RETAIL RESEARCH REPORT - Colliers International
Q2 2013 | RETAIL
TAMPA BAY FLORIDA
RETAIL RESEARCH REPORT
Tampa Bay Florida
Tenant Competition Increases in Improving Market EXECUTIVE SUMMARY Tampa Bay’s retail market saw continued improvement in the second quarter, with several significant sales transactions and increased competition among tenants in certain sectors. There was net absorption of over 59,000 square feet throughout the region, and notably, an active Pasco County submarket reported over 29,000 square feet of net absorption.
Updated May 2012
Class B and C retail properties in Tampa Bay saw increased activity, Class A properties have experienced strong demand and many are now in limited availability. This scarcity of high-quality property drove an increase in rental rates. Meanwhile, the Tampa Bay retail investment market continued to be a seller’s market, with high demand for well-located, grocery-anchored retail centers.
MARKET INDICATORS Q2 2013
Q3 2013*
VACANCY NET ABSORPTION
MARKET HIGHLIGHTS •
OVERALL ASKING RATE *Projected
Relative to prior period. Note: Arrows compare current quarter to the previous quarter historically adjusted figures. All data in this report include buildings 10,000 square feet and greater.
OVERALL RETAIL MARKET SUMMARY STATISTICS, Q2 2013 CURRENT VACANCY RATE:
9.1%
PREV. QTR. VACANCY RATE:
9.2%
YEAR AGO VACANCY RATE:
8.8%
Winn-Dixie purchased the 72-location grocery chain Sweetbay and is in the process of determining which stores will remain open, which will close and how to brand many of the stores. There were approximately 60 Sweetbay locations in the Tampa Bay area, 19 of which have closed.
•
Office Max and Office Depot merged and are expected to embrace a retail concept that requires smaller retail spaces.
•
Cole Credit Property Trust IV Inc. purchased Summerfield Crossing Phase II at 13120 US Highway 301 S in Riverview for $13.9 million.
COMPLETIONS, ABSORPTION AND VACANCY RATES Completions
Net Absorption
Overall Vacancy
12%
200
10%
100 0
NET ABSORPTION: UNDER CONSTRUCTION:
59,466 sf 0 sf
CURRENT AVG. ASKING RATE:
$14.11/NNN
PREV. QTR. AVG. ASKING RATE:
$14.07/NNN
YEAR AGO AVG. ASKING RATE:
$14.43/NNN
www.colliers.com/tampabay
Vacancy
8%
-100 6% -200 4%
-300
2%
-400 -500
0% Q2 '12
Q3 '12
Q4 '12
Q1 '13
Q2 '13
Square Feet (In Thousands)
CONSTRUCTION
The Tampa Bay retail market posted 59,466 square feet of positive absorption during the second quarter of 2013. Meanwhile, overall vacancy levels fell slightly to 9.1 percent.
RESEARCH REPORT | Q2 2013 | RETAIL | COLLIERS INTERNATIONAL TAMPA BAY FLORIDA LEASING ACTIVITY The Tampa Bay retail market saw a total vacancy of 9.1% and 59,446 square feet absorbed in the second quarter. While the Pasco County submarket reported the highest vacancy rate in the area at 11.9%, it experienced the most absorption in the second quarter, with 29,070 square feet absorbed.
UNEMPLOYMENT TRENDS Florida
Tampa Bay
USA
14.0
12.0
10.0
In the second quarter, limited space availability in Class A centers drove tenants toward B and C properties, resulting in a notable pickup of activity in these classes of property. One of the most difficult categories to find space availability was the 4,000- to 6,000-square-foot spaces in welllocated Class A retail centers. Competition among tenants for Class A retail space in the second quarter drove up rental rates for community and anchored shopping centers metro-wide.
8.0
6.0
4.0
2.0
Nov-12
May-13
Nov-11
May-12
Nov-10
May-11
Nov-09
May-10
Nov-08
May-09
May-08
0.0
The Tampa Bay MSA unemployment rate posted 6.9 percent in May 2013, which represents a 20.7 percent decrease from May 2012. The State of Florida rate ended the month of May at 7.1 percent, while the national rate posted 7.6 percent. Source: US Bureau of Labor Statistics
In the second quarter, Tampa Bay retailers continued to right-size their spaces to adapt to business models affecting retail sales and distribution, such as online shopping, warehousing and logistics. Concessions on retail lease transactions decreased in the second quarter, but tenant improvement allowance contributions were still included in many lease transactions. Tampa Bay’s overall average asking rental rate for retail in the second quarter was $14.11 per square foot on a triple-net lease, with the Westshore/Northwest Tampa submarket reporting the highest average asking rental rate in the area at $15.19 per square foot.
