Tampa Bay Industrial Statistics

TAMPA BAY INDUSTRIAL MARKET 4Q 2023

Direct Vacant Space

Sublease

Y-o-Y % PT.

Direct

Overall

Y-o-Y

YTD

Y-o-Y

Quarter

YTD

YTD

Number Buildings

Vacant Space

Direct

Overall

Wtd. Avg.

Wtd. Avg.

%

Leasing Activity

%

Overall Net Absorption

Overall Net Absorption 3,192,700

Construction Completions 2,656,135

Under

Inventory

Vacancy Rate

Vacancy Rate

Change Asking Rental Rates Asking Rental Rates Change

Change

Construction 2,920,396

-0.8 -0.4 -0.7

21.2% 4,136,499 9.9% 1,073,034 18.0% 5,209,533

-44.3% 253,399 -1.3% 284,002 -38.8% 537,401

Hillsborough County

1,035

83,056,113 35,938,878 118,994,991

3,738,198

231,022 195,334 426,356

4.5% 2.7% 3.9%

4.8% 3.2% 4.3%

$9.36

$9.35

Pinellas County

672

960,161

$10.47

$10.42

541,779

413,976

347,230

1,707

4,698,359

$9.61

$9.62

3,734,479

3,070,111

3,267,626

Tampa Bay Totals

YTD

YTD

Quarter

Sublease

Y-o-Y % PT.

Direct

Overall

Y-o-Y

YTD

Y-o-Y

Direct Vacant Space

Number Buildings

Vacant Space

Direct

Overall

Wtd. Avg.

Wtd. Avg.

%

Leasing Activity

%

Overall Net Absorption

Overall Net Absorption

Construction Completions

Under

Inventory

Vacancy Rate

Vacancy Rate

Change Asking Rental Rates Asking Rental Rates Change

Change

Construction

OVERALL EASTSIDE Near Eastside Eastside North WESTSIDE Airport Area Northwest South Tampa

3.4% 0.6% 2.1% 4.5% 3.9% 4.4% 0.7% 7.3% 9.4% 2.6% 1.9% 3.0% 0.8% 8.5% 4.3% 3.4% 0.7% 1.1% 4.6% 4.3% 4.6% 0.0% 3.2% 1.4% 4.1% 0.0% 7.7% 5.0% 13.8% 11.2% Overall 7.0% 0.5% 5.4% 4.3% 5.3% 1.3% 0.0% 0.0% 6.5% 4.8% 4.4% 8.0% 5.9% 0.6% 0.0% 0.0% 1.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.5% 9.5% 1.1% Overall 12.5% 10.2% Overall

648 140 121 387 283 243

51,600,445 7,842,355 10,018,856 33,739,234 13,543,474 11,679,114 1,864,360 17,092,745 25,229,680 10,424,947 14,804,733 5,227,933 5,481,265 118,994,991 819,449 42,767,033 6,592,261 7,103,513 29,071,259 8,216,827 7,670,664 14,316,376 10,602,500 3,586,894 7,015,606 1,248,642 2,940,899 80,525,862 546,163 433,585 4,050,431 221,354 1,068,314 2,760,763 4,187,951 3,152,570 1,035,381 4,741,429 1,493,903 3,247,526 567,759 101,000 13,718,958 48,888 21,500 Inventory Inventory

1,631,938

138,408

3.2% 0.6% 2.1% 4.1% 3.7% 4.1% 0.7% 0.0% 9.4% 2.2% 1.2% 3.0% 0.8% 6.4% 3.9% 3.1% 0.7% 1.1% 4.2% 4.3% 4.6% 0.0% 0.0% 3.2% 1.4% 4.1% 0.0% 3.9% 4.7% 6.7% 0.5% 4.9% 3.5% 4.2% 1.3% 0.0% 0.0% 4.8% 4.8% 4.8% 4.4% 8.0% 4.9% 0.6% 0.0% 0.0% 1.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.5% 9.5% 1.1% Direct Direct Direct

0.2 -0.2 0.9 0.1 1.8 2.2 -0.6 7.3 -7.3 -0.8 0.9 -2.1 -0.8 2.1 -0.7 0.2 -0.3 1.1 0.1 2.0 2.1 0.0 13.8 -9.1 -0.2 -0.4 -0.2 -4.0 4.8 -0.9 Y-o-Y % PT.

$10.88 $13.52 $13.87 $10.56 $13.07 $12.92 $15.57 $7.03 $11.77 $11.54 $11.84 $9.62 $8.61 $9.61 N/A $10.32 $13.50 $16.25 $10.12 $13.49 $13.49 $7.03 $11.02 $10.15 $11.19 N/A N/A Direct Wtd. Avg.

