MARKET TRENDS

• Vacancy in Tampa Bay continues to climb, up 200 (bps) year over year to 7.0% from 5.0% as new supply continues to outpace demand.
• Asking rates ticked up 1.5% year over year to $10.01 per square foot (psf), although on a quarterly basis, this represented a 3.4% decline.
• Quarterly net absorption, totaling nearly 900,000 square feet (sf), was primarily driven by the delivery of Target’s new 1.4-million-square-foot (msf) distribution center that delivered in the North Tampa submarket.

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