Tampa Industrial & Warehouse Market Report | Q2 2026
Key Takeaways
- Tampa Bay industrial vacancy held at 7.4% in Q2 2026, unchanged from Q1 and up 30 basis points year over year, per Cushman & Wakefield. It remains well below the 9.2% peak of 2010.
- Direct asking rents reached a record $10.97/SF/yr, up 6.3% on the year. The overall weighted average, including sublease space, was $10.86/SF/yr NNN.
- Leasing totaled 1.7 million SF in Q2, up 24.1% on the year, and net absorption was more than 393,000 SF as tenants moved into preleased new buildings.
- About 1.97 million SF is under construction and 89.0% of it is still available. Plant City, where most recent supply landed, is 12.9% vacant, while three submarkets sit below 4%.
Browse warehouse space for rent in Tampa
7.4%
Overall Vacancy (Q2 2026)
$10.86
Avg. Asking Rent ($/SF/yr NNN)
393,000+
SF Net Absorption (Q2 2026)
1.97M
SF Under Construction
Tampa Bay’s industrial market steadied in Q2 2026. Vacancy held at 7.4% as tenants moved into preleased space in new buildings, leasing rose 24.1% from a year earlier, and direct asking rents set a record. The market is split. Recent speculative supply has left Plant City 12.9% vacant and pushed up warehouse vacancy in Gateway-Mid Pinellas, while South Tampa and the North and South Pinellas submarkets remain very tight.
Figures are from Cushman & Wakefield’s Q2 2026 Tampa Bay Industrial MarketBeat unless noted, covering Hillsborough and Pinellas counties. Prior-quarter comparisons use the figures as restated in that report. Rents are net asking, quoted in $/SF/yr. C&W’s U.S. metro tables list Hillsborough County alone as “Tampa” (7.8% vacancy), and C&W reports Lakeland as a separate market. Matthews, citing CoStar data on a different basis, puts Q2 vacancy at 8.1%. We do not combine the series.
Market Snapshot: Q2 2026
| Metric | Q2 2026 | Q1 2026 (restated) | YoY or note |
|---|---|---|---|
| Overall vacancy | 7.4% | 7.4% | +30 bps YoY; 2010 peak was 9.2% |
| Overall asking rent ($/SF/yr NNN) | $10.86 | n/a | Includes sublease space |
| Direct asking rent ($/SF/yr) | $10.97 | n/a | +6.3% YoY; record high |
| Warehouse/distribution asking rent ($/SF/yr) | $10.47 | n/a | W/D vacancy 8.8%, ↓20 bps QoQ |
| Net absorption | 393,000+ SF | n/a | 766,088 SF year to date |
| New leasing activity | 1.7M SF | n/a | +9.3% QoQ; +24.1% YoY; 3.2M SF year to date |
| Deliveries | About 322,000 SF | 212,322 SF | 534,029 SF year to date; over 62.0% available |
| Under construction | 1.97M SF | n/a | 89.0% available |
| Inventory | 126.1M SF | n/a | Hillsborough 89.4M SF; Pinellas 36.7M SF |
Source: Cushman & Wakefield, Tampa Bay Industrial MarketBeat Q2 2026. C&W’s Q1 2026 report originally showed 6.8% vacancy and 452,300 SF of Q1 absorption; the Q2 report describes vacancy as unchanged from Q1 at 7.4%. Q1 deliveries equal Q2 year-to-date completions less the two Q2 buildings. n/a = not restated in the Q2 report.
Rent Trends: A Record $10.97/SF Direct, Up 6.3% on the Year
Direct asking rents closed Q2 2026 at $10.97/SF/yr, a new record for the market and 6.3% higher than a year earlier. The overall weighted average, which includes sublease space, was $10.86/SF/yr NNN. C&W attributes the gains to population growth, logistics demand and new buildings entering the market at premium rates because of higher construction costs and modern specifications.
Manufacturing rents led, up 15.1% year over year to $10.85/SF/yr. The direct warehouse/distribution rate rose 4.8% to $10.59/SF/yr. Pinellas County rents rose 5.2% on the quarter to $11.86/SF/yr, and Hillsborough 4.4% to $10.53/SF/yr. Space under construction is asking an average of $11.06/SF, and up to $14.50/SF. The U.S. overall average in C&W’s national release is $10.32/SF/yr NNN.
For Tenants
Submarket matters more than the metro average. Plant City has the most choice, at 12.9% vacancy, and the lowest warehouse rent at $8.15/SF/yr, with much of its new space still available. In South Tampa, North Pinellas and South Pinellas, vacancy is 2.3% to 3.3%, so expect few options and firm pricing. C&W notes that if vacancy approached 10.0%, rent growth could slow and conditions turn tenant-friendly; the market is not there yet. Search Tampa warehouse listings on WareCRE.
