Demand for Industrial Product Expands
There has been no shortage of activity occurring throughout the greater Tampa Bay industrial market. Third quarter absorption and leasing activity remained favorable, with nearly 800,000 square feet (0.3% of the market) of positive absorption occurring, driven by nearly 3 million square feet of leasing activity. Year-to-date, amongst the backdrop of a global pandemic, nearly 8 million square feet has been leased, pushing absorption to nearly 3 million square feet for the year. This represents a significant increase of more than 1 million square feet compared to the third quarter of 2019.