Region set records in both sectors in 2020 despite significant office headwinds generated by COVID-19.
The following article was published in the Business Observer in January 2021. To access the full article, click here.
The significant momentum that the Tampa Bay commercial real estate market began 2020 with carried through much of the year in the office and industrial sectors, despite the havoc brought about by the COVID-19 pandemic.
Perhaps not surprisingly, the office sector suffered from increased sublease availability and vacancy rates last year, even as rental rates inched upward to hit new plateaus, especially in Hillsborough County.
Absorption and leasing activity also were down in 2020, contributing to the higher vacancy levels.
Industrial activity, by contrast, soared in the Tampa Bay area in 2020, according to statistics compiled by commercial real estate brokerage firm Cushman & Wakefield.
Asking rental rates rose considerably throughout the year in the region, even as deliveries rose and added millions of square feet to the market. And while leasing activity overall in 2020 fell, the level of absorption over the course of the past two years has been nothing but positive.
Read the full article here.