Construction Pipeline: 1.97M SF Underway, 89% Available
About 1.97 million SF was under construction at the end of Q2 2026, slated to complete over the next year, with 89.0% still available. Two buildings totaling nearly 322,000 SF delivered in Q2, bringing year-to-date completions to 534,029 SF, and over 62.0% of that space remained available. C&W says the pipeline could push warehouse vacancy up in the near term.
Recent supply has been concentrated. Plant City accounted for 54.2% of Tampa Bay’s new supply in 2025, more than 1.6 million SF, and 61.2% of it was still available at quarter-end. Today’s pipeline is led by the Eastside (1.3 million SF) and South Tampa (404,772 SF). C&W reads the continued speculative building as a sign of developers’ long-term confidence in the market.
For Operators
Rents are at a record, and C&W expects warehouse rates to stabilize or post normal increases, helped by premium pricing on new construction and continued tightness in infill locations. The risk is lease-up. With 89.0% of the pipeline unleased and most recent deliveries still available, new buildings will compete on terms, particularly in Hillsborough, where C&W says vacancy could rise modestly. Owners of infill product in tight submarkets are in the strongest position.
Submarket Breakdown: Plant City Leads Absorption, Eastside Leads Leasing
C&W tracks seven Tampa Bay submarkets, four in Hillsborough County and three in Pinellas County. The four below are the largest or most active by Q2 2026 leasing, absorption and supply.
Eastside
The largest submarket at 54.1 million SF and the region’s leasing leader, with about 757,000 SF of new deals in Q2, up 70.9% year over year. Vacancy is 6.6%, although warehouse vacancy rose 70 bps on the year to 7.4% as new space delivered. It has the largest pipeline, 1.3 million SF. EastGroup’s 202,226 SF Crossroads Industrial Center West II delivered in Q2, and US Foods leased 82,000 SF. Warehouse space asks $10.75/SF/yr.
Plant City
The eastern Hillsborough submarket where most of 2025’s new supply landed. It is 12.9% vacant, the highest in the region, but led year-to-date absorption at 744,568 SF as LG occupied 282,000 SF at County Line Logistics Center and JW Fulfillment moved into Lakeside Logistics Park. Year-to-date leasing reached 797,000 SF after no new deals in Q1 2025. Warehouse rents are the lowest in the region at $8.15/SF/yr.
Westside
A 15.0 million SF submarket with the highest warehouse rents in the region at $13.81/SF/yr and 6.2% vacancy. Jagg Electrical & Control leased 126,000 SF and Waymo 100,698 SF in Q2. Warehouse vacancy rose 70 bps on the year to 4.6% after new deliveries, and absorption is slightly negative year to date.
Gateway-Mid Pinellas
Pinellas County’s largest submarket at 26.4 million SF, 7.5% vacant. New deliveries, including Greystar’s 119,481 SF Gateway Logistics Center Building D in Q2, pushed warehouse vacancy up 320 bps on the year to 11.4%. Another 180,400 SF is under construction. Warehouse space asks $12.13/SF/yr. Pinellas County overall is 6.2% vacant, its highest level since the end of 2020.
| Submarket | Vacancy | W/D Asking Rent ($/SF/yr) | YTD Net Absorption (SF) | Under Construction (SF) |
|---|---|---|---|---|
| Eastside | 6.6% | $10.75 | 45,479 | 1,317,348 |
| Westside | 6.2% | $13.81 | -32,246 | 0 |
| Plant City | 12.9% | $8.15 | 744,568 | 0 |
| South Tampa | 2.7% | $10.00 | 9,824 | 404,772 |
| Hillsborough total | 7.8% | $9.89 | 767,625 | 1,722,120 |
| Gateway-Mid Pinellas | 7.5% | $12.13 | 2,242 | 180,400 |
| North Pinellas | 2.3% | $12.79 | -26,570 | 68,000 |
| South Pinellas | 3.3% | $12.13 | 22,791 | 0 |
| Pinellas total | 6.2% | $12.15 | -1,537 | 248,400 |
| Tampa Bay total | 7.4% | $10.47 | 766,088 | 1,970,520 |
Source: Cushman & Wakefield, Tampa Bay Industrial MarketBeat Q2 2026, market statistics table. Vacancy is overall vacancy; rents are weighted net asking, $/SF/yr. Lakeland/Polk County is reported separately by C&W: 6.6% vacancy in Q2 2026 (U.S. Industrial MarketBeat Q2 2026).
Co-Warehousing & Flexible Warehouse Space in Tampa
Flexible and small-format space in Tampa Bay is tighter than the big-box market. In C&W’s product breakdown, office service/flex space is 6.7% vacant, below the 8.8% warehouse/distribution rate, and asks $14.04/SF/yr. Manufacturing space is tighter still at 2.7%.
Most flexible-space users in Tampa Bay are e-commerce sellers, contractors and building trades, food producers and last-mile operators, many of them serving the region’s growing population.
For tenants: if you need 500 to 5,000 SF, expect limited availability in infill locations. The co-warehousing options on WareCRE offer flexible terms, typically month-to-month or short-term leases, which traditional small-bay landlords rarely match.
