A record of 5.8 million square feet was delivered in 2020 for the Tampa Bay industrial sector, according to Colliers International in its fourth quarter report.
After a momentary pause in the second quarter, the Tampa Bay industrial market bounced back with record-setting activity. During 2020, the greater Tampa Bay industrial market, which includes Hillsborough, Pinellas and Polk counties, registered the highest number of new deliveries on record.
Over the past 10 years, as the market rebounded from the Great Recession, nearly 29 million square feet of industrial product was added to the market, which equates to 12.5 percent of the market.
With the backdrop of a global pandemic that accelerated the growth of ecommerce and demand for industrial space, leasing activity increased 7.1 percent in 2020 compared with 2019. Over 11.7 million square feet of space was leased, inclusive of renewals, expansions, relocations and new deals. Investors also flocked
