The industrial real estate market in Tampa Bay started 2018 strongly, with positive net absorption and declining vacancy. However, a lack of large blocks of available space may limit activity over the year. Nearly 4.5 million square feet of new construction is underway, much of it pre-leased, which will help meet demand. Asking rental rates increased by 0.7% in the first quarter due to tight market conditions and new deliveries are expected to further increase rents throughout 2018. The East Tampa submarket is seeing the largest amount of new development.