Tampa Bay Retail Market Steady, Continuing to Favor Landlords
Tampa Bay’s retail market remained steady through the second quarter of 2018, marked by rental rates steadily increasing quarter-over-quarter since 2016. Over the previous 24 months, the introduction of new retail construction has been healthy and steady, represented by approximately 48,000 square feet each quarter in new completions and 104,000 square feet in positive absorption each quarter. Vacancy has dropped 10 basis points since the second quarter of 2017 and 70 basis points the same quarter of 2016. The health of the market is stable and remains a favorable landlord’s market, especially for owners of Class A and B space in prime locations.