A Shift in Momentum Across the Tampa Bay Tri-County Market – Industrial CRE Market Report

ProTech's tri-county industrial analysis showed lower overall transaction volume but firmer pricing, pointing to a market that had become more selective rather than broadly weaker.

Tri-County Overview

Sales volume declined from approximately $784.6 million to $568.8 million in the periods compared, while transaction count declined from 267 to 181. Average price per square foot increased from approximately $113.45/SF to $132.09/SF, and median pricing also increased.

Quality Over Quantity

Higher borrowing costs reduced speculative activity, but stabilized and well-positioned assets continued to command buyer attention.

County-Level Takeaways

Hillsborough

Activity cooled from prior record levels, but pricing fundamentals held. The slower environment created potential openings for disciplined buyers.

Pinellas

Fewer trades occurred, but constrained supply and infill demand helped support pricing.

Pasco

Pasco emerged as the growth leader, benefiting from logistics corridors, available land and relative affordability.

Has the Market Peaked?

The data was more consistent with cyclical cooling than a structural collapse. Falling sales volume paired with stable or rising pricing showed that capital had become more selective, not absent.