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TAMPA — The Tampa Bay retail real estate market is faring better than most other regions across the state, according to a new study by CBRE Global Research and Consulting's team in Tampa. The Tampa Bay retail vacancy rate was 7.8% in 2012, compared with a statewide rate of 8.7%. Only Miami had a lower vacancy rate than Tampa Bay.
The average retail rent was $14.90 per square foot for the region in 2012, with asking lease rates highest in Hillsborough County, at $15.61, and lower in Pinellas, at $13.69 per square foot, on a triple-net-lease (NNN) basis, which means that tenants share property tax, insurance, utility, and other costs. The asking lease rate in Pasco County was $14.81.
Among the Bay area submarkets, however, some spots showed more strength than others. The highest asking rates occurred in southwest Hillsborough, at $21.49 per square foot, and in east Pasco County, where the asking lease rate was $18.96 per square foot.
Across Tampa Bay, retail submarkets reported a combined 409,000 square feet of positive absorption in 2012, less than the previous year's 631,000 square feet, but significantly better than during the height of the recession, according to the report from CBRE.
Retailers absorbing space in Tampa Bay included Whole Foods Market, which opened a new store in north Tampa, on North Dale Mabry Highway, while Evos restaurants recently signed a 2,100-square-foot lease at Carrollwood Center.
The region is also benefiting from new fitness centers that have sprung up across Tampa Bay, according to CBRE.
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