Shopping center rents in Tampa Bay have increased an average of 5.3% during the last 12 months. Centers are experiencing an uptick in value proportionate to the growth in rental rates. As an owner and investor in real estate, it is vital to understand the most up-to-date rental rates for your submarket to ensure you don’t leave any money on the table.
We have analyzed rents for shopping centers across the Tampa Bay submarkets so that you can maximize the performance of your retail investments. Below is a breakdown of the average gross receiving rents for retail space by submarket.
Summary
Westshore and South Tampa rents have experienced the most growth at an average of 13.6% and 6.6% respectively over the last 12 months
New construction in the New Tampa and Wesley Chapel areas are driving rents as new space in desirable locations become available
Historically low vacancy in primary submarkets are causing tenants to seek space in developing submarkets
Due to the surging new developments of condominiums and apartment
complexes in the South, Mid and North Pinellas submarkets, there has been a higher demand for retail options causing the average rent to rise at a similar pace for each submarket