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Market Report

Tampa-St. Petersburg Retail Market Report

4Q 2023

Tampa Boasts Florida’s Tightest Single-Tenant Vacancy,
Second-Fastest Multi-Tenant Rent Growth

Limited space available for net-lease tenants. The metro added more households over the past five years than any other market in Florida, and ranked second on the East Coast behind only Atlanta. A growing consumer base is driving retailer demand, helping single-tenant vacancy in Tampa slide 50 basis points year-over-year to 2.7 percent in June 2023, the lowest rate among major Florida markets. A lack of available floor plans is set to persist as well, with only 162,000 square feet of single-tenant supply scheduled to deliver in the second half of 2023, more than 90 percent of which was pre-leased as of September. Demand for net-lease space has been strong across all of the Tampa metro, but especially in Pasco County, North Hillsborough and Sarasota-Bradenton. All three areas noted annual single-tenant vacancy drops of at least 60 basis points in June. 

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