Although the long-term economic impact of COVID-19 still remains uncertain, now, heading into the second part of the year Tampa Bay office CMBS that were nearly unchanged from the first quarter of 2020 are showing signs of life even though new leasing and investment closings were down, according to the second quarter 2020 Tampa Bay Office Market report by Colliers International.

Leasing and absorption highlights

The report notes that the number of lease transactions during the second quarter was down approximately 40% from this time period last year, with approximately 160 transactions being completed as compared to 272 in the second quarter of 2019. Renewals and shorter-term leases were the primary drivers during the quarter.