Monday, December 11, 2017
Business

Retail development growing in Florida, but not in Tampa Bay

An improved economy and housing market has spurred an upswing in the state's retail development, especially in parts of South Florida.

Miami leads the way with about 1.15 million square feet of shopping center space under construction, much of it associated with Brickell CityCentre, a billion-dollar mixed-use project with 505,000 square feet of retail.

At the bottom? The Tampa Bay area with no major projects under construction and the most available retail space of Florida's six major markets.

The information is part of the 2013 Florida Retail Report prepared by commercial real estate firm CBRE and presented during last week's International Council of Shopping Centers Florida conference in Orlando.

"Our retail people feel the worst is behind us," said Patty Nooney, senior managing director of CBRE's Tampa office, of the local market. "We will start seeing things improve. The A locations are in demand and you are going to see some of the older locations converted into medical and other uses."

Shopping centers and malls statewide had a 7.6 percent vacancy rate at the end of the second quarter, with Jacksonville having the highest percentage of empty space at 10.6 percent and Miami having the least at 4.1 percent.

The average asking rate for leasable space was $17.95 per square foot, with South Florida significantly outpacing the north. Miami had a rate of $35.04 per square foot compared with $14.94 for Tampa Bay.

"Miami is the strongest retail market in the state right now. The rest is pretty modest," Nooney said, noting most of Tampa Bay's retail growth has been redevelopment projects and single, freestanding buildings.

Of the more than 1 million square feet of vacant sublease space on the market, about 79 percent is in Tampa Bay. Most of it came when Sweetbay Supermarket closed 33 underperforming stores earlier this year, 22 of them in the Tampa Bay area. Jacksonville-based Bi-Lo Holdings bought Sweetbay in May but has not said whether it will reopen the shuttered stores or convert them to its Bi-Lo or Winn-Dixie brands.

Nooney said competition among grocery stores will continue to play a role in the area's commercial real estate market. Trader Joe's recently announced plans to open a store in South Tampa, its first in the area, and specialty grocers Sprouts Farmers Market and Earth Fare are also scouting local sites.

Susan Thurston can be reached at [email protected] or (813) 225-3110.

Comments
Outback Steakhouse co-founder Chris Sullivan steps off Bloomin’ Brands’ board

Outback Steakhouse co-founder Chris Sullivan steps off Bloomin’ Brands’ board

Chris Sullivan, co-founder of Outback Steakhouse, resigned from the board of the restaurant chain’s parent company last Wednesday, according to a Monday filing with the Securities and Exchange Commission. The document, filed by Tampa-based Bloomin’ B...
Updated: 7 hours ago
Tampa Hillsborough Expressway Authority plays beat the clock on GOP tax bill

Tampa Hillsborough Expressway Authority plays beat the clock on GOP tax bill

TAMPA — With the Republican tax bill poised to eliminate the opportunity, the Tampa Hillsborough Expressway Authority on Monday said it had refinanced a big chunk of its debt to save money in the future.The authority borrowed $152 million from the bo...
Updated: 9 hours ago
JW Marriott Clearwater Beach project still on target despite some bumps

JW Marriott Clearwater Beach project still on target despite some bumps

CLEARWATER BEACH — While Tampa is excited about its first JW Marriott hotel, plans are moving ahead for a $130 million JW Marriott property on Clearwater Beach, despite some hiccups. "We’ve done really well in our opinion," Uday Lele, developer of t...
Updated: 9 hours ago
HSBC says U.S. will dismiss criminal charges against it

HSBC says U.S. will dismiss criminal charges against it

HSBC said Monday that U.S. authorities were preparing to dismiss criminal charges against the bank, five years after it reached an agreement to avoid prosecution related to lapses in its money-laundering controls.In 2012, the bank, one of the world’s...
Updated: 10 hours ago
Major auto manufacturer offers longer hours, incentives to fix airbags

Major auto manufacturer offers longer hours, incentives to fix airbags

TAMPA — With nearly 200,000 people around Tampa Bay still driving around with defective airbags that could kill them, a major automaker is trying to dramatically cut that number down this week.Fiat Chrystler Automobiles U.S. has launched Airbag Recal...
Updated: 11 hours ago
This 6-year-old kid made $11 million in one year reviewing toys on You Tube

This 6-year-old kid made $11 million in one year reviewing toys on You Tube

When most people think back on the child celebrities of their time, they likely think of child movie actors, the well-trained stars of showbiz. For some, these were stars like Mary Kate and Ashley Olson, or Macaulay Carson Culkin from "Home Alone." F...
Published: 12/11/17
Ticket-fighting firm hires former Florida Bar president to sue the Bar

Ticket-fighting firm hires former Florida Bar president to sue the Bar

Times Staff WriterWell, this is awkward. A company that is suing the Florida Bar has hired a former Bar president to represent it. Ramon Abadin has joined the legal team of TIKD, a company that expedites the process of fighting traffic tickets in Pin...
Published: 12/11/17
A longer wait: Some now try nearly 3 years to get disability insurance

A longer wait: Some now try nearly 3 years to get disability insurance

By the time Teralyn Fleming could finally plead her case to get federal disability insurance, she had been waiting two years and three months. The wait was not a peaceful one — a blood clotting disorder pushed her out of the workforce in 2015 so she ...
Updated: 8 hours ago
Tampa: Hundreds protest Trump’s decision on Jerusalem

Tampa: Hundreds protest Trump’s decision on Jerusalem

TAMPA — Hundreds rallied near the University of South Florida on Friday night to protest President Donald Trump’s recent declaration that the United States will recognize the divided city of Jerusalem as the capital of Israel.The protest was organize...
Published: 12/08/17
Updated: 12/09/17

Duke outage leaves 7,700 without power near Pinellas Park

PINELLAS PARK — Up to 7,700 customers across Pinellas Park, Lealman and Kenneth City lost power in a Thursday night outage, according to Duke Energy.The outage impacted a cloverleaf-shaped area of customers, with pedals extending in the cardinal dire...
Published: 12/08/17