"Tampa Bay remains a hot spot for retailers," Grubb & Ellis senior vice president/managing director Jeffrey S. Sweeney tells GlobeSt.com. "Long-term, the picture remains bright" as redevelopment of older shopping centers "continues to change the retail horizon with a new updated look."

New suburban residential development is opening up large parcels for commercial ventures especially in the submarkets of Pasco/New Tampa, Brandon/Southeast, Citrus Park, 4th Street-St. Petersburg and Lakewood Ranch in Sarasota/Manatee counties.

"As population and employment growth increases and the number of single family homes in these areas continues to soar, so, too, does the need for retail space," Sweeney says. "An explosion of new residential growth around the perimeter of the metropolitan area is occurring."