ACTIVE TENANTS Fitness, medical, fast-casual dining, health/ beauty/weight loss and auto parts were the most active categories in Tampa Bay’s retail market during the second quarter. And while the last couple years have been very active for national
tenants, local mom-and-pop retailers were more active in the second quarter, a result of increased consumer confidence, as well as increased availability of bank lending for entrepreneurs to start and grow companies. In the convenience store sector, Wawa, Thorntons, and Racetrack showed no signs of slowing their competition for the best locations in the Tampa Bay area. New to the market was Freddy’s Frozen Custard and Steakburger, which opened its first Florida store at Creekwood Crossing at I-75 and 53rd Avenue in Bradenton.
INVESTMENT SALES The Tampa Bay retail market continued to be a seller’s market in the second quarter, with high demand for well-located, grocery-anchored retail centers. Overall, cap rates for popular Publixanchored centers ranged from mid-6% to mid7%, while cap rates for centers anchored by other grocery stores were in the 8% and 9% range. Triple-net retail properties reported cap rates at 5.5% to 6% in the Tampa Bay area in the second quarter. Investor and developer demand in Tampa Bay remained focused on infill redevelopment and urban retail, rather than on more suburban locations. Some retail properties came to the market at least partially driven by investors’ desire to exit some of their holdings before rates interest increase further, as interest rates ticked up 50 to 75 basis points toward the end of the second quarter. Fewer distressed retail properties – both from banks and special servicers – hit the market in the second quarter. Shopping center REIT buyers have also been quiet in 2013; however, the second quarter saw a significant increase in interest among out-of-state private capital buyers.
TRANSACTION UPDATE SALES ACTIVITY PROPERTY ADDRESS
PROPERTY TYPE
BUYER NAME
SIZE (SF)
SALES PRICE
SUBMARKET/CITY
University Collection
Neighborhood
Faison
107,000
$18,400,000 ($171.96/sf)
University
Summerfield Crossing Phase II
Community
Cole Credit Property Trust IV Inc
113,500
$13,900,000 ($122.47/sf)
Riverview
Terrace Oaks Plaza
Neighborhood
Colterra Realties Inc
40,659
$5,400,000 ($132.81/sf)
University
Largo Village
Neighborhood
Perrine Marlin Inc
60,340
$2,625,000 ($43.50/sf)
Mid Pinellas
LEASING ACTIVITY PROPERTY ADDRESS
SPACE TYPE
TENANT NAME
SIZE (SF)
LEASE TYPE
SUBMARKET/CITY
Trinity Commons
Endcap
Fiddlers Green Irish Pub
4,400
New
New Port Richey
City Plaza
Inline
Vallarta Mexican Restaurant
4,285
New
Tampa Palms
Carrollwood Commons
Freestanding
Pollo Tropical
3,770
New
Carrollwood
P. 2 | COLLIERS INTERNATIONAL TAMPA BAY FLORIDA
RESEARCH REPORT | Q2 2013 | RETAIL | COLLIERS INTERNATIONAL TAMPA BAY FLORIDA
UPDATE SUBMARKET COMPARISONS SUBMARKET BREAKDOWN Sbmrkt
Bldgs.
Total Inventory Direct Vac. % S.F.
Total Vac. %
Net Absorp. Current Qtr. S.F.
Net Absorp. YTD S.F.
New Under Completions Construc. S.F. S.F.
Overall Avg. Direct Asking Rate NNN
Pasco County Q2 ‘13
196
11,195,488
11.3%
11.9%
29,070
-70,383
0
0
$13.68/nnn
242
14,170,735
7.5%
7.5%
-71,400
-69,187
0
0
$15.19/nnn
214
12,756,123
7.1%
7.1%
15,494
-87,064
0
0
$13.88/nnn
172
8,259,653
7.7%
7.8%
-34,517
-93,601
0
0
$14.57/nnn
202
10,245,907
8.5%
9.2%
46,729
35,986
0
0
$12.73/nnn
7.8%
9.7%
7,934
-136,390
0
0
$12.66/nnn
Total Vac. %
Net Absorp. Current Qtr. S.F.
