New construction in Tampa drives increase in industrial asking rents
![graph of average asking rate increasing in Tampa, Florida as more square feet is delivered with new construction](/documents/35486/96633304/Tampa+data+bite+5-9-23.png/f717b354-410c-4cfd-36a0-ec4050f8b311?t=1683670237133)
- Tampa’s industrial asking rents have already increased by 5% in 2023, marking eight consecutive years of increase.
- Annual deliveries have averaged 5.1 million square feet per year over the last five years, driving up asking rates.
- As new product delivers, asking rates are expected to continue to climb for the near term as supply remains scarce.
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