These were really not these were not blend extend deals. Or are they approaching you? And I think we can extrapolate from our increase in guidance for the second half of the year would put us back into a more normalized level in 2021 if things were to hold. Even more encouraging has been the resiliency of the industrial sector overall and more specifically, the performance of our portfolio.Second quarter highlights. These developments have projected value creation in the mid-30% range. The quarter ended up relatively strong on the demand front, given the mostly soft economic data points in the broader economy. With all the strong data points in e-commerce, supply chain resiliency and increased inventory levels, it's probable that new spec development start to ramp up some.
Coupled with our strong balance sheet and strategic land inventory, we are in a position to gradually ramp up our growth and value creation via development. We've got a great build-to-suit pipeline, as Steve alluded to, but things continue to stay solid, and that affords us an opportunity to suspect development, then I think you could see us put it back into kind of a more normalized level.All right. You can sign up for additional alert options at any time.At TreeHouse Foods, we promise to treat your data with respect and will not share your information with any third party. That pipeline, for us, is down as low as it's been in a couple of years. For more than 100 years Yara has invented, produced and sold products that feed the world and protect the planet, all the time creating value for our shareholders.Also for the next 100 years we will continue our ambitious journey based on profitable growth and continuous improvement.There is no trade-off between business for good and good business.“We need to realize that our industry is changing. : 00002. Are you guys approaching the tenant? And given the interest rate environment, we do expect those cap rates to potentially compress even further. No. I would now like to address the changes to our 2020 guidance that we have made, which are based on our better-than-expected second quarter operations and considerably improved outlook for demand and tenant credit worthiness.
As you're aware, our dispositions are a key component of our strategy to increase our exposure to coastal Tier one markets, diversify our tenant base and is also an integral part of our funding strategy. And second, with the availability and in fact, this cheap capital, does that make you guys want to think differently about capital deployment? You can also find our earnings release supplemental package, SEC reports and audio webcast of this call in the Investors section of our website as well.Now for our prepared statement, I'll turn it over to Jim Connor.Thank you, Ron. Those didn't happen. We've added new exhibits in the supplemental report posted last night on our rent collections, deferrals and bad debt expense. Stock Trade Information. I would tell you that there are distressed sellers of land right now, particularly where we're looking at the coastal Tier 1, land pricing has rebounded. Do we expand an existing warehouse? Is your customer base that you have, are they aggressively building space to hold more inventories or more just of a discussion point right now?.I would say it's a discussion point, but it's certainly coming to fruition. We have over 40 production facilities across the United States, Canada and Italy, and our vision is to be the undisputed solutions leader for custom brands for our customers. I'd say Amazon is probably 20% to 25% of the market activity today, but there's a whole lot of other users out there that are benefiting from the online channel as well.And our next question comes from Manny Korchman with Citi. TreeHouse Foods, Inc. is a leading manufacturer and distributor of private label packaged foods and beverages in North America. I mean we did a little bit this quarter.
Deliveries were up as expected to about 56 million square feet, which pushed vacancies up 20 basis points to about 4.7%. And so we did not take any tenants and extend term on the back end and just call it a new deal. It's not just Amazon. Across all leases, the average size was 138,000 square feet, and our average lease term was about six years, which is fairly representative for our performance.We believe the size and term of our transactions represents an element of differentiation in terms of lower portfolio volatility and typically more creditworthy tenants. Does it at all make you more inclined to do other things like mezz lending, leveraging your platform and your knowledge?Yes. So I think overall development costs are probably in line with where they were to start the year. Our earnings release and supplemental package were distributed last night after the market closed. I think when you look at I mean, our average deal size in the second quarter was 138,000 square feet that I think that's telling. So the tender offer pricing that we put out there, we were really targeting about $150 million of the $300 million.
That was a spec project that was done in the second quarter before the building was complete.And our next question is going to come we're back to Mr. Eric Frankel with a follow-up.