Tampa Industrial Market

The overall vacancy rate at year-end 2007 was 5.7 percent, up from 4.8 percent in 2006. The Tampa industrial market posted 2.2 million square feet of net absorption in 2007, and the overall average asking lease rate for warehouse/distribution space was $5.87 per square foot. There were 2.7 million square feet of new space under construction across the Tampa Bay industrial market, and the 191.5 million-square-foot inventory increased by 4.5 million square feet of completed construction in 2007.