Net Absorp. YTD S.F.
Westshore/NW Tampa Q2 ‘13
I-75 Corridor Q2 ‘13
North Pinellas Q2 ‘13
Mid-Pinellas Q2 ‘13
South Pinellas/St. Petersburg CBD Q2 ‘13
150
7,865,972
TAMPA BAY OVERALL RETAIL MARKET Total Inventory Direct Vac. % S.F.
New Under Overall Avg. Direct Completions Construc. S.F. Asking Rate NNN S.F.
Qtr. & Year
Bldgs.
2013 2Q
1,316
71,127,931
8.6%
9.1%
59,466
-327,766
0
0
$14.11/nnn
2013 1Q
1,316
71,127,931
8.5%
9.2%
-387,232
-387,232
0
0
$14.07/nnn
2012 4Q
1,316
71,127,931
8.1%
8.6%
84,637
408,403
11,000
0
$14.08/nnn
2012 3Q
1,315
71,116,931
8.2%
8.7%
123,134
323,766
21,895
11,000
$14.20/nnn
2012 2Q
1,312
71,067,036
8.3%
8.8%
57,156
200,632
0
32,895
$14.43/nnn
2012 1Q
1,312
71,067,036
8.4%
8.9%
143,476
143,476
53,400
32,895
$14.16/nnn
2011 4Q
1,311
71,013,636
8.6%
9.0%
493,209
-653,214
0
53,400
$14.00/nnn
2011 3Q
1,311
71,013,636
9.3%
9.7%
104,885
-597,078
0
53,400
$14.09/nnn
2011 2Q
1,311
71,013,636
9.3%
9.9%
275,744
-121,813
0
53,400
$14.08/nnn
COLLIERS INTERNATIONAL TAMPA BAY FLORIDA | P. 3
RESEARCH REPORT | Q2 2013 | RETAIL | COLLIERS INTERNATIONAL TAMPA BAY FLORIDA
SUBMARKET MAP
482 offices in 62 countries on 6 continents United States: 140 Canada: 42 Latin America: 20 Asia Pacific: 195 EMEA: 85 •
$2 billion in annual revenue
•
$71 billion in transaction volume
•
1.12 billion square feet under management
•
Over 13,500 professionals
OFFICE CONTACT: Ryan Kratz President Corporate Office 311 Park Place Boulevard Suite 600 Clearwater, FL 33759 TEL +1 727 442 7184
Tom Chamblee
Hal Colbert
Raquel Coryer
Senior Associate, Retail and
Managing Director, Retail
Senior Associate, Retail Services
Land Services
Services
[email protected]
[email protected]
[email protected]
www.colliers.com/Raquel.Coryer
www.colliers/Tom. Chamblee
www.colliers.com/Hal.Colbert
Jim Kovacs
Britney Mroczkowski
Lisa McCaffrey
Managing Director, Retail
Associate, Retail Services
Director, Retail Services
Services
[email protected]
[email protected]
[email protected]
www.colliers.com/Britney.
www.colliers.com/Lisa.Mcaffrey
www.colliers.com/Jim.Kovacs
Mroczkowski
Ben McLeish
Mike Milano, CCIM, MAI
James Rouse
TEL +1 813 221 2290
Director, Retail Services
Managing Director, Retail
Retail Specialist
[email protected]
Investment Sales
[email protected]
www.colliers.com/Ben.Mcleish
[email protected]
www.colliers.com/James.Rouse
FAX +1 813 224 9403 EMAIL [email protected] www.colliers.com/Matt.Dolan
RESEARCHER: Matt Dolan GIS & Research Administrator Market: Tampa Bay
www.colliers.com/Mike.Milano
Ron Schultz
Ryan Kratz
Tyler Peterson
Director, Retail Investment Sales
President
Associate, Retail Services
[email protected]
[email protected]
[email protected]
www.colliers.com/Ron.Schultz
www.colliers.com/Ryan.Kratz
www.colliers.com/Tyler. Peterson
Copyright @ 2013 Colliers International The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. This report includes owner and non-owner occuped space 10,000 square feet and greater. Directional arrows compare current quarter to previous quarter numbers. Arrows show change when there is a 10 cent or more change in lease rate or 0.5 percent or more change in vacancy rate. Due to continual updates and refinements in the historical database, some of the data in this report may not match data published in previous quarters. Sources: Costar Property and Colliers International Tampa Bay Florida.
www.colliers.com/marketname
Tampa Bay Florida
Accelerating success.
