Tampa-St. Petersburg Retail Market Report

Expansion at metro’s edges warrant retailer move-ins. Continued demand by businesses has held Tampa’s vacancy rate below 3.5 percent since mid-year 2022. Both national and international retailers are drawn to the market’s growing population and burgeoning outer submarkets. Japanese store chain Daiso will be arriving in Northdale, while Utah-based soda shop Swig will open their second Florida location in Lutz. As outer areas grow in population, consumer demand will rise, providing positive rent movement among retail assets. North Hillsborough and Pasco County both recorded double-digit percent rent growth last year, and could be poised to retain some of that momentum in 2025. Both submarkets reported little discrepancy between single-tenant and multi-tenant occupancy, showcasing the strong retailer demand in the outer areas that has led to historically tight vacancy. Nearly all Tampa submarkets entered 2025 with sub-3.5 percent vacancy, with the rates in Pinellas County and the Sarasota-Bradenton area only slightly higher.