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M A R K E T B E AT
Office 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 region’s rate from one year ago. Nonagricultural employment
decreased by 7.4%, over the year. 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 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 12.8%, an increase of 120 bps over last year and rising 50 bps in the first six months of
2020. Class A vacancy rose by 80 bps YOY to 11.0% with space in Class B climbing by 170 pbs to 15.8%. Suburban submarkets were
more stable compared to vacancy increases in the CBD submarkets, rising 100 and 180 bps, respectively. New construction in Tampa
Bay was concentrated in Hillsborough County with approximately 1.4 million square feet (msf) of office space under construction. The
Tampa CBD led with 825,000 square feet (sf) in activity, the highest level for this submarket since the early 1990’s.
New leasing demand fell in the second quarter to approximately half of the volume leased in the first quarter. New lease deals totaled
approximately 1.4 million square feet YTD with only 30% occurring in the second quarter. Most new lease deals were in Class A buildings,
827,000 sf compared to only 452,000 sf in Class B assets. Suburban submarkets outperfor