Steady Activity Amidst a Global Pandemic
Although the true long-term impacts of COVID-19 (Coronavirus) across the broader economy remain unknown, the local industrial market in Tampa Bay remained poised for growth. Net absorption, a strong indicator of market performance, registered one of the largest positive net absorptions in recent history at 1.8 million square feet. Leasing volume, which is a precursor to absorption also increased registering over 2.8 million square feet of recently signed leases, nearly 1 million square feet more than the previous quarter. Big box tenants were the primary activity generators, completing six lease transactions, accounting for over 1.8 million square feet in transactions. The second quarter displayed a gain in momentum and an overwhelming drive for e-commerce product.