Pinellas County & East Tampa Retail Market Report
East Tampa Submarket Performance
The vacancy rate in the East Tampa retail submarket stands at 1.4%, experiencing a 1.4% decrease in the past 12 months. Over this period, 235,000 square feet have been absorbed, while 23,800 square feet have been delivered. Rents have risen to $27.00 per square foot, reflecting an 8.3% increase from a year ago and a cumulative 26.4% increase over the past three years. Approximately 4,800 square feet are under construction.
In the last 12 months, 49 sales occurred, averaging $270 per square foot. Over the past three years, there were 159 sales, amounting to approximately $490 million. The market cap rate for East Tampa has slightly decreased to 6.2% in the past year, marginally lower than its trailing three-year average of 6.3%.
East Tampa By The Numbers | Last 12 Months | Source: CoStar Group
- Vacancy Rate: 1.4%
- Rent Growth: 8.3%
- Deliveries SF: 23.8K
- Net Absorption SF: 235K
- Sales Volume: $321M
General Retail emerges as the largest subtype within the East Tampa retail submarket, boasting 7.8 million square feet.
South Pinellas Submarket Performance
The South Pinellas retail submarket has a 3.8% vacancy rate, reflecting a 0.2% increase in the past 12 months. Over this period, 146,000 square feet have been delivered, and 58,500 square feet have been absorbed. Rents stand at approximately $27.00 per square foot, marking an 8.1% increase from a year ago and a cumulative 26.5% increase over the past three years.
Construction activity includes 14,000 square feet under development, representing a minimal 0.1% expansion of inventory. In the last 12 months, 88 sales occurred, averaging $310 per square foot. Over the past three years, there were 374 sales totaling approximately $697 million. The market cap rate for South Pinellas is currently 6.1%, slightly below its trailing three-year average of 6.4%.
South Pinellas By The Numbers | Last 12 Months | Source: CoStar Group
- Vacancy Rate: 3.8%
- Rent Growth: 8.1%
- Deliveries SF: 146K
- Net Absorption SF: 58.5K
- Sales Volume: $203M
Mid-Pinellas Submarket Performance
The Mid-Pinellas retail submarket currently records a 4.1% vacancy rate, marking a 0.9% increase in the past 12 months. During this period, negative absorption of 84,400 square feet occurred, and 13,400 square feet have been delivered. Total availability, inclusive of sublease space, represents 4.6% of the entire inventory. Rents are approximately $24.00 per square foot, showing a 7.9% increase from a year ago and a cumulative 26.1% increase over the past three years.
Construction activity involves 26,000 square feet under development, indicating a minor 0.2% expansion of inventory. In the last 12 months, 42 sales took place, averaging $230 per square foot. Over the past three years, there were 210 sales totaling around $306 million. The market cap rate for Mid-Pinellas stands at 6.3%, slightly below its trailing three-year average of 6.5%.
Mid-Pinellas By The Numbers | Last 12 Months | Source: CoStar Group
- Vacancy Rate: 4.1
- Rent Growth: 8.1%
- Deliveries SF: 146K
- Net Absorption SF: 58.5K
- Sales Volume: $203M
