Tampa, FL Night Skyline
TAMPA BAY, FL – Marcus & Millichap’s research devision
reports Tampa Bay’s retail outlook will brighten this year, underpinned by
mounting job growth and a firming housing market, which are boosting retail
sales.
Local employment
surged in the first three months of the year, posting the highest quarterly
gain since 2004, and dropping the unemployment rate to the mid-2008 level.
The housing market
is also turning the corner. In March, home sales reached their highest level
since 2006, reducing available inventory to a four-month supply. High demand
has brought home builders back to subdivisions put on hold during the
recession.
Stronger economic signals have retailers reviving expansion
plans. Among the companies building multiple stores this year are Wawa, Dollar
General, Wal-Mart, O’Reilly Auto Parts and Racetrac.
In addition, vacant space is being trimmed as Publix, Dick’s
Sporting Goods and Ross join retailers inking large leases.
The consolidation of Sweetbay Supermarket will offer
additional space opportunities in the near term, but shopping center vacancy
should fall as the year progresses, allowing operators to realize rent growth
.
For a complete copy of the company’s report, please
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