The commercial real estate brokers at Bounat work diligently to compile a comprehensive list of the top commercial real estate activity in the Florida region on a frequent basis.
Tampa’s retail availability has hovered around all-time lows for the past two years, but national-level bankruptcies and store closures are bringing new spaces to the market in 2025. Population growth and an expanding consumer base have fueled Tampa’s retail demand over the past several years. Prior to 2021, Tampa’s retail availability hadn’t been below 5% since 2007. As the population has increased by 230,000 people over the past five years, retail demand has been near all-time highs. Availability has been around 3.5% since 2022, and market participants believe that availability in well-maintained centers in prime locations boasts a collective availability closer to 1%. However, availability has ticked higher over the past few months and is expected to continue to do so over the near term.
New spaces are coming to the market as national brands have filed or are expected to file for bankruptcy and close stores. Retailers like Macy’s, Big Lots, Conn’s, and Party City have and will put hundreds of thousands of square feet of retail space on the market. While that will increase the region’s availability rate, some believe these new availabilities will create opportunities for landlords and prospective tenants. On the landlord’s side, many of these bankruptcies provide the opportunity to increase the quality of the tenant base as well as bring rents up to market.
Tampa has been a leader in the US for retail rent growth, increasing nearly 35% over the past five years to a market average of $26.00/SF on a triple net basis. For tenants, retail space on desirable corridors has been difficult to find over the past several years. Many of Tampa’s largest leases over the past year have been for build-to-suits. New spaces could provide opportunities for prospective tenants to lease and enter or expand into the market more quickly. The current pipeline will do little to alleviate demand as only 410,000 SF is under construction. Land and construction costs coupled with a prolonged entitlement timeline have made new development difficult to pencil in the Tampa region.
While new ground-up retail development is rare, there are several redevelopments in the early stages, with retail components expected to break ground in the coming years. Westshore Plaza, which encompasses roughly 54 acres at the corner of Kennedy Boulevard and Westshore Boulevard, is for sale after receiving entitlements for redevelopment, including over 900,000 SF of new retail.
Tampa’s retail market is likely to continue to see availability rates around the record-low levels it has seen over the past few years. There is essentially no new construction happening that would put upward pressure on the market’s availability. In addition, while new spaces have and are expected to continue to come to the market, many will likely be leased up quickly.
You can view our commercial properties in Florida to see what real estate assets are available for lease/sale.
Tampa Retail Real Estate Statistic Highlights Q1 2025*
12 Mo Deliveries in SF: 1.2M
12 Mo Net Absorption in SF: 603K
Vacancy Rate: 3.3%
Market Asking Rent Growth: 3.3%
Tampa Retail Real Estate Sales Statistics Q1 2025*
Sale Comparables: 641
Average Cap Rate: 6.5%
Average Price / SF: $257
Average Vacancy at Sale: 2.9%
Significant Retail Commercial Real Estate Sales Tampa Q1 2025*
Below are the top retail real estate sales inked in Tampa during the last 12 months.
