Governor Scott’s office announced that Advanced Airfoil Components will be opening a new manufacturing facility in Metro Tampa Bay. The joint venture between Chromalloy Castings and Siemens will bring 350 high-paying manufacturing jobs to the area. According to the press release, the new joint venture will make a capital invest of approximately $139 million
Rick Narkiewicz, Senior Managing Director at Newmark Knight Frank, represented the joint venture in the transaction which is being touted by experts as the largest lease of a speculative warehouse ever in Metro Tampa Bay. Narkiewicz set the previous record in 2012 when he represented Highland Packaging.
Space Shifter analysts report that the Tampa Bay Industrial market is in a state of equilibrium. Although the market is relatively tight, there is an adequate amount of vacant space to fill the needs of most tenants seeking space. However, there is a shortage of owner-occupied buildings available for purchase which is preventing several area companies from proceeding with their expansion plans as they cannot find a suitable facility.
Rental rates for new Class A rear load warehouses are $5.25 to $5.75 per square foot. Rental rates for new Class A cross dock facilities are in the mid $4.00 per square foot range depending on location.
Along with Tampa, the Central Florida market experienced a fair amount of activity over the last several quarters. Samsung singed a 600,000 square foot lease in Groveland. Chewy recently started construction on its 600,000 square foot distribution center in Ocala and last month Brennan Investments announced that they leased 600,000 square feet at their project in Lakeland.