Tampa-St. Petersburg Retail Market Report

Local retail sector assisted by demographic trends. In 2024, net in-migration to the metro is anticipated to exceed 33,000 individuals, with comparable inflows expected during each of the next four years. This local population growth is motivating retailers to execute expansion intiatives in anticipation of a rise in consumer demand. As such, retailers absorbed a net of 650,000 square feet over the 12-month period ending in March, placing vacancy at 3.5 percent — a rate 200 basis points below the long-term average. Tight conditions warrant new construction; however, this year's completion total is slated to fall short of 500,000 square feet for the first time on record. Many expanding retailers will have to comb the metro's scant vacant stock as a result, aiding property owners with available space.