1) Nature Coast Commons (1253 – 1437 Wendy Ct)
Rating: 4*
Year Built: 2009
Building SF: 225,806
Vacancy: 0.8%
Sale Date: 8/30/2024
Price: $40,000,000
Price/SF: $177
2) 1508 W Brandon Blvd
Rating: 3*
Year Built: 2003
Building SF: 64,773
Vacancy: 0%
Sale Date: 9/30/2024
Price: $37,200,000
Price/SF: $574
3) The Walk at Highwoods… (18001-18045 Highwoods…)
Rating: 4*
Year Built: 2001
Building SF: 111,000
Vacancy: 0%
Sale Date: 7/3/2024
Price: $24,007,569
Price/SF: $216
4) 2495 Gulf To Bay Blvd
Rating: 3*
Year Built: 1995
Building SF: 114,225
Vacancy: 0%
Sale Date: 6/4/2024
Price: $23,000,000
Price/SF: $201
Cap Rate: 5.2%
5) Crosswinds Shopping Center (2020-2060 66th St N)
Rating: 3*
Year Built: 1971
Building SF: 143,899
Vacancy: 0%
Sale Date: 11/7/2024
Price: $20,500,000
Price/SF: $142
6) Village Market at Wesley… (5325-5429 Village Market)
Rating: 3*
Year Built: 1988
Building SF: 72,121
Vacancy: 0%
Sale Date: 12/19/2024
Price: $19,503,563
Price/SF: $270
Cap Rate: –
7) Granada Plaza (1491-1575 Main St)
Rating: 3*
Year Built: 1983
Building SF: 74,200
Vacancy: 9.6%
Sale Date: 12/17/2024
Price: $16,750,000
Price/SF: $226
8) 1502-1512 E 7th Ave
Rating: 4*
Year Built: 1900
Building SF: 28,000
Vacancy: 0%
Sale Date: 1/23/2025
Price: $15,000,000
Price/SF: $536
9) 2317 Gunn Hwy
Rating: – 3*
Year Built: 2024
Building SF: 138,339
Vacancy: 0%
Sale Date: 11/20/2024
Price: $14,340,344
Price/SF: $104
Cap Rate: 5.2%
10) Rivian (701 N Dale Mabry Hwy)
Rating: – 3*
Year Built: 1992
Building SF: 25,000
Vacancy: 0%
Sale Date: 4/11/2025
Price: $13,500,000
Price/SF: $540
Cap Rate: 6.8%
Significant Retail Commercial Real Estate Leases Tampa Q1 2025*
Below are the top retail real estate leases signed in Tampa during the last 12 months.
1) 5591 N US Highway 41
Leased SF: 167.219
Quarter: Q1 25
Tenant: Walmart
Tenant Rep: Not Listed
Leasing Rep: Not Listed
2) City Furniture – Pasco County
Leased SF: 144,372
Quarter: Q2 24
Tenant: City Furniture
Tenant Rep: Not Listed
Leasing Rep: Colliers
3) Coastal Way – Hernando County
Leased SF: 103,500
Quarter: Q2 24
Tenant: BJ’s Wholesale Club
Tenant Rep: LQ Commercial Rea…
Leasing Rep: Brixnor Property Group
4) 16400 State Road 54
Leased SF: 70,305
Quarter: Q1 25
Tenant: The Chapel Church
Tenant Rep: Not Listed
Leasing Rep: ONEIL Commercial Ad…
5) The Factory St. Pete – South Pinellas
Leased SF: 51,000
Quarter: Q2 2024
Tenant: St. Pete Athletic Paddle a…
Tenant Rep: Axxos:KW Commercial
Leasing Rep: Axxos
Significant Retail Commercial Real Estate Construction Projects Tampa Q1 2025
Properties Under Construction: 25
Total Square Feet Under Construction: 406,675
Percentage of Inventory: 0.2%
Preleased: 83.8%
1) 5591 N US Highway 41
Rating: 4*
Start: January 2025
Completion: May 2026
Building SF: 170,995
Developer / Owner: Walmart
2) 26946 Halter Loop
Rating: 3*
Start: June 2024
Completion: June 2025
Building SF: 40,000
Developer / Owner: Bissett McGrath Properties
3) Shoppes at Alafia Upper Alafia Ct
Rating: 5*
Start: January 2025
Completion: September 2025
Building SF: 32,115
Developer / Owner: –
4) Gasworx E2 1301 E 4th Ave
Rating: 4*
Start: March 2025
Completion: April 2026
Building SF: 30,000
Developer / Owner: Darryl Shaw / Darryl Shaw
5) 8224 Little Rd
Rating: 3*
Start: March 2025
Completion: September 2025
Building SF: 19,400
Developer / Owner: Tricor International Corporation / Pantropic Design
Take a look at our featured Tampa office real estate spaces, or other Tampa commercial real estate properties here, or contact the Bounat team to start your own search for properties in the area.
* Data is courtesy of CoStar Group Inc.