoline, diesel fuel, jet fuel and ethanol for West/Central Florida comes through Port Tampa.
Port St. Pete
ONLY MEGAYACHT MARINA ON FLORIDA GULF COAST
ENGAGE TAMPA BAY 2021 Q4
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Life Sciences & Healthcare
8,750 LICENSED HOSPITAL BEDS
+5,400 LIFE SCIENCES & HEALTHCARE COMPANIES EMPLOYING >80,000
LARGEST HOSPITALS IN TAMPA BAY AREA
1. Tampa General Hospital 2. St. Joseph’s Hospital 3. Lakeland Regional Medical Center 4. Sarasota Memorial Hospital 5. Morton Plant Hospital 6. AdventHealth Tampa 7. Bayfront Health St.Petersburg 8. Winter Haven Hospital 9. Brandon Regional Hospital 10. James A. Haley VA Medical Center 11. C.W. Bill Young VA Medical Center 12. St. Anthony’s Hospital 13. Blake Medical Center 14. Oak Hill Hospital 15. Venice Regional Bayfront Health 16. Mease Countryside Hospital 17. Palms of Pasadena Hospital 18. Manatee Memorial Hospital & Health System 19. Regional Medical Center Bayonet Point 20. Northside Hospital 21. Largo Medical Center 22. Medical Center of Trinity 23. Johns Hopkins All Children’s Hospital 24. Moffitt Cancer Center 25. St. Joseph’s Hospital North 26. St. Petersburg General Hospital
27. Tampa Community Hospital, a campus of Memorial Hospital of Tampa 28. AdventHealth Heart of Florida 29. St. Joseph’s Hospital South 30. Memorial Hospital of Tampa 31. Largo Medical Center Indian Rocks 32. AdventHealth North Pinellas 33. AdventHealth Lake Wales 34. Doctors Hospital of Sarasota 35. Morton Plant North Bay Hospital 36. AdventHealth Zephyrhills 37. South Florida Baptist Hospital 38. AdventHealth Wesley Chapel 39. South Bay Hospital 40. Bayfront Health Spring Hill 41. Lakewood Ranch Medical Center 42. Mease Dunedin Hospital 43. Bayfront Health Brooksville 44. AdventHealth Dade City 45. AdventHealth Carrollwood 46. Englewood Community Hospital 47. Bartow Regional Medical Center 48. Winter Haven Women’s Hospital 49. Shriners Hospitals forChildren
49 INPATIENT HOSPITALS
TAMPA IS HOME TO
22% OF FLORIDA’S PHARMACEUTICAL WORKFORCE
14% OF FLORIDA’S BIOTECH COMPANIES
COMPANIES WITH A LOCAL PRESENCE
Tampa General RANKED ONE OF THE TOP HOSPITALS IN THE STATE 71ST BEST HOSPITAL IN THE WORLD Newsweek
Moffitt Cancer Center FLORIDA’S ONLY COMPREHENSIVE CANCER CENTER CONSISTENTLY RECOGNIZED AS A TOP RATED CANCER HOSPITAL IN THE NATION U.S. News & World Record
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CUSHMAN & WAKEFIELD
Defense & Aerospace
HOME TO MACDILL AIR FORCE BASE, TAMPA BAY HAS EMERGED AS A LEADER IN THE DEFENSE AND SECURITY INDUSTRIES.
87,000 MILITARY EMPLOYMENT
OVER THE NEXT FIVE YEARS, THESE INDUSTRIES ARE PROJECTED TO GROW 11% IN HILLSBOROUGH COUNTRY, OUTPACING THE TAMPA MSA, STATE AND NATIONAL RATES.