$10.73 $13.52 $13.87 $10.43 $13.08 $12.93 $15.57 $7.03 $11.50 $10.79 $11.84 $9.62 $9.08 $9.62 N/A $10.19 $13.50 $16.25 $10.00 $13.49 $13.49 $7.03 $11.02 $10.15 $11.19 N/A N/A Overall Wtd. Avg.

1,909,818

8.7% 2,095,778 59.6% 278,181 4.1% 292,581 9.6% 1,525,016 -2.5% 748,963 -1.7% 707,728 15.8% 1,291,758 13.5% 836,975 9.9% 146,993 16.2% 689,982 -1.6% 107,880 12.0% 128,179 18.0% 5,209,533 4.1% 0.0% 41,235 0 17.5% 1,946,449 59.3% 278,181 0.0% 249,709 15.2% 1,418,559 1.0% 497,688 1.0% 497,688 15.8% 1,291,758 18.2% 552,361 12.8% 56,360 18.5% 496,001 45.8% 88,701 26.6% 4,395,702 0.0% 0.0% 0 0 0.0% 18,745 Y-o-Y YTD % Leasing Activity

-46.6% 100,558

737,410 19,526 55,315 662,569 -11,809 11,972 -60,000 163

889,894

45,572 213,608

0 0

26.6%

5,188

0

0

-75.9% 46,147 -38.8% 49,223 -18.9% -16,205 -16.3% -7,205 -47.0% -9,000

146,000 743,894 245,000 245,000

79,494

Eastside Central/South

1,830,324 273,822 101,202 172,620

1,372,758 497,128 483,475

138,408 32,614 32,614

40 16 88

13,653

0

0 0

0

60,000

0.0%

0

0

Plant City

1,609,132 567,016 120,734 446,282

0

-49.9% 169,046

2,515,127 620,171 -91,277 711,448 43,088 -121,480 3,734,479

1,521,241 413,976

736,756 347,230

GATEWAY-MID PINELLAS West Pinellas - Central

441 179 262 120 111

81,000 81,000

N/A

245,454

0

0.5%

7,834

0

Gateway

0 0

15.6% 237,620 -38.6% 29,759

413,976

347,230

North Pinellas South Pinellas

40,851 352,294

0 0

0 0

114,334 426,356

-24.1%

8,789

Totals

1,707

4,698,359

-38.8% 537,401

3,070,111

3,267,626

Y-o-Y

Quarter

YTD

YTD

Direct Vacant Space

Sublease

Number Buildings

Vacant Space

%

Overall Net Absorption

Overall Net Absorption

Construction Completions

Under

Vacancy Rate

Vacancy Rate

Change Asking Rental Rates Asking Rental Rates Change

Change

Construction

WAREHOUSE/DISTRIBUTION EASTSIDE

472 110 281 153 144 81

1,333,229

124,059

-42.3% 103,851

754,041 20,651 66,043 667,347 76,946 76,946

889,894

1,909,818

Near Eastside Eastside North WESTSIDE Airport Area Northwest South Tampa

44,447 79,957

0 0 0 0 0 0 0 0 0 0

27.5%

6,313

0

0

-72.4% 56,000 -36.9% 41,538 -21.0% -27,446 -20.7% -27,446

146,000 743,894 245,000 245,000

79,494

Eastside Central/South

1,830,324 273,822 101,202 172,620

1,208,825 350,385 350,385

124,059

9 8

0 0

-100.0%

0 0

0

0 0

60,000

0.0%

-60,000

0

Plant City

62

1,609,132 339,177

11.2%

-49.9% 101,866 122.0% 190,293

2,515,127 421,511 15,466 406,045 50,104 -144,659 3,613,070

1,521,241 413,976

576,756 347,230

GATEWAY-MID PINELLAS West Pinellas - Central

184

67

49,534 289,643

0.0%

-4,534

0

0

Gateway

117

99.3% 194,827

413,976

347,230

North Pinellas South Pinellas

33 54

0

N/A

N/A

-37.7%

0

0 0

0 0

113,325 3,745,248

114,334 298,393

$9.18 $9.02

$9.84 $9.07

-20.4% -23,189 -37.0% 345,375

Totals

966

3,070,111

3,107,626

Direct Vacant Space

Sublease

Y-o-Y % PT.

Direct

Overall

Y-o-Y

YTD

Y-o-Y

Quarter

YTD

YTD

Number Buildings

Vacant Space

Wtd. Avg.

Wtd. Avg.

