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Vacancies Decline and Niches Surface for Tampa Bay Retail

ORLANDO-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.

By Alex Finkelstein | Updated on October 28, 2002

ORLANDO-Eighty miles west of Downtown Orlando, the 33.7-million-sf retail market at Tampa Bay is prospering as first-quarter vacancies