9 OF THE TOP 10 U.S. DEFENSE CONTRACTORS HAVE A PRESENCE IN TAMPA BAY
LOCALLY, A $14B MILITARY INDUSTRY
ENGAGE TAMPA BAY 2021 Q4
PAGE 12
Office Market Snapshot
INVENTORY (SF)
45.9M 24.4M 17.4M TOTAL CLASS A CLASS B
-521k SF YTD DIRECT NET ABSORPTION
$29.65 PSF DIRECT ASKING RENT
14.4% DIRECT VACANCY
3.5MSF YTD LEASING ACTIVITY
2.7% SUBLEASE SPACE
994k SF
YTD CONSTRUCTION COMPLETIONS
DIRECT RENTAL AND VACANCY RATES
LEASING ACTIVITY & DIRECT ABSORPTION
TOLL 589
41
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54 CUSHMAN & WAKEFIELD
54
597 Office Submarket Spotlight 581 54 56
CLASS A
75
NORTH PINELLAS
301 TAMPA CBD
Ehrlich Rd
593
4.8MSF INVENTORY
17.7% DIRECT VACANCY
$44.78 PSF DIRECT ASKING RENTS
TOLL 589
580
COUNTRYSIDE
275
NORTHWEST
I-75 CORRIDOR
41
4 4
WESTSHORE
92
Clearwater Exec. Airport
Old Tampa Bay
WESTSHORE
Tampa International Airport
301
7.6MSF INVENTORY
14.5% DIRECT VACANCY
$38.05 PSF DIRECT ASKING RENTS
4
YBOR CITY
CLEARWATER DOWNTOWN
75
TOLL 618
275
19
60
Port Tampa Bay
BAYSIDE
41
St. Petersburg International Airport
I-75 CORRIDOR
HYDE PARK
TAMPA CBD
4.3MSF INVENTORY
19.7% DIRECT VACANCY
$29.51 PSF DIRECT ASKING RENTS
GATEWAY / MID-PINELLAS
41
SOUTHWEST
MacDill AFB
699
ST. PETERSBURG CBD
SOUTH ST. PETERSBURG
19
1.5MSF INVENTORY
6.0% DIRECT VACANCY
$31.29 PSF DIRECT ASKING RENTS
I-375
ST. PETERSBURG DOWNTOWN
I-175
Port of St. Petersburg
Tampa Bay
GATEWAY
674 2.2MSF INVENTORY
17.9% DIRECT VACANCY
$28.21 PSF DIRECT ASKING RENTS
ENGAGE TAMPA BAY 2021 Q4
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Development Timeline
The Loft at Midtown Size: 72,387 SF Submarket: Westshore
One-Offs
Midtown Two
Midtown Three
USF Research Park Size: 120,000 SF Submarket: Northeast
Heights Tower Size: 280,000 SF
Submarket: Tampa CBD
WEST TOWER
Independence Park II
Centro Ybor Redevelopment
Renaissance Center VII Size: 115,000 SF Submarket: Northwest
M I DTOWN TAMPA Midtown West Size: 152,000 SF
Corporate Center V Size: 180,000 SF Submarket: Westshore
Submarket: Westshore
Cypress Center IV
Eisenhower II
Sparkman Wharf Size: 150,000 SF
1001 Water Street Size: 380,000 SF
Offices at Orange Station Size: 50,000 SF Submarket: St. Pete CBD
09/23/2016
Submarket: Tampa CBD
Submarket: Tampa CBD
Laurel Street
Frontage Road
A-301
Limited Schematic Design
PERSPECTIVE
Highwoods Bay Center II
Heights Union Size: 300,000 SF
SkyCenter One Size: 270,000 SF
400 Channelside Size: 500,000 SF
Submarket: Tampa CBD
Submarket: Westshore
Submarket: Tampa CBD
West View Corporate Center
COMPLETED 2020
COMPLETED 2021
FUTURE
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CUSHMAN & WAKEFIELD
Tampa CBD
INVENTORY (SF)
MAJOR EMPLOYERS Morgan & Morgan
Downtown Tampa offers an inspiring culture of museums, diverse cuisines and memo- rable dining experiences, world-class arts venues, lush city parks, and waterfront public spaces including our amazing River- walk. With an array of outdoor activities and frequent community events occurring throughout the year, Downtown Tampa has quickly become the hottest place to live in the southeast!
Companies are attracted to downtown Tampa as a result of its impressive urban setting, which inspires business excellence and drives success. Tampa itself is a magnet for the young and educated. According to U.S. Census data, Hillsborough County’s millennial population is growing 13 percent faster than the nation as a whole, which is no surprise because of Tampa’s ideal loca- tion, high quality of life and reasonable cost of living. Boasting 18 high-rise office build- ings with 8.8 million square feet of business space, Downtown Tampa is the ideal loca- tion for any business
7.4M 4.8M 1.9M TOTAL CLASS A CLASS B
Frontier Communications
Deloitte
Teco Energy
Ernst & Young
Sykes Enterprises
Truist
PNC
$37.56 PSF DIRECT RENT
16.1% DIRECT VACANCY
750k SF LEASING ACTIVITY
-10k SF DIRECT ABSORPTION
Bank of America
Industrious
DIRECT RENTAL AND VACANCY RATES
LEASING ACTIVITY & DIRECT ABSORPTION
ENGAGE TAMPA BAY 2021 Q4
PAGE 16
INVENTORY (SF) Westshore
MAJOR EMPLOYERS Syniverse
Tampa’s Westshore district is the center of activity not only in the Tampa Bay region, but also on Florida’s west coast. Located at the intersection of several major highways and an interstate, it’s easy to see how it has become Florida’s largest office community comprised of 4,000 businesses with nearly 94,000 employees. But it doesn’t stop there, Westshore has evolved – it’s not just 9 to 5 anymore. The Westshore district is now home to a vibrant 24/7 community and boasts some of Tampa’s finest restaurants, world-class shopping, extraordinary hotels and vibrant residential neighborhoods.
