The last ten months have without a doubt brought a lot of economic uncertainty to the Tampa Bay market. The majority of the commercial real estate industry has felt the effects of the COVID-19 pandemic. Still, the industrial sector has fared significantly better than those in retail, office, and multi-family spaces. In fact, many are reporting that the industrial market is thriving and expected to see record numbers by year-end and likely into 2021.
COVID-19 has considerably changed the way consumers receive their goods. The need for direct-to-consumer delivery is pushing the demand for more industrial space. Other areas such as building materials production and distribution, and cold storage for e-grocery shopping, have also seen growth. This shift has created new employment opportunities, sparked a need for high-tech space that features additional automation, and helped to drive the overall economy.
Analysts report that vacancy rates for industrial space are still at historically low rates of less than five percent, and, despite COVID-19, rental prices have remained stable and even continue to increase, and deals continue to close without many concessions or discounts. Experts do not expect the trend to slow down even after the pandemic ends.
We have also been fortunate to see a steady stream of industrial activity at The Dikman Company. Over the last few months, we have closed several deals including:
- 5-Year Lease: 18,500 SF property located at US Highway 301 and MLK to KCI Communications
- 2-Year Lease: 7,200 SF located in Silo Bend to RFID Hotel
- 10-Year Lease: 12,675 SF located at 8507 Sunstate Street to M & F Home Solutions
- 3-Year Lease: 4,800 SF at 2604 Tampa East Blvd. to Platinum Roofing
- 1-Year Lease Renewal: 5,208 SF located at 2254 Massaro Blvd. to Tidewater Equipment
- 6-Month Lease Extension: 7,500 SF at 2604 Tamp East Blvd. to Diana Acrylics
- 1-Year Lease for Short-Term Storage: 12,270 SF at 4909 W. Knollwood to i-Gas
Please let us know if you know of someone looking to move or who may need to expand — we would love to talk with them about their options here in the Tampa Bay area.