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M A R K E T B E AT
Industrial Q2 2020
The Tampa Bay MSA, which includes Hillsborough and Pinellas Counties, had an unemployment rate of 13.1% in May 2020, down 10
basis points (bps) from the previous month and 1,000 bps higher than the rate from one year ago. Nonagricultural employment decreased
7.4% to 1.3 million. The employment sectors that gained jobs year-over-year (YOY) were Construction, adding 300, and Government with
100 new jobs. Every other sector forfeited jobs with half of the losses coming from the Leisure & Hospitality sector, at 51,700 jobs gone.
The COVID-19 pandemic struck the U.S. in March 2020, late in the quarter but with enough time to have a significant impact on first
quarter market fundamentals. In the second quarter of 2020, the U.S. economy felt its effects more fully, as government-mandated
shutdowns along with shelter-in-place ordinances pushed the country deeper into recession. The situation remains very fluid. Access the
most recent information specific to COVID here.
Overall vacancy ended the second quarter at 6.6%, an increase of 30 bps year-to-date (YTD) on available space from new deliveries.
Vacant space in warehouse/distribution in the Eastside submarket comprised over half of all vacant space in the market. Over the past five
years, the Tampa Bay industrial market recorded a surge of new construction. During that time, 7.9 million square feet (msf) delivered,
predominately in the Eastside and Plant City submarkets. Overall, 1.5 msf delivered in the first six months of 2020. Another 1.6 msf was
under construction with many projects scheduled to deliver before the end of the year. Vacant sublease space remained muted in the first
half of the year, accounting for under 5.0% of overall vacant space in the market.
YTD new leasing activity totaled 3.4 msf. The bulk of new leasing was in warehouse/distribution which accounted for 88% of all activity.
Tampa’s Eastside drew the most interest from tenants, comprising approximately 50% of