TAMPA BAY FLORIDA
RETAIL RESEARCH REPORT
Tampa Bay Florida
Tenant Competition Increases in Improving Market EXECUTIVE SUMMARY Tampa Bay’s retail market saw continued improvement in the second quarter, with several significant sales transactions and increased competition among tenants in certain sectors. There was net absorption of over 59,000 square feet throughout the region, and notably, an active Pasco County submarket reported over 29,000 square feet of net absorption.
Updated May 2012
Class B and C retail properties in Tampa Bay saw increased activity, Class A properties have experienced strong demand and many are now in limited availability. This scarcity of high-quality property drove an increase in rental rates. Meanwhile, the Tampa Bay retail investment market continued to be a seller’s market, with high demand for well-located, grocery-anchored retail centers.
MARKET INDICATORS Q2 2013
Q3 2013*
VACANCY NET ABSORPTION
MARKET HIGHLIGHTS •
OVERALL ASKING RATE *Projected
Relative to prior period. Note: Arrows compare current quarter to the previous quarter historically adjusted figures. All data in this report include buildings 10,000 square feet and greater.
OVERALL RETAIL MARKET SUMMARY STATISTICS, Q2 2013 CURRENT VACANCY RATE:
9.1%
PREV. QTR. VACANCY RATE:
9.2%
YEAR AGO VACANCY RATE:
8.8%
Winn-Dixie purchased the 72-location grocery chain Sweetbay and is in the process of determining which stores will remain open, which will close and how to brand many of the stores. There were approximately 60 Sweetbay locations in the Tampa Bay area, 19 of which have closed.
•
Office Max and Office Depot merged and are expected to embrace a retail concept that requires smaller retail spaces.
•
Cole Credit Property Trust IV Inc. purchased Summerfield Crossing Phase II at 13120 US Highway 301 S in Riverview for $13.9 million.
COMPLETIONS, ABSORPTION AND VACANCY RATES Completions
Net Absorption
Overall Vacancy
12%
200
10%
100 0
NET ABSORPTION: UNDER CONSTRUCTION:
59,466 sf 0 sf
CURRENT AVG. ASKING RATE:
$14.11/NNN
PREV. QTR. AVG. ASKING RATE:
$14.07/NNN
YEAR AGO AVG. ASKING RATE:
$14.43/NNN
www.colliers.com/tampabay
Vacancy
8%
-100 6% -200 4%
-300
2%
-400 -500
0% Q2 '12
Q3 '12
Q4 '12
Q1 '13
Q2 '13
Square Feet (In Thousands)
CONSTRUCTION
The Tampa Bay retail market posted 59,466 square feet of positive absorption during the second quarter of 2013. Meanwhile, overall vacancy levels fell slightly to 9.1 percent.
RESEARCH REPORT | Q2 2013 | RETAIL | COLLIERS INTERNATIONAL TAMPA BAY FLORIDA LEASING ACTIVITY The Tampa Bay retail market saw a total vacancy of 9.1% and 59,446 square feet absorbed in the second quarter. While the Pasco County submarket reported the highest vacancy rate in the area at 11.9%, it experienced the most absorption in the second quarter, with 29,070 square feet absorbed.
UNEMPLOYMENT TRENDS Florida
Tampa Bay
USA
14.0
12.0
10.0
In the second quarter, limited space availability in Class A centers drove tenants toward B and C properties, resulting in a notable pickup of activity in these classes of property. One of the most difficult categories to find space availability was the 4,000- to 6,000-square-foot spaces in welllocated Class A retail centers. Competition among tenants for Class A retail space in the second quarter drove up rental rates for community and anchored shopping centers metro-wide.
8.0
6.0
4.0
2.0
Nov-12
May-13
Nov-11
May-12
Nov-10
May-11
Nov-09
May-10
Nov-08
May-09
May-08
0.0
The Tampa Bay MSA unemployment rate posted 6.9 percent in May 2013, which represents a 20.7 percent decrease from May 2012. The State of Florida rate ended the month of May at 7.1 percent, while the national rate posted 7.6 percent. Source: US Bureau of Labor Statistics
In the second quarter, Tampa Bay retailers continued to right-size their spaces to adapt to business models affecting retail sales and distribution, such as online shopping, warehousing and logistics. Concessions on retail lease transactions decreased in the second quarter, but tenant improvement allowance contributions were still included in many lease transactions. Tampa Bay’s overall average asking rental rate for retail in the second quarter was $14.11 per square foot on a triple-net lease, with the Westshore/Northwest Tampa submarket reporting the highest average asking rental rate in the area at $15.19 per square foot.