If that wasn’t enough, the award-win- ning Tampa International Airport is just minutes away. Tampa has invested heavily in doubling the capacity of all three major bridges connecting Hillsborough and Pinel- las Counties, providing seamless access between the two counties with Westshore being the heart of all the connectivity.
13.2M 7.6M 4.7M TOTAL CLASS A CLASS B
MetLife
USAA
Depository Trust Clearing Corp.
Johnson & Johnson
CitiCorp
$34.02 PSF DIRECT RENT
13.4% DIRECT VACANCY
1.2MSF LEASING ACTIVITY
83k SF DIRECT ABSORPTION
DIRECT RENTAL AND VACANCY RATES
LEASING ACTIVITY & DIRECT ABSORPTION
PAGE 17
CUSHMAN & WAKEFIELD
INVENTORY (SF) I-75 Corridor
MAJOR EMPLOYERS Syniverse
Hillsborough County’s I-75 corridor is widely regarded as one of the most presti- gious office submarkets in Tampa Bay. The submarket is located in the eastern portion of the County with superior access to Tampa Bay’s major roadways, such as the Selmon Crosstown Expressway, Interstates 75, 275 and 4, US Highway 301, and State Road 60. The submarket’s accessibility and afford- ability has attracted high profile companies such as Johnson & Johnson, Chase, CitiCorp, Progressive Energy, Coca-Cola, Spectrum, and USAA, which all have large operation
centers in the submarket. One reason the area is attractive is because it provides a cost-effective alternative to Tampa’s CBD and Westshore submarkets. It also has significant land that allows for secure multi-building campus style office parks. Its strategic location provides a bridge to the I-4 Corridor and major markets in Central Florida.
8.1M 4.3M 3.1M TOTAL CLASS A CLASS B
MetLife
USAA
Depository Trust Clearing Corp.
Johnson & Johnson
CitiCorp
$27.07 PSF DIRECT RENT
19.6% DIRECT VACANCY
280k SF LEASING ACTIVITY
-251k SF DIRECT ABSORPTION
DIRECT RENTAL AND VACANCY RATES
LEASING ACTIVITY & DIRECT ABSORPTION
ENGAGE TAMPA BAY 2021 Q4
PAGE 18
INVENTORY (SF) St. Petersburg CBD
MAJOR EMPLOYERS Tampa Bay Times
St. Pete is the perfect place to live, work and play with a bustling downtown, waterfront activities and multiple recreational options. The new St. Pete Pier provides 26 acres of waterfront space for residents and visitors to stroll, bike, dine, drink, shop, swim, take in a concert or attend an event. Established companies as well as agile ones in the tech sector choose to locate in St. Petersburg, one of the top four high-tech employment centers in the nation, because of the ever-expanding, highly skilled work- force. This was evident when Cathie Wood’s
New York-based ARK Investment Manage- ment chose the St. Pete CBD for its new corporate headquarters. ARK will also contribute to a new business incubator, known as the “ARK Innovation Center”. The 45,000 sf incubator will look to attract top talent, and is expected to create 1,265 jobs and generate $28 million for the city.
2.1M 1.5M 524k TOTAL CLASS A CLASS B
iQor* (Global HQ)
Kobie Marketing
Duke Energy
Enstar
Morgan Stanley
UBS
Community Health Systems
$30.40 PSF DIRECT RENT
4.7% DIRECT VACANCY
185k SF LEASING ACTIVITY
35k SF DIRECT ABSORPTION
DIRECT RENTAL AND VACANCY RATES
LEASING ACTIVITY & DIRECT ABSORPTION
PAGE 19
CUSHMAN & WAKEFIELD
INVENTORY (SF) Gateway
MAJOR EMPLOYERS Raymond James Financial
The Gateway area lies at the crossroads of Tampa Bay in north St. Petersburg. With immediate access to Interstate-275 and the Howard Frankland and Gandy Bridges that cross Tampa Bay, the market allows for an employee base from all of Pinellas and a majority of Hillsborough County. The Gateway area supports more than 2,700 businesses and 60,000 employees. It is home to offices for a number of the metro’s largest employers, most notably Raymond James, which has its corporate headquarters here and is one of the region’s
major financial tenants. The tenant-mix and demand drivers are heavily skewed towards financial services firms. However, there is also a healthy representation from the busi- ness services sector and private defense contracting.
