Demand Continues to Outstrip Supply
The success of Tampa Bay’s industrial real estate market did not slow through the second quarter of 2018, marked by robust tenant activity throughout much of the Tampa MSA. Leasable space remains limited, causing many to believe rental rates will see upward pressure as construction costs continue to climb and vacancies fall. The multi-year trend of demand outstripping supply continued for both leasable space and industrial investment opportunities.
Tampa’s business fundamentals remain as strong as ever, consistently ranked as one of the most business-friendly areas in the state. Florida’s unemployment rate dropped to 3.4% as of June 2018, only to be beat by the Tampa MSA’s rate of 3.3% unemployment. The state has managed to add 180,200 jobs from the start of the year through May, according to the Florida Department of Economic Opportunity, and has since become a $1 trillion economy as of early July. If Florida was its own nation, it would be the 18th largest economy in the world. Every day, Florida adds approximately $2.74 billion to the state’s gross domestic product.
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