Industrial Space Overview
The Mid-Pinellas Submarket in Tampa boasts an expansive 6.1 million square feet of office space, exceeding national norms. The vacancy rate has witnessed a slight decline, resting at 7.0%, significantly below the 10-year average as of 2021Q4. Market prices continue to shatter records, and while cap rates have experienced compression, Tampa yields remain attractive compared to national indices and gateway markets.
Office investment activity has surged in recent quarters, with annual sales volume doubling 2020 levels. The second quarter of 2021 witnessed a transaction volume surpassing $300 million for the first time during the pandemic. Notable transactions include Two Harbour Place, Highwoods Preserve VII, and Kforces Ybor City headquarters, which exemplifies pandemic-induced downsizing efforts.
This submarket offers an exceptional opportunity for companies seeking immediate relocation without the wait for new construction. Class C office properties present ample space for gradual renovations, allowing tenants to move in and modify their footprint incrementally.
Additionally, a warehouse property at 7150 114th Avenue, Largo, FL, is available for rent. This 10,800 SF warehouse offers ample amenities, including grade-level loading doors, parking, three-phase electrical power, and a convenient location within Largo's industrial corridor.
Office investment activity has surged in recent quarters, with annual sales volume doubling 2020 levels. The second quarter of 2021 witnessed a transaction volume surpassing $300 million for the first time during the pandemic. Notable transactions include Two Harbour Place, Highwoods Preserve VII, and Kforces Ybor City headquarters, which exemplifies pandemic-induced downsizing efforts.
This submarket offers an exceptional opportunity for companies seeking immediate relocation without the wait for new construction. Class C office properties present ample space for gradual renovations, allowing tenants to move in and modify their footprint incrementally.
Additionally, a warehouse property at 7150 114th Avenue, Largo, FL, is available for rent. This 10,800 SF warehouse offers ample amenities, including grade-level loading doors, parking, three-phase electrical power, and a convenient location within Largo's industrial corridor.
