CRE defaults loom in a post-COVID-19 Tampa Bay

Banks are bracing for a wave of foreclosures in 2021, but industrial development continues to be a bright spot for the region.

By Kevin McQuaid
| 6:00 a.m. October 23, 2020
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MARK WEMPLE â€” Tampa Bay area bankers are boosting loan loss reserves now in preparation for a wave of anticipated CRE defaults next year.

Commercial Real Estate

Tampa Bay area banks and other lenders are bracing for a wave of commercial real estate loan defaults that are anticipated in the new year, with hospitality properties and retail projects impacted by the COVID-19 crisis the most vulnerable.

At the same time, however, industrial development in the Interstate 4 corridor between is Tampa and Orlando appears poised for continued growth, with one expert claiming there is “no end in sight” to development to accommodate online consumer shopping.