While not as flashy as class A office space or luxury multifamily projects, industrial properties constitute about 198 million square feet of space in the Tampa Bay area. Sales of industrial real estate in the area totaled about $916 million over the past 12 months. Rental rates are averaging a quite reasonable $7.81 per foot and vacancy rates of 5.1 percent indicate that the sector is very strong. Projects currently under construction represent about 3.2 million square feet. Many experts feel that Amazon and similar firms will drive strong growth for warehouse space and distribution over the next several years. #CRE