Four Florida markets make industrial top 20
Tampa ranked No. 1 in CoStar’s analysis of smaller industrial spaces, with Miami, Orlando and Jacksonville also placing among the nation’s top 20 markets.
Smaller warehouses are a bright spot in Florida’s commercial market.
Tampa led the nation and three other Florida markets placed in the top 20 for small-bay industrial performance, according to a new CoStar analysis. The sector includes smaller warehouses and workspaces used by contractors, manufacturers and other businesses.
Among the 54 major U.S. markets studied, Florida’s rankings were:
- Tampa: No. 1
- Miami: No. 6
- Orlando: No. 8
- Jacksonville: No. 12
Tampa also ranked first in rent growth and third in leasing activity growth, according to the Sept. 24 release.
Leasing activity in Tampa remains well above pre-pandemic levels, supported by construction firms, manufacturers, logistics companies and service businesses, said Juan Arias, CoStar Group’s national director of industrial analytics.
Relatively little new small-bay space has been added in Tampa compared with many competing Sun Belt markets, he said.
“The strongest tenant interest remains concentrated in smaller, newer industrial buildings,” Arias said.
Developers are also turning their attention to smaller projects as demand for large speculative facilities slows, he said.
CoStar based its rankings on leasing activity, vacancy expansion, inventory growth and rent increases. Its leasing analysis covered spaces under 50,000 square feet, while other measures examined properties up to 100,000 square feet.
The company said the findings suggest small-bay demand remains tied to population growth, new business formation and limited infill supply, even as national industrial market conditions have weakened.
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