TAMPA — More than 2.8 million square feet of industrial space was under construction in the Tampa Bay area at the end of 2018 as the area continues to grow as a regional distribution and last-mile delivery center. According to the commercial real estate firm JLL (Jones Lang LaSalle), most of the construction was in the eastern part of the bay area with easy access to the I-4 corridor. The vacancy rate for existing space was 4.4 percent overall and as low as 2 percent in some submarkets.
"Despite 2018 being an active year, 2019 may steal the show,'' JLL said in a new report. "It is in the next 12 months that we will discover just how strong demand for Tampa is as the market looks to fill the 2.2 million square feet of new product that has yet to be prereleased. History has shown that annual absorption at this level is not unheard of, and with a spotlight on Tampa that has to a large extent never shone as brightly, the market is positioned well.''
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