Increasing Activity, Challenges Still Remain
The second quarter of 2020 began with an unprecedented pause in activity for the Tampa Bay Retail market. Nearly every retailer, except those deemed essential during the COVID-19 pandemic, temporarily closed their doors either voluntarily or through government orders. Investors were pencils down and lenders halted underwriting and decision making. Tenants interested in the market paused or delayed tours, and many properties were pulled off the market in a wait-and-see approach. However, as the quarter progressed, the retail market throughout greater Tampa Bay began to thaw and, although many government orders and restrictions remain, pockets of activity began to come back to the market.