Creation Breaks Ground on 301 Exchange

The 330,000-square-foot East Tampa industrial park comes as Tampa Bay's industrial vacancy rate climbs to 8.2 percent.

Updated on Nov. 10, 2026 in Commercial

Bold flat-color editorial illustration of three long plain warehouse shells on a bare cleared lot, representing new industrial construction in East Tampa. — Creation broke ground Tuesday on 301 Exchange, a speculative $65 million, 330,000-square-foot industrial park in East Tampa as regional industrial vacancy climbs to 8.2 percent. AI Illustration. Upload story photo >

Creation has broken ground on 301 Exchange, a 330,000-square-foot industrial park on a 51-acre site at U.S. 301 and East Sligh Avenue in East Tampa, Florida. The $65 million development is entirely speculative and is being built through a joint venture with PCCP.

Why it matters

The project adds new industrial supply to Tampa Bay at a time when vacancy is rising, which could affect leasing conditions for industrial tenants in the region. Its speculative nature means the space will be built without a confirmed tenant.

Tampa Bay's industrial vacancy rate rose 80 basis points quarter-over-quarter to 8.2 percent, according to a Cushman & Wakefield third-quarter report. The 301 Exchange development totals 330,000 square feet and is valued at $65 million, with 39 of its 51 acres designated as wetlands, and no tenants have been named.

The players

Creation

Creation is a real estate developer whose statewide expansion totals nearly 1 million square feet and $200 million in deal value in less than two years.

PCCP

PCCP is the investment partner with which Creation is developing the 301 Exchange project through a joint venture.

Cushman & Wakefield

Cushman & Wakefield is a global commercial real estate services firm that publishes market reports tracking vacancy and absorption trends.

The details

The three rear-load buildings range from 100,101 to 129,317 square feet, each with 32-foot clear heights and two points of ingress and egress. LGE Design Build is serving as architect and general contractor, and 301 Exchange is Creation's first Florida development.

Third quarter (2026): Cushman & Wakefield reports Tampa Bay industrial vacancy at 8.2 percent.
End of 2027: Delivery of the 301 Exchange project is scheduled.

Market Landscape

Cushman & Wakefield's quarterly Tampa Bay industrial reports have tracked positive net absorption of 686,000 square feet year-to-date, even as vacancy has climbed. Speculative construction such as 301 Exchange adds supply into that market, so the balance between absorption and new space will determine whether vacancy keeps rising.

Businesses seeking industrial space in Tampa may find more options as speculative buildings come online. The 301 Exchange site sits about two minutes from Interstate 4 and has direct access to Interstate 75, which could matter for distribution tenants.

The takeaway

Rising vacancy and new speculative supply suggest Tampa Bay's industrial market is shifting toward more tenant choice. Businesses evaluating space should watch absorption figures from upcoming quarterly reports.