TAMPA, FL—Tampa is making headlines for big expansions lately. HealthPlan is bringing 1,000 new jobs to the city and the industrial commercial real estate market is gaining momentum. GlobeSt.com caught up with Rick Narkiewicz, first vice president at CBRE Tampa, to get his take on Tampa's industrial real estate market.

GlobeSt.com: How are market fundamentals improving for the industrial market?  

Narkiewicz: Among class A and B properties rents have risen about $1 per square foot from this time last year. The vacancy rate continues to decline, several properties that have been empty for years are finally full and concessions have reduced significantly.  

Additionally, there are not many quality buildings left for sale. These factors combined with more companies looking for space have reduced some of the pressure off of the landlords.

GlobeSt.com: What's the possibility of seeing the first spec construction in years?  How does that impact the Tampa market?

Narkiewicz: I believe we will see our first speculative construction since 2008 in the East Tampa sub market at the end of this year. This will give larger tenants with a higher office finish another option in the market.  

Currently there is only one Class A dock high rear load space available in East Tampa about 35,000 square feet. If you are a tenant that needs this category of space larger than 50,000 square feet you are out of luck for the moment.

GlobeSt.com: Is this the end of the stale mate between landlords and tenants?  

Narkiewicz: No, but we are about to turn the corner on this trend. In the case of the last two significant leases, both tenants were new to the market and were expanding their footprints. They certainly got good deals, but getting into the market to serve their customers was more important to them than trying to bankrupt the landlord.