Saturday, June 8, 2013

Marcus and Millichap Finds International Investors Boost Competition in Tampa Bay, FL



                                                    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
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For a complete copy of the company’s report, please contact:


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