Navigating Uncharted Waters
The second quarter of 2020 began with an unprecedented pause in activity. The CMBS markets were nearly frozen. Investors were pencils down. Lenders halted underwriting and decision making. Tenants paused or delayed tours. And many properties were pulled off the market in a wait and see approach. However, as the quarter progressed, the office market throughout greater Tampa Bay began to thaw, and although new leasing and investment closings were down, overall activity began to hint of signs of life heading into the second part of the year.