Tampa Bay's industrial real estate keeps booming

 There's no shortage of demand for massive warehouses in the Tampa Bay region — while there are 3.2 million square feet of industrial space under construction, more than half of that is already claimed, according to CBRE Group Inc.

Of that space, more than 1 million square feet is slated to wrap up construction in the second quarter, CBRE wrote it in its first quarterly report. In fact, CBRE wrote, leasing of new space happens at such a quick clip that tracking the growth in average asking rates is a challenge because "limited blocks of marketed space remain after recent leasing."

That level of demand has other industrial developers convinced there's still plenty of time left in this real estate cycle to capitalize on the white-hot sector. Investors are also buying in, closing on properties at record low cap rates. Here's a look at some recent deals that illustrate the dynamics at work in Tampa Bay's industrial real estate market.

Tampa Bay industrial real estate update - Tampa Bay Business Journal (bizjournals.com)

$2 billion packaging company relocating HQ to Tampa, bringing 200 jobs

 A $2 billion transit packaging company is relocating its corporate headquarters from the Chicago area to Tampa in a move that economic leaders said should bring 200 jobs to the area.

Signode Industrial Group, which manufactures packaging tools and equipment for industrial shipping and storage, will relocate its top-level executives and other staff to Hidden River Corporate Park, just off Interstate 75 near Morris Bridge Road.

$2 billion packaging company relocating HQ to Tampa, bringing 200 jobs (tampabay.com)

Guest opinion: What has happened to the Florida property insurance market?

How did we move — in just five years — from a vibrant market where financially solid companies competed for business to an unhealthy environment where policyholders who have never filed a claim are being dropped or see their premiums jump by 30, 40, 70 percent in a year?

https://www.naplesnews.com/story/opinion/2021/04/19/what-has-happened-florida-property-insurance-market-barry-gilway/7285900002/ 

Moffitt Announces Phase I of Pasco County Campus

 The Pasco Economic Development Council (Pasco EDC) and Pasco County are thrilled to welcome Moffitt Cancer Center (Moffitt) to the county. Moffitt has announced the first phase of the 775-acre campus project in Pasco County. The campus is estimated to support more than 14,500 jobs in the Tampa Bay region.

https://mail.google.com/mail/u/0/#inbox/WhctKJWQdjWlJJKDDkvZCGbrFSMsjlMSSsWJDLHTJSLwTprqFMQSfbXpxKWQzLvNlFTFWmQ

E-Commerce Surge Drives Record Year for Warehouses, Factories in Pandemic

 

US Developers Ramp Up Construction, Risking Potential Oversupply in Some Areas

https://product.costar.com/home/news/shared/981771761?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content=p2

JV Plans Tampa's Largest Spec Industrial Build in 15 Years

 Ken Morin has been an integral part of Tampa Bay's successful development community for some time now

http://www.bhhsflpcommercial.com/news/jv-plans-tampas-largest-spec-industrial-build-in-15-years

Can trade wars between China and USA have an immediate impact on the Industrial RE sector

http://gateway.costar.com/home/news/shared/189188?utm_source=mc&utm_medium=email&utm_campaign=CoStarAdvisorWeeklySend&frontdoor=email