Tampa Retail Real Estate Summary: Leases, Sales & Construction Projects

May 27
Tampa Retail Real Estate Summary: Leases, Sales & Construction Projects

Market Snapshot for Tampa Retail Real Estate

We’ve compiled a range of the latest statistics and property transactions for Tampa retail real estate in this report. The Tampa retail report is updated quarterly by our commercial real estate professionals. However, in order to give a broader spectrum of what is going on here, it is important to provide some context for one of the main drivers of investments in retail and commercial real estate in general, population growth.

It is well known that Florida is one of the top states for population growth in the United States. This is due to several key factors: 1) it’s tax-friendly, 2) many people from other states come to Florida to retire, and 3) it’s famous for having wonderful weather year-round, hence its nickname: The Sunshine State. According to World Population Review, Florida is ranked 7th in the country for population growth during 2021 with an increase of +1.1%

Furthermore, according to the US News and World Report, Florida has 11 of the 25 Fastest-Growing Places in the United States with Tampa ranked 15th. Population growth is not the only important factor to consider when looking at the potential of a retail real estate market (or commercial real estate overall); however, it is definitely a solid indicator of where money is going in general.

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

Before we dive into the specific statistics for Tampa’s retail real estate market in Q1 2022, let’s give some perspective with the overall capital markets figures to give some context to the region’s retail sector.

Tampa Retail Capital Markets Statistics

Total Asset Value: $40.1B
12-Month Sales Volume: $2.1B
Average Market Cap Rate: 6.5%
12-Month Market Sale Price Change / SF: +12.0%

Tampa Retail Real Estate Sales Volume by Buyer Type & Origin (Past 12 Months)

Below are the buyer types and their origins, i.e.: local, national, or international investors of retail properties in Tampa.

Buyer Type:

Private: 71%
User: 13%
Institutional: 9%
Private Equity: 2%
REIT / Public: 5%

Buyer Origin:

Local: 28%
National: 71%
Foreign: 1%

Tampa Retail Real Estate Asset Value by Owner Type & Origin (Past 12 Months)

Below are the owner types and the origins of retail property owners in Tampa broken down by their percentage of representation.

Owner Type:

Private: 55%
User: 21%
REIT / Public: 10%
Institutional: 12%
Private Equity: 2%

Owner Origin:

Local: 38%
National: 58%
Foreign: 4%

Tampa Retail Real Estate Statistics: Leases, Sales, and Projects Under Construction – Q1 2022

Here’s a summary of the statistical highlights, latest retail transactions, vacancy / lease trends, and current market activity for Central Florida focusing on Tampa. The analysis below is derived and compiled from leasing stats, latest transactions, and projects under construction in order to further understand the overall state of the retail real estate market in Tampa.

Full List of Top Transactions for Q1 2022 Provided Below

Tampa Retail Real Estate Report Q1 2022 - MMG Equity Partners

KEY RETAIL LEASE STATS: Tampa (Q1 2022)

  • Vacancy: 3.5%
  • Absorption: 175,013
  • Asking rate PSF: $22.08

TOP RETAIL LEASING STATISTICS: Tampa (Past 12 Months)

12 Month Deliveries in SF: 849,000 
12 Month Net Absorption in SF:
2.1M 
Vancancy Rate:
3.5%
12 Month Rental Growth: 7.2%

Q1 2022 TOP LEASING TRANSACTIONS: Tampa (Past 12 Months)

1. Fuqua Development – 66th St – South Pinellas
Tenant: At Home
Size: 88,400 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Fuqua Development

2. University Mall – Northeast Tampa
Tenant:
Burlington
Size: 49,912 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: RD Management, LLC

3. Bloomingdale Plaza – East Tampa
Tenant:
East Tampa
Size: 47,195 SF
Space Type: Shopping Center
Tenant Rep Co: Katz & Associates
Leasing Rep Co: RMC Property Group

4. The Oaks – Pasco County
Tenant:
EOS Fitness
Size: 44,000 SF
Space Type: Shopping Center
Tenant Rep Co: Meridian Retail Group
Leasing Rep Co: Phillips Edison & Company

5. Northwood Plaza – North Pinellas
Tenant:
Spirit Halloween
Size: 36,000 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Crossman & Company

 

TOP RETAIL SALES STATISTICS: Tampa (Past 12 Months)

Over the course of the past 12 months there have been 1,099 total retail real estate transactions in Tampa with an average cap rate of 6.2%. The average price per square foot at the time of sale was $238, and the average vacancy was 4.2%.

Sales Comparables: 1,099
Average Cap Rate:
6.2% 
Average Price/ SF:
$238
Average Vacancy at Sale: 4.2%

TOP RETAIL SALES TRANSACTIONS: Tampa (Q1 2022)

Top Transaction Highlight in Q1 2022: Crosswynde

1. Crosswynde (1502 Marsh Cove Ct)
Price: 
$82,564,900
Size:
346,585 SF
Price/ SF: 
$238
Cap Rate:
Not Listed
Vacancy:
0%

2. Pasadena Shopping Center (6800 – 6892 Gulfport Blvd S)
Price: $32,650,000
Size: 163,746
Price/ SF: $199
Cap Rate: Not Listed
Vacancy: 2.8%

3. Valrico Commons (1901 – 1999 State Road 60 E)
Price: $30,353,858
Size: 138,433 SF
Price/ SF: $219
Cap Rate: Not Listed
Vacancy: 0%

4. Tesla Dealership (11945 N Florida Ave)
Price: $27,500,000
Size: 30,160 SF
Price/ SF: $912
Cap Rate: Not Listed
Vacancy: 0%

5. 3139 Little Rd
Price: $26,435,522
Size: 62,382 SF
Price/ SF: $424
Cap Rate: Not Listed
Vacancy: 0%

 

Tampa Retail Real Estate - MMG Equity Partners

RETAIL CONSTRUCTION PROJECTS STATISTICS: Tampa (Past 12 Months)

There are currently 110 retail properties under construction in the Tampa market representing over 1M square feet of new product. This represents 0.6% of the total retail real estate inventory and over 85% of the total space is pre-leased.

Below the stats you’ll find the top-5 largest retail projects currently under development.

Properties Currently Under Construction: 62
Total Size:
1,099,634 
Percent of Inventory:
0.6%
Pre-leased: 86.0%

RETAIL CONSTRUCTION PROJECTS: Tampa (Past 12 Months)

1. Zephyr Commons
Size: 208,165 SF
Completion Date: Q2 2023
Developer/ Owner: Primerica Group One
Stories: 1

2. 11900 – 11918 Seminole Blvd
Size: 62,399 SF
Completion Date: Q2 2022
Developer/ Owner: CF Properties Corp
Stories: 1

3. N Dale Mabry Hwy
Size: 45,500 SF
Completion Date: Q4 2022
Developer/ Owner: LandQwest Commercial
Stories: 1

4. Proposed Anchor / Grocery
Size: 45,000 SF
Completion Date: Q4 2022
Developer/ Owner: Pantropic Design
Stories: 1

5. The Hub at Bexley
Size: 44,000 SF
Completion Date: Q4 2022
Developer/ Owner: Not Listed
Stories: 1

Data sources: MMG Equity Partners & CoStar


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