Challenges Ahead, Opportunities Will Arise
The first quarter of 2020 will forever be marked as one of the most dynamic quarters in history for the retail market in greater Tampa Bay. As the 2020 year began, activity throughout (sales, leasing, construction) remained brisk, with submarkets like South Tampa, Saint Petersburg and Wesley Chapel having experienced increased demand and activity. The food and beverage segment of retail was the driving force behind much of the activity. Interest rates were at near all-time lows, providing cost-effective financing that helped to bolster and carry on the 10-year record growth experienced throughout Tampa. Unemployment in the region, the lowest in recent history and well below the national average, was championed by many in the local market.
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