More industrial space reshapes I-4 market
Large warehouse vacancy along the Tampa–Orlando corridor rose to 10.1%, giving tenants more choices as rents on signed leases reached a market high.
New warehouse construction is changing the competitive landscape along Florida's Interstate 4 corridor, giving commercial real estate pros more to consider when marketing properties and negotiating deals.
Vacancy in the Tampa–Orlando corridor's big-box industrial market, which includes warehouses of at least 200,000 square feet, climbed to 10.1% in the first half of 2026, up from 7.1% at year-end, according to Colliers' midyear North American Big Box Outlook. Yet average rents on signed leases increased 4.2% from a year earlier to a market high of $8.94 per square foot.
For commercial agents, more available space means greater competition among property owners, while differences in building size and location can influence pricing, property marketing and lease negotiations.
The corridor remains a key Florida logistics hub, supported by Port Tampa Bay, major interstate connections and Central Florida's growing consumer base, Colliers said.
“While leasing activity remains healthy, new deliveries have outpaced near-term demand, pushing vacancy higher and giving tenants more options among modern facilities,” said Lee Morris, vice chair at Colliers, in the report.
“As the market works through this new supply, conditions are shifting toward a more tenant-favorable environment.”
Building size makes a difference
The report shows substantial differences in vacancy across big-box properties, creating distinct conditions for commercial transactions:
- Buildings with 200,000 to 499,999 square feet had an 11.3% vacancy rate.
- Properties with 500,000 to 749,999 square feet had the highest vacancy, at 14.8%.
- Buildings with at least 750,000 square feet had just 1.5% vacancy.
Leasing activity also shows that demand hasn't disappeared. New leases totaled 2.8 million square feet during the first half of 2026, more than double the 1.3 million recorded in the second half of 2025.
Still, occupied space declined by about 412,000 square feet as roughly 2.5 million square feet of new industrial space entered the market.
The development pipeline is also shrinking. Space under construction fell to 1.9 million square feet, down from 3.2 million at year-end and well below the 14.7 million peak in 2022.
© 2026 Florida Realtors®