ACTIVE TENANTS Fitness, medical, fast-casual dining, health/ beauty/weight loss and auto parts were the most active categories in Tampa Bay’s retail market during the second quarter. And while the last couple years have been very active for national
tenants, local mom-and-pop retailers were more active in the second quarter, a result of increased consumer confidence, as well as increased availability of bank lending for entrepreneurs to start and grow companies. In the convenience store sector, Wawa, Thorntons, and Racetrack showed no signs of slowing their competition for the best locations in the Tampa Bay area. New to the market was Freddy’s Frozen Custard and Steakburger, which opened its first Florida store at Creekwood Crossing at I-75 and 53rd Avenue in Bradenton.
INVESTMENT SALES The Tampa Bay retail market continued to be a seller’s market in the second quarter, with high demand for well-located, grocery-anchored retail centers. Overall, cap rates for popular Publixanchored centers ranged from mid-6% to mid7%, while cap rates for centers anchored by other grocery stores were in the 8% and 9% range. Triple-net retail properties reported cap rates at 5.5% to 6% in the Tampa Bay area in the second quarter. Investor and developer demand in Tampa Bay remained focused on infill redevelopment and urban retail, rather than on more suburban locations. Some retail properties came to the market at least partially driven by investors’ desire to exit some of their holdings before rates interest increase further, as interest rates ticked up 50 to 75 basis points toward the end of the second quarter. Fewer distressed retail properties – both from banks and special servicers – hit the market in the second quarter. Shopping center REIT buyers have also been quiet in 2013; however, the second quarter saw a significant increase in interest among out-of-state private capital buyers.
TRANSACTION UPDATE SALES ACTIVITY PROPERTY ADDRESS
PROPERTY TYPE
BUYER NAME
SIZE (SF)
SALES PRICE
SUBMARKET/CITY
University Collection
Neighborhood
Faison
107,000
$18,400,000 ($171.96/sf)
University
Summerfield Crossing Phase II
Community
Cole Credit Property Trust IV Inc
113,500
$13,900,000 ($122.47/sf)
Riverview
Terrace Oaks Plaza
Neighborhood
Colterra Realties Inc
40,659
$5,400,000 ($132.81/sf)
University
Largo Village
Neighborhood
Perrine Marlin Inc
60,340
$2,625,000 ($43.50/sf)
Mid Pinellas
LEASING ACTIVITY PROPERTY ADDRESS
SPACE TYPE
TENANT NAME
SIZE (SF)
LEASE TYPE
SUBMARKET/CITY
Trinity Commons
Endcap
Fiddlers Green Irish Pub
4,400
New
New Port Richey
City Plaza
Inline
Vallarta Mexican Restaurant
4,285
New
Tampa Palms
Carrollwood Commons
Freestanding
Pollo Tropical
3,770
New
Carrollwood
P. 2 | COLLIERS INTERNATIONAL TAMPA BAY FLORIDA
RESEARCH REPORT | Q2 2013 | RETAIL | COLLIERS INTERNATIONAL TAMPA BAY FLORIDA
UPDATE SUBMARKET COMPARISONS SUBMARKET BREAKDOWN Sbmrkt
Bldgs.
Total Inventory Direct Vac. % S.F.
Total Vac. %
Net Absorp. Current Qtr. S.F.
Net Absorp. YTD S.F.
New Under Completions Construc. S.F. S.F.
Overall Avg. Direct Asking Rate NNN
Pasco County Q2 ‘13
196
11,195,488
11.3%
11.9%
29,070
-70,383
0
0
$13.68/nnn
242
14,170,735
7.5%
7.5%
-71,400
-69,187
0
0
$15.19/nnn
214
12,756,123
7.1%
7.1%
15,494
-87,064
0
0
$13.88/nnn
172
8,259,653
7.7%
7.8%
-34,517
-93,601
0
0
$14.57/nnn
202
10,245,907
8.5%
9.2%
46,729
35,986
0
0
$12.73/nnn
7.8%
9.7%
7,934
-136,390
0
0
$12.66/nnn
Total Vac. %
Net Absorp. Current Qtr. S.F.
Net Absorp. YTD S.F.
