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The retail commercial real estate market in the Sunshine State, at least when it comes to deals and sales of properties, hasn't been this hot since 2007, according to a new report from CBRE.
There was $4.6 billion worth of retail property sales in 2012, the commercial real estate firm reports. That's up 188% from 2009, when there was $1.6 billion in deals. It's also the first time total annual volume statewide passed $2 billion for the year since 2007, when there was more than $8 billion.
“Asking lease rates, while trending downward, have not suffered the degradation other asset classes in Florida experienced during the recession,” states the report. “Instead we are seeing the more desirable areas and submarkets see increasing rates as vacancy compresses.”
The Miami and Broward markets led the way in the state in sales volume. There were 50 large-scale retail deals in Miami in 2012 for $1.448 billion in volume, CBRE says, and 49 in the Broward market worth $1.31 billion.
Tampa Bay, meanwhile, had the most deals of any large metro area in the state. According to the report, Tampa Bay had 52 retail transactions for a total volume of $1.01 billion.
The report cited several fourth quarter deals in Tampa, including Taubman Centers' purchase of International Plaza for $713.1 million; Isram Realty & Management's acquisition of the Bayside Bridge Plaza in Clearwater for $17.2 million; and the Midland Atlantic Properties purchase of the Hays Town Center in western Pasco County for $13 million.
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