New stores brighten Tampa retail real estate

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.