Westshore/NW Tampa Q2 ‘13
I-75 Corridor Q2 ‘13
North Pinellas Q2 ‘13
Mid-Pinellas Q2 ‘13
South Pinellas/St. Petersburg CBD Q2 ‘13
150
7,865,972
TAMPA BAY OVERALL RETAIL MARKET Total Inventory Direct Vac. % S.F.
New Under Overall Avg. Direct Completions Construc. S.F. Asking Rate NNN S.F.
Qtr. & Year
Bldgs.
2013 2Q
1,316
71,127,931
8.6%
9.1%
59,466
-327,766
0
0
$14.11/nnn
2013 1Q
1,316
71,127,931
8.5%
9.2%
-387,232
-387,232
0
0
$14.07/nnn
2012 4Q
1,316
71,127,931
8.1%
8.6%
84,637
408,403
11,000
0
$14.08/nnn
2012 3Q
1,315
71,116,931
8.2%
8.7%
123,134
323,766
21,895
11,000
$14.20/nnn
2012 2Q
1,312
71,067,036
8.3%
8.8%
57,156
200,632
0
32,895
$14.43/nnn
2012 1Q
1,312
71,067,036
8.4%
8.9%
143,476
143,476
53,400
32,895
$14.16/nnn
2011 4Q
1,311
71,013,636
8.6%
9.0%
493,209
-653,214
0
53,400
$14.00/nnn
2011 3Q
1,311
71,013,636
9.3%
9.7%
104,885
-597,078
0
53,400
$14.09/nnn
2011 2Q
1,311
71,013,636
9.3%
9.9%
275,744
-121,813
0
53,400
$14.08/nnn
COLLIERS INTERNATIONAL TAMPA BAY FLORIDA | P. 3
RESEARCH REPORT | Q2 2013 | RETAIL | COLLIERS INTERNATIONAL TAMPA BAY FLORIDA
SUBMARKET MAP
482 offices in 62 countries on 6 continents United States: 140 Canada: 42 Latin America: 20 Asia Pacific: 195 EMEA: 85 •
$2 billion in annual revenue
•
$71 billion in transaction volume
•
1.12 billion square feet under management
•
Over 13,500 professionals
OFFICE CONTACT: Ryan Kratz President Corporate Office 311 Park Place Boulevard Suite 600 Clearwater, FL 33759 TEL +1 727 442 7184
Tom Chamblee
Hal Colbert
Raquel Coryer
Senior Associate, Retail and
Managing Director, Retail
Senior Associate, Retail Services
Land Services
Services
[email protected]
[email protected]
[email protected]
www.colliers.com/Raquel.Coryer
www.colliers/Tom. Chamblee
www.colliers.com/Hal.Colbert
Jim Kovacs
Britney Mroczkowski
Lisa McCaffrey
Managing Director, Retail
Associate, Retail Services
Director, Retail Services
Services
[email protected]
[email protected]
[email protected]
www.colliers.com/Britney.
www.colliers.com/Lisa.Mcaffrey
www.colliers.com/Jim.Kovacs
Mroczkowski
Ben McLeish
Mike Milano, CCIM, MAI
James Rouse
TEL +1 813 221 2290
Director, Retail Services
Managing Director, Retail
Retail Specialist
[email protected]
Investment Sales
[email protected]
www.colliers.com/Ben.Mcleish
[email protected]
www.colliers.com/James.Rouse
FAX +1 813 224 9403 EMAIL [email protected] www.colliers.com/Matt.Dolan
RESEARCHER: Matt Dolan GIS & Research Administrator Market: Tampa Bay
www.colliers.com/Mike.Milano
Ron Schultz
Ryan Kratz
Tyler Peterson
Director, Retail Investment Sales
President
Associate, Retail Services
[email protected]
[email protected]
[email protected]
www.colliers.com/Ron.Schultz
www.colliers.com/Ryan.Kratz
www.colliers.com/Tyler. Peterson
Copyright @ 2013 Colliers International The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. This report includes owner and non-owner occuped space 10,000 square feet and greater. Directional arrows compare current quarter to previous quarter numbers. Arrows show change when there is a 10 cent or more change in lease rate or 0.5 percent or more change in vacancy rate. Due to continual updates and refinements in the historical database, some of the data in this report may not match data published in previous quarters. Sources: Costar Property and Colliers International Tampa Bay Florida.
www.colliers.com/marketname
Tampa Bay Florida
Accelerating success.
