Essentially all industrial demand is going to new buildings in Tampa Bay

Older buildings have been shedding tenants at a brisk pace so far this year. For industrial properties larger than 100,000 square feet, pre-2020 built properties have recorded negative 1.3 million square feet of absorption year to date. In comparison, properties completed since the start of 2020 have accounted for 3.4 million square feet of absorption.