Activity & Optimism Returns
After months of little to no activity, the Tampa Bay retail market has begun its rebound. The global pandemic has impacted nearly every retail market across the country and the Tampa Bay retail market was not shielded from those effects either. However, the true impacts of the pandemic have yet to be seen locally, as overall market stats continue to remain nearly unchanged. Vacancy remains relatively healthy at 6.4 %, unchanged from the previous quarter and only marginally up from a low of 6.1 % that was experienced this time one year ago. As the market moves forward, it’s expected that vacancy will remain relatively flat as a mix of tenants that unfortunately will exit the market will be backfilled with those taking the current environment as an opportunity to expand and gain market share. During the quarter over 160 transaction occurred, up from 109 in the previous quarter, but still below the average of 180 that occurs each quarter.