Browse available co-warehousing and small-bay listings across Tampa Bay on WareCRE’s Tampa marketplace.
Looking for warehouse space in Tampa Bay?
Key Trends to Watch
1. Two Markets: Supply-Heavy Plant City vs. Tight South Tampa and Pinellas
Tampa Bay’s 7.4% average hides a wide spread. Plant City, which took 54.2% of 2025’s new supply, is 12.9% vacant, and Gateway-Mid Pinellas warehouse vacancy has risen to 11.4% after new deliveries. At the other end, South Tampa is 2.7% vacant, North Pinellas 2.3% and South Pinellas 3.3%. C&W expects projects in tight locations with strong demand to secure early commitments.
2. Leasing Rebounded 24% on the Year
Q2 leasing reached 1.7 million SF, up 9.3% from Q1 and 24.1% from a year earlier, as average deal size grew. Warehouse/distribution deals led, up 30.2% year over year. Hillsborough accounted for 75.4% of volume, and five of the seven submarkets posted annual gains. Four leases exceeded 100,000 SF, compared with three a year earlier.
3. New Buildings Are Setting the Rent Benchmark
The record $10.97/SF direct rate reflects new product entering at premium pricing. Space under construction averages $11.06/SF and reaches $14.50/SF. Because 89.0% of that pipeline is still available, C&W says continued tenant demand will be important to support rent growth as projects deliver through 2026. For more on how building size shapes pricing, see Small-Bay vs. Big-Box: What the Vacancy Gap Means in 2026 and Industrial Real Estate Trends & Outlook 2026.
Outlook: What to Watch in Q4 2026
C&W’s Q3 2026 MarketBeats are due in mid-October, with the year-end release to follow. They will show whether Tampa Bay’s leasing rebound can absorb the pipeline.
Watch whether vacancy moves off 7.4%. C&W says it could rise modestly in the near term, particularly in Hillsborough County, as speculative construction adds supply. Watch Plant City and the Eastside.
Watch for another year-over-year gain in Q3 leasing. C&W expects leasing to build on its recent rebound, though economic uncertainty may temper near-term demand.
Watch whether rents hold at the record. C&W projects warehouse rates to stabilize or rise at a normal pace. If vacancy were to approach 10.0%, it expects rent growth to slow.
Find warehouse space in Tampa Bay
Browse co-warehousing, small-bay, and distribution listings across Tampa Bay, with real pricing and direct operator contact.
Data sources: Cushman & Wakefield Tampa Bay Industrial MarketBeat Q2 2026 (headline, submarket and product-type figures; rents net asking, $/SF/yr); Cushman & Wakefield Tampa Bay Industrial MarketBeat Q1 2026 (as-published Q1 figures); Cushman & Wakefield U.S. Industrial MarketBeat Q2 2026 (Hillsborough and Lakeland metro rows and U.S. average rent; rents NNN); Matthews Tampa, FL Industrial Market Report Q2 2026, citing CoStar data (vacancy cross-check, cap rate and sale pricing only). Each report reflects the most recent vacancy, rental, and construction data available at the time of publication. We refresh our reports as new market data is released, and we’re continually expanding coverage to additional metros.
Related Resources
Frequently Asked Questions
What is the current industrial vacancy rate in Tampa?
Tampa Bay industrial vacancy was 7.4% in Q2 2026, according to Cushman & Wakefield, unchanged from Q1 and up 30 basis points from a year earlier. Hillsborough County was 7.8% and Pinellas County 6.2%. By submarket, vacancy ranges from 2.3% in North Pinellas to 12.9% in Plant City.
How much does warehouse space cost in Tampa?
The overall average asking rent was $10.86/SF/yr NNN in Q2 2026, and the direct asking rent reached a record $10.97/SF/yr, up 6.3% year over year. Warehouse/distribution space averaged $10.47/SF/yr, manufacturing $10.85/SF/yr and office service/flex $14.04/SF/yr. Warehouse rents run from $8.15/SF/yr in Plant City to $13.81/SF/yr on the Westside.
Which Tampa submarket is best for warehouse space?
It depends on the requirement. The Eastside is the largest submarket and the leasing leader, with the biggest pipeline. Plant City has the highest vacancy, 12.9%, and the lowest rents. The Westside has the highest warehouse rents. South Tampa and the North and South Pinellas submarkets are the tightest, at 2.3% to 3.3% vacancy.
How much industrial space is under construction in Tampa?
About 1.97 million SF was under construction at the end of Q2 2026, with 89.0% still available. Year-to-date completions reached 534,029 SF, over 62.0% of it available. The Eastside has the largest pipeline at 1.3 million SF.
What are industrial cap rates in Tampa?
Matthews, citing CoStar data, reported an average industrial cap rate of 7.6% in Q2 2026 and an average sale price of $156 per SF. Cushman & Wakefield’s MarketBeat does not publish a Tampa Bay cap rate; among its Q2 sales, 13750 Reptron Blvd (158,000 SF) sold for $22.0M, or $139 per SF.
