Despite high leasing activity, net absorption came in at just positive 253,146 sq. ft. for the quarter. Absorption totals will increase as many of the tenants leasing space in Q2 2018 take occupancy of their new space in the second half of the year.
In addition to the 1.5 million sq. ft. currently under construction, during the second half of 2018, at least an additional 1.1 million sq. ft. of new space is expected to start construction.
Across Q2 2018, only 21 properties, totaling slightly over 1.2 million sq. ft., traded hands. This was a 51.9% decrease from the total square footage sold during the initial quarter of 2018.
The Tampa MSA enjoys an unemployment rate of 3.3% and from May 2017 to May 2018, the area has added a total of 30,400 new jobs.