%

Leasing Activity

%

Overall Net Absorption

Overall Net Absorption

Construction Completions

Under

Vacancy Rate

Vacancy Rate

Change Asking Rental Rates Asking Rental Rates Change

Change

Construction

OFFICE SERVICES/FLEX EASTSIDE

102

270,479

14,349

0.4 0.5 1.0 0.2 1.9 2.8

$14.12 $14.00 $13.19 $14.77 $12.76 $12.45 $15.57 $12.92 $12.59 $13.08 $12.25 $13.00 $13.34 N/A N/A

$14.03 $14.00 $13.19 $14.58 $12.79 $12.49 $15.57 $12.01 $11.01 $13.08 $12.25 $13.00 $12.89 N/A N/A

0.4% 149,329

-41.7% -3,293 -100.0% -1,125 -58.7% -9,853 -37.2% 11,241 -34.6% 20,241 -44.9% -9,000 -29.5% 7,685

-16,631 -1,125 -10,728 -4,778 -76,783 -88,755 11,972

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Near Eastside Eastside North WESTSIDE Airport Area Northwest South Tampa

7

1,125

0 0

0.0% -1.0%

0

42,872

25 70 85 27 112

133,651 135,703 146,743 133,090 13,653 227,839 71,200 156,639 24,951 0 0

12.5%

Eastside Central/South

14,349 32,614 32,614

-0.1% 106,457 -5.1% 184,172 -3.5% 142,937

0 0 0

-1.2 N/A N/A 0.5 7.3 -2.6 -1.4 6.2 0.9

4.1% 0.0% 0.0%

41,235

2 1

0 0

0.0% 0.0%

0 0

0 0

Plant City

GATEWAY-MID PINELLAS West Pinellas - Central

100

81,000 81,000

-1.8% 194,236

-45.8% 28,221

-25,457 -109,043

-7.3%

12,368

34 66 16

0.5%

73,812

Gateway

0 0 0

4.9% 120,424

-56.8% 15,853

83,586 8,084 -6,299

North Pinellas South Pinellas

4.7%

41,461

N/A

0 0

2

8,049

N/A

0

-100.0%

Totals

335

678,061

127,963

-1.4% 569,198

-39.4% 36,169

-117,086

Direct Vacant Space

Sublease

Y-o-Y % PT.

Direct

Overall

Y-o-Y

YTD

Y-o-Y

Quarter

YTD

YTD

Number Buildings

Vacant Space

Wtd. Avg.

Wtd. Avg.

%

Leasing Activity

%

Overall Net Absorption

Overall Net Absorption

Construction Completions

Under

Inventory

Vacancy Rate

Vacancy Rate

Change Asking Rental Rates Asking Rental Rates Change

Change

Construction

MANUFACTURING EASTSIDE

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

-100.0%

74 23 15 36 18 14

4,782,981 1,028,740 1,847,029 1,907,212 1,138,696

28,230

$8.75

$8.75

0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

0.0%

Near Eastside Eastside North

0 0

N/A N/A

N/A N/A

-100.0% -100.0%

Eastside Central/South

28,230

$8.75

$8.75

0.0% 0.0% 0.0% 0.0% 0.0%

WESTSIDE Airport Area Northwest South Tampa

0 0 0 0 0 0 0 0

N/A N/A N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A N/A N/A

67,103 67,103

855,880 282,816 336,976

4 6

0 0 0

Plant City

25

2,754,869 9,885,751 5,344,150 4,541,601 3,411,532 2,439,366 24,750,171

67,180

160,000

-2.2

-33.5% 26,940

GATEWAY-MID PINELLAS

157

90,378 16,821 73,557 47,674 39,478

224,117

0.0

-74.7%

West Pinellas - Central

78 79 71 55

0

2,300

-4.7

N/A N/A

Gateway

26,940 29,759

221,817 -15,100 29,478 238,495

0.4

N/A

North Pinellas South Pinellas

15,900 230,920 275,050

$8.72 $8.17 $8.26

$8.72 $8.17 $8.26

-1.2 -1.0

-4.1%

-25.2% 31,978 -59.6% 155,857

Totals

406

-2.7% 244,633

160,000

*Overall figures include sublease and direct space Note: Cushman & Wakefield is continuously refining its database. Due to adjustments made to the inventory, vacancy & leasing activity which affects absorption, current figures may not match what was published previously. Historical data has been adjusted to take in account these changes. This report contains information available to the public and has been relied upon by Cushman & Wakefield on the basis that it is accurate and complete. Cushman & Wakefield accepts no responsibility if this should prove not to be the case. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. Copyright @ 2023 Cushman & Wakefield, Inc. All rights reserved.