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Jun, 16

Tampa Retail Real Estate Market Report

tampa-commercial-real-estate-retail-market-report

At Bounat we work to regularly compile a comprehensive list of the top commercial real estate activity in the region on a quarterly basis.

Tampa’s retail sector has proven largely resilient to the pandemic, with tight retail fundamentals and a generally flat vacancy rate since 20Q1. The market has also shown signs of improvement in 2021 with vacancies falling to just 20 basis points above the all-time low.

Retail starts have pulled back over the past year and there are only about 800,000 SF underway. This year is on track for one of the lowest annual retail delivery totals of the past decade. The Channel District of Downtown Tampa has been a particular hotbed of activity, including the street retail portion of Water Street Tampa completing in 21Q2 with organic grocer GreenWise. There have been multiple apartment complexes to recently deliver and more are underway, spurring retail demand and leading to Downtown Tampa’s first Publix location and a CVS lease signing.

Most of Tampa’s submarkets are still experiencing relatively high retail rent growth with all submarkets outperforming the national average. The weakest rent growth submarkets include areas such as North Pinellas and Westshore. North Pinellas was highly exposed to pandemic impact due to its dependence upon tourism to drive retail demand and Westshore retail depends upon both daytime traffic from its large office nodes, as well as tourism and travel from Tampa International Airport.

You can view our commercial properties in Florida to see what real estate assets are available for lease/sale.

Retail Commercial Real Estate Overview in Tampa 

 

Recent Significant Retail Real Estate Sales in Tampa, Florida

Q1 2022

Crosswynde * 1502 Marsh Cove Ct

Rating: 4*

Year Built: 2001

Building SF: 346,585

Vacancy: 0%

Sale Date: 1/13/2022

Price: $82, 564,888

Price/SF: $238

 

Pasadena Shopping Center * 6800-6892 Gulfport Blvd S

Rating: 3* 

Year Built: 1959 

Building SF: 163,746

Vacancy: 2.8%

Sale Date: 7/14/2021

Price: $32,650,000

Price/SF: $199

 

Valrico Commons * 1901-1999 State Road 60 E

Rating: 3*

Year Built: 1985 

Building SF: 138,433

Vacancy: 0%

Sale Date: 8/25/2021

Price: $30,353,858

Price/SF: $219

 

Tesla Dealership * 11945 N Florida Ave

Rating: 4*

Year Built: 2019 

Building SF: 30,160

Vacancy: 0%

Sale Date: 8/20/2021

Price: $27,500,000

Price/SF: $912

 

Market At Mirada * SR 52 & Clinton Ave

Rating: 3*

Year Built: 2021 

Building SF: 60,100

Vacancy: 0%

Sale Date: 12/22/2021

Price: $22,000,000

Price/SF: $366

 

Belmont Shopping Center * 14323 S US Highway 301

Rating: 3*

Year Built: 2020 

Building SF: 56,365

Vacancy: 0% 

Sale Date: 6/30/2021

Price: $21,000,000

Price/SF: $373

 

Summerfield Crossings * 12960 S US Hwy 301 Dr

Rating: 3* 

Year Built: 2019 

Building SF: 46,528

Vacancy: 0%

Sale Date: 7/19/2021

Price: $19,602,392

Price/SF: $421

 

30777 US Highway 19 N 

Rating: 2* 

Year Built: 1992 

Building SF: 70,741

Vacancy: 0%

Sale Date: 10/18/2021

Price: $19,300,000 

Price/SF: $273

 

The Shoppes at Avalon * 13455-13485 County Line

Rating: 4*

Year Built: 2009 

Building SF: 65,600

Vacancy: 6.4%

Sale Date: 3/1/2022

Price: $17,500,000

Price/SF: $267

 

Starkey Ranch Publix * 13589 State Road 54

Rating: 4*

Year Built: 2019 

Building SF: 45,600

Vacancy: 0%

Sale Date: 12/10/2021

Price: $17,350,000

Price/SF: $380

 

View the Tampa Industrial Real Estate Market Report Here

View the Tampa Multifamily Real Estate Market Report Here

View the Tampa Office Real Estate Market Report Here