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Market Report

Tampa-St. Petersburg Retail Market Report

2Q 2023

Robust Levels of Tourism and Economic Growth
Continue to Drive Consumer Spending in Tampa

Vacancy falls to record low. The metro employment and population counts improved by 4.7 and 1.4 percent, respectively, over the past 12 months ending in March. Tampa has also experienced record levels of tourism, evidenced by hotel room bookings reaching a new all-time high during the same span. Growth in the local economy and resident base, coupled with historic levels of visitation, bolstered discretionary spending, despite ongoing economic headwinds. Resilient consumer demand has continued to motivate retailer expansions in the metro, as tenants absorbed a net of 2.3 million square feet during the yearlong span ending in March, a volume higher than historical norms. Retail fundamentals have experienced substantial tightening as a result, with this activity slicing vacancy to 3.4 percent, marking the metro’s lowest rate in more than 15 years.

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