Active Housing Market Draws Retailers to Tampa Bay, FL

Trader Joe's, south Tampa, FL

TAMPA, FL -- The strengthening local economy is attracting retailers eager to expand in the greater Tampa Bay market, according to a third-quarter market report by Marcus & Millichap.

Lime Fresh Mexican Grill

 Eleven consecutive quarters of employment growth is supporting the formation of households and generating new housing demand.

Competition among homebuyers in desirable urban neighborhoods has produced bidding wars, pushing many first-time homebuyers to farther out suburban locations, filling subdivisions that were put on hold during the recession.

The migration of residents to these areas bodes well for owners of smaller strip centers nearby that were hit hard when the downturn struck. Land annexations in outlying areas are also a signal of more residential construction down the road.

Meanwhile, Tampa and St. Petersburg have approved high-rise housing projects in their downtowns. The potential for further population growth has enticed national retailers, including the Container Store, Gander Mountain and Trader Joe’s, to enter the market.

Local and regional chains are also proliferating. Corner Bakery Café and Lime Fresh Mexican Grill, for example are new to the area, while Kahwa Coffee will open its sixth outlet in South Tampa this year and plans to have 15 locations by the end of 2015.

  

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

Gina Relva

Public Relations Manager

(925) 953-1716