Market Snapshot for Tampa Retail Real Estate
We’ve compiled a range of the latest statistics (vacancy rates, absorption rates, and rental rates) and property transactions for Tampa retail real estate in this report. The Tampa retail report is updated quarterly by our commercial real estate professionals. However, in order to give a broader spectrum of what is going on here, it is important to provide some context for one of the main drivers of investments in retail and commercial real estate in general, population growth.
It is well known that Florida is one of the top states for population growth in the United States. This is due to several key factors: 1) it’s tax-friendly, 2) many people from other states come to Florida to retire, and 3) it’s famous for having wonderful weather year-round, hence its nickname: The Sunshine State. According to World Population Review, Florida is ranked 7th in the country for population growth during 2021 with an increase of +1.1%.
Furthermore, according to the US News and World Report, Florida has 11 of the 25 Fastest-Growing Places in the United States with Tampa ranked 15th. Population growth is not the only important factor to consider when looking at the potential of a retail real estate market (or commercial real estate overall); however, it is definitely a solid indicator of where money is going in general.
View our commercial properties in Florida to see what real estate assets are available for lease / sale.
Before we dive into the specific statistics for Tampa’s retail real estate market in Q1 2025, let’s give some perspective with the overall capital markets figures to give some context to the region’s retail sector.
Tampa Retail Capital Markets Statistics Q1 2025
-
Total Asset Value: $48.1B
-
12-Month Sales Volume: $1.2B
-
Average Market Cap Rate: 6.5%
-
12-Month Market Sale Price Change / SF: +3.7%
Tampa Retail Real Estate Sales Volume by Buyer Type & Origin (Past 12 Months)
Below are the buyer types and their origins, i.e.: local, national, or international investors of retail properties in Tampa.
Buyer Type:
-
Private: 64%
-
User: 13%
-
Institutional: 10%
-
Private Equity: 9%
-
REIT / Public: 5%
Buyer Origin:
-
Local: 56%
-
National: 41%
-
Foreign: 3%
Tampa Retail Real Estate Asset Value by Owner Type & Origin (Past 12 Months)
Below are the owner types and the origins of retail property owners in Tampa broken down by their percentage of representation.
Owner Type:
-
Private: 64%
-
User: 7%
-
REIT / Public: 8%
-
Institutional: 10%
-
Private Equity: 1%
Owner Origin:
-
Local: 56%
-
National: 35%
-
Foreign: <1%
Tampa Retail Real Estate Statistics: Leases, Sales, and Projects Under Construction – Q1 2025
Here’s a summary of the statistical highlights, latest retail transactions, vacancy / lease trends, and current market activity for Central Florida focusing on Tampa. The analysis below is derived and compiled from leasing stats, latest transactions, and projects under construction in order to further understand the overall state of the retail real estate market in Tampa.
Full List of Top Transactions for Q1 2025 Provided Below
KEY RETAIL LEASE STATS: Tampa (Q1 2025)
-
Vacancy: 3.3%
-
Absorption: (248,062)
-
Asking rate PSF: $26.39
TOP RETAIL LEASING STATISTICS: Tampa (Past 12 Months)
-
12 Month Deliveries in SF: 1.2M
-
12 Month Net Absorption in SF: 603K
-
Vacancy Rate: 3.3%
-
12 Month Rental Growth: 3.3%
Q1 2025 TOP LEASING TRANSACTIONS: Tampa (Past 12 Months)
- 5591 N US Highway 41
- Tenant: Walmart
- Size: 167.219 SF
- Space Type: Not Listed
- Tenant Rep Co: Not Listed
- Leasing Rep Co: Not Listed
- City Furniture – Pasco County
- Tenant: City Furniture
- Size: 144,372 SF
- Space Type: Shopping Center
- Tenant Rep Co: Not Listed
- Leasing Rep Co: Colliers
- Coastal Way – Hernando County
- Tenant: BJ’s Wholesale Club
- Size: 103,500 SF
- Space Type: Shopping Center
- Tenant Rep Co: LQ Commercial Rea…
- Leasing Rep Co: Brixnor Property Group
- 16400 State Road 54
- Tenant: The Chapel Church
- Size: 70,305 SF
- Space Type: Not Listed
- Tenant Rep: Not Listed
- Leasing Rep: ONEIL Commercial Ad…
- The Factory St. Pete – South Pinellas
- Tenant: St. Pete Athletic Paddle a…
- Size: 51,000 SF
- Space Type: Shopping Center
- Tenant Rep: Axxos:KW Commercial
- Leasing Rep: Axxos
TOP RETAIL SALES STATISTICS: Tampa (Past 12 Months)
Over the course of the past 12 months, there have been 631 total retail real estate transactions in Tampa with an average cap rate of 6.3%. The average price per square foot at the time of sale was $301, and the average vacancy was 5.8%.
-
Sales Comparables: 641
-
Average Cap Rate: 6.5%
-
Average Price/ SF: $257
-
Average Vacancy at Sale: 2.9%
TOP RETAIL SALES TRANSACTIONS: Tampa (Q1 2025)
Top Transaction Highlight in Q1 2025: Rivian (701 N Dale Mabry Hwy) for $13.5 Million
- Pura Vida Apartments (3051 W 16th Ave)
- Price: $95,000,000
- Size: 260 Units
- Price/ Unit: $365,384
- Year Built: 2022
- Vacancy: 8.9%
- Town Aventura (17900 NE 31st Ct)
- Price: $82,500,000
- Units: 285
- Price/ Unit: $289,473
- Year Built: 1991
- Vacancy: 8.4%
- The Upland (445 Hialeah Dr)
- Price: $80,900,000
- Units: 304
- Price/ Unit: $266,118
- Year Built: 2022
- Vacancy: 3.0%
- 850 Living (811 NW 43rd Ave)
- Price: $72,500,000
- Units: 230
- Price/ Unit: $315.217
- Year Built: 2021
- Vacancy: 3.5%
- Rivian (701 N Dale Mabry Hwy)
- Price: $13,500,000
- Size: 25,000
- Price/SF: $540
- Year Built: 1992
- Vacancy: 0%
- Cap Rate: 6.8%
RETAIL CONSTRUCTION PROJECTS STATISTICS: Tampa (Past 12 Months)
There are currently 25 retail assets / properties under construction in the Tampa market representing 406,675 square feet of new product. This represents 0.2% of the total retail real estate inventory and 83.8% of the total space is pre-leased.
Below the stats you’ll find the top-5 largest retail projects currently under development.
-
Properties Currently Under Construction: 25
-
Total Size: 406,675
-
Percent of Inventory: 0.2%
-
Pre-leased: 83.8%
RETAIL CONSTRUCTION PROJECTS: Tampa (Past 12 Months)
- 5591 N US Highway 41
- Size: 170,995 SF
- Completion Date: May 2026
- Developer/ Owner: Walmart
- 26946 Halter Loop
- Size: 40,000 SF
- Completion Date: June 2025
- Developer/ Owner: Bissett McGrath Properties
- Shoppes at Alafia Upper Alafia Ct
- Size: 32,115 SF
- Completion Date: September 2025
- Developer / Owner: –
- Gasworx E2 1301 E 4th Ave
- Size: 30,000 SF
- Completion Date: April 2026
- Developer/ Owner: Darryl Shaw / Darryl Shaw
- 8224 Little Rd
- Size: 19,400 SF
- Completion Date: September 2025
- Developer/ Owner: Tricor International Corporation / Pantropic Design
Data sources: MMG Equity Partners & CoStar
Leave a Reply