4.7M 2.2M 2.2M TOTAL CLASS A CLASS B
Transamerica
FIS
Franklin Templeton
Catalina Marketing
St. Anthony’s Health
PODS
$26.24 PSF DIRECT RENT
15.8% DIRECT VACANCY
309k SF LEASING ACTIVITY
-144k SF DIRECT ABSORPTION
Progressive Insurance
DIRECT RENTAL AND VACANCY RATES
LEASING ACTIVITY & DIRECT ABSORPTION
Jabil
ENGAGE TAMPA BAY 2021 Q4
PAGE 20
Industrial Market Snapshot
INVENTORY (SF)
113.0M 74.2M 24.8M 13.9M 3.9M TOTAL WAREHOUSE/DISTRIBUTION MANUFACTURING OFFICE SERVICES UNDER CONSTRUCTION
3.4MSF YTD DIRECT NET ABSORPTION
$7.53 PSF DIRECT ASKING RENT
5.1% DIRECT VACANCY
8.7MSF YTD LEASING ACTIVITY
DIRECT RENTAL AND VACANCY RATES
LEASING ACTIVITY & DIRECT ABSORPTION
PAGE 21
CUSHMAN & WAKEFIELD
Industrial Submarket Spotlight
EASTSIDE 49.9MSF INVENTORY
4.2% OVERALL DIRECT VACANCY
$7.33 PSF OVERALL DIRECT ASKING RENTS
WESTSIDE
13.1MSF INVENTORY
4.5% OVERALL DIRECT VACANCY
$9.58 PSF OVERALL DIRECT ASKING RENTS
PLANT CITY
13.7MSF INVENTORY
11.1% OVERALL DIRECT VACANCY
$5.37 PSF OVERALL DIRECT ASKING RENTS
GATEWAY/MID-PINELLAS
24.9MSF INVENTORY
4.5% OVERALL DIRECT VACANCY
$9.42 PSF OVERALL DIRECT ASKING RENTS
ENGAGE TAMPA BAY 2021 Q4
PAGE 22
Industrial Construction Completions (SF)
Build-to-Suit
Speculative
PAGE 23
CUSHMAN & WAKEFIELD
Eastside
INVENTORY (SF)
MAJOR USERS Coca-Cola
The Eastside industrial submarket is the largest in Tampa Bay, encompassing the eastern portion of Hillsborough County along Interstates 75 and 4. It is broken into three sections: Near Eastside (Downtown Tampa and Ybor), Eastside Central/South (I-4 south to the county line, excluding Plant City), and North Eastside (I-4 north, west of I-275, and including the area around the University of South Florida).
The Eastside submarket is one of Tampa’s premier industrial submarkets due to its central location and excellent linkages to the surrounding transportation network. The market provides easy access to Tampa Inter- national Airport, I-4, I-75, and the Port of Tampa, allowing tenants and users to service the Central Florida region within one to two hours and most of the state within five.
49.9M 40.9M TOTAL 4.7M 4.2M 535k MANUFACTURING OFFICE SERVICES
Amazon
Rooms To Go
WAREHOUSE/DISTRIBUTION
Ace Hardware
International Paper Company
Refresco Beverages
US Foods
$7.33 PSF DIRECT RENT
4.2% DIRECT VACANCY
4.3MSF LEASING ACTIVITY
1.8MSF DIRECT ABSORPTION
Fanatics
UNDER CONSTRUCTION
US Postal Service
DIRECT RENTAL AND VACANCY RATES
LEASING ACTIVITY & DIRECT ABSORPTION
ENGAGE TAMPA BAY 2021 Q4
PAGE 24
Westside
MAJOR USERS FedEx
INVENTORY (SF)
The Westside submarket is the second larg- est in the Hillsborough industrial market and encompasses the area around Tampa Inter- national Airport, which continues to be a growth magnet for warehouse/distribution and office services. The area around the airport has historically been one of the high- est occupancy submarkets in the Tampa region, as the majority of tenants are there on long-term leases.
