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Q3 2022 | Tampa Bay Retail Market Report

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Population growth and an evolving Tampa Bay retail market translated into more foot traffic and tenant activity during the quarter.

 

Key Takeaways

  • Tenants in 2nd generation space leased 1.4M sq. ft. during the year, pushing the vacancy rate to the pre-pandemic rate of 5.2%, slightly higher than the overall national vacancy rate of 4.3%.
  • Quick Service Restaurants (QSR) had the highest number of restaurant closings due to the pandemic, but quickly backfilled those spots. Since 2021 QSR’s accounted for 77% of restaurant store openings in the Tampa Bay region (including Polk County).
  • Retail occupancy remained high within five of the six submarkets tracked in the Tampa MSA, all posting occupancy at or above 90% during the quarter.

Tampa Bay Retail 22Q3 Picture02

Q3 2022 | Tampa Bay Retail Market Report

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