Southeast Industrial Labor Report_Q1 2024

TAMPA, FL

ABSORPTION, NEW SUPPLY, & VACANCY RATES

0 1 1 2 2 3 3 4 4 5

7%

6%

MSF

5%

4%

3%

ABSORPTION, NEW SUPPLY & VACANCY RATES

2%

Overall Net Absorption Construction Completions Overall Vacancy Rate

1%

0%

2018

2019

2020

2021

2022

2023

DEMOGRAPHICS

Population

4,608,286

Projected Population Change (5-Year)

6.6%

Working Age Population (Ages 18-64)

2,650,420

• In 2023, vacancy remained tight, concluding the year at 4.3%, significantly below the five year average of 5.4%. Despite leasing activity normalizing to 5.2 msf, representing a 38.8% YOY decrease, overall absorption reached 3.7 msf, marking the second-highest volume ever documented, second only to the unprecedented levels recorded in 2021. • Tenants demonstrated a strong preference for new construction, with 83.7% of the 3.1 msf delivered already leased. Meanwhile an additional 3.3 msf is currently under construction, 57.0% of which has been preleased.

Labor Force

2,294,678

Median Household Income

$62,347

Educational Attainment: % of Total Pop. Age 25+ with High School to Associates Degree

50.0%

Target Blue Collar Demographic Volume

557,421

Target Blue Collar Demographic Concentration

1.1

MATERIAL MOVING OCCUPATIONS

PRODUCTION OCCUPATIONS

INDUSTRIAL LABOR

• Wages for industrial workers in Tampa are the lowest of the major Florida metros, remaining below the national average.

2024 Employment Volume

57,552

87,402

Worker Concentration

0.8

0.7

Projected 5-Year Employment Growth

6.1%

3.3%

Average Wages

$20.95

$21.28

Source: Cushman & Wakefield Research, Economic Research Institute, Experian

Wage Index

98

97

Demographics include Tampa-St. Petersburg-Clearwater Metro, Homosassa Springs Metro, and North Port-Sarasota Metro

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Cushman & Wakefield | Southeast Industrial Labor Report