The Westside is a prime location for distribu- tion and logistics centers, thanks to conve- nient access to the airport, major highway systems, and local tenants such as FedEx and UPS. With many companies moving operations to more centralized locations with close proximity to major transporta- tion arteries, the Westside submarket is undoubtedly an attractive option for firms seeking to establish a facility to serve the entire metro area as well as the state.
13.1M 7.8M 1.1M 4.2M 542k TOTAL
Republic National Distribution
WAREHOUSE/DISTRIBUTION
Home Depot
BMP USA
MANUFACTURING
Pompanette
UPS
OFFICE SERVICES
$9.58 PSF DIRECT RENT
4.5% DIRECT VACANCY
1.2MSF LEASING ACTIVITY
1k SF DIRECT ABSORPTION
UNDER CONSTRUCTION
DIRECT RENTAL AND VACANCY RATES
LEASING ACTIVITY & DIRECT ABSORPTION
PAGE 25
CUSHMAN & WAKEFIELD
Plant City
INVENTORY (SF)
MAJOR USERS Home Depot
The Plant City submarket is located along the eastern edge of the Tampa Bay region adjacent to Polk County. It has traditionally been a food processing and farm-related market, but has seen significant develop- ment in the warehouse/distribution sector along County Line Road. Plant City’s location along the I-4 Corridor makes it a prime market for logistics compa- nies. Easy access to the Tampa and Orlando markets, as well as being within a half day of
South Florida make the submarket an ideal strategic location for logistics companies. The city has invested heavily in infrastruc- ture improvements since 2015 which proved to be a major catalyst for new development activity and in attracting new-to-market tenants. New construction and an abun- dance of available land within city limits made the market incredibly attractive
13.0M 10.2M 2.8M 22k 2.5M TOTAL MANUFACTURING OFFICE SERVICES
Nestle
City Furniture
WAREHOUSE/DISTRIBUTION
C&S Wholesale Grocers
ACE Hardware
James Hardie
Evergreen Packaging
$5.37 PSF DIRECT RENT
11.1% DIRECT VACANCY
851k SF LEASING ACTIVITY
1.5MSF DIRECT ABSORPTION
Gordon Food Services
UNDER CONSTRUCTION
DIRECT RENTAL AND VACANCY RATES
LEASING ACTIVITY & DIRECT ABSORPTION
ENGAGE TAMPA BAY 2021 Q4
PAGE 26
Gateway/Mid-Pinellas
MAJOR USERS Honeywell
INVENTORY (SF)
The Gateway-Mid Pinellas industrial market is the largest in Pinellas County, and is considered it’s primary industrial market for logistics, warehouse/ distribution, andmanufacturing tenants. This is the most active of Pinellas County’s submarkets primar- ily due to it’s accessibility to and fromHillsborough County by the Howard Frankland Bridge (I-275), the Courtney Campbell Causeway (S.R. 60), and the Gandy Bridge. The submarket also has access to several main thoroughfares including Ulmerton Road, US 19, and Belcher.
The Gateway/Mid-Pinellas submarket, has a large diversity of tenants including service firms, smaller warehouse-distribution users, publicly andprivately owned high-tech manufacturing companies, and defense contractors. This submarket is predom- inantly known for its large manufacturing base, office-service center product and multi-use indus- trial parks. Mid-Pinellas/Gateway’s advantageous location continues to produce strong interest from tenants looking to locate their businesses inPinellas County, and the limited availability of vacant land, which has formed a barrier to new development in the submarket, has remained a positive attribute to the existing industrial facilities in this area.
24.9M 10.0M TOTAL 10.1M 4.8M 178k MANUFACTURING OFFICE SERVICES
Amazon
Valpak
WAREHOUSE/DISTRIBUTION
Raytheon
FedEx
Catalent Pharma
Jabil
$9.42 PSF DIRECT RENT
4.5% DIRECT VACANCY
1.8MSF LEASING ACTIVITY
250k SF DIRECT ABSORPTION
UNDER CONSTRUCTION
DIRECT RENTAL AND VACANCY RATES
LEASING ACTIVITY & DIRECT ABSORPTION
TAMPA BAY IS READY FOR
Joshua Faircloth Senior Research Analyst, Florida +1 813 424 3220 joshua.faircloth@cushwake.com Chris Owen Director, Florida Research +1 407 541 4417 chris.owen@cushwake.com
©2022 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources believed to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy.
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