Tampa Bay has a strong first quarter, but the market is bracing for COVID-19 impact
The novel coronavirus pandemic has caused widespread disruption to lives and businesses all across Tampa Bay. Prior to any COVID-19 related effects, the quarter ended on stable footing, but dynamics could change as clarity around ongoing impact of the pandemic unfolds. Overall availability in Tampa Bay ended the first quarter at 15.3% identical to the prior quarter’s availability and a year-over-year increase of 0.9%. With a robust number of new buildings under construction, Tampa’s overall Class A asking rents held firm at just under $31.00 per square feet (psf). As the market prepares for the impact of the rapidly changing circumstances, it is expected that availability will continue to increase with rightsizing, downsizing, and closures sure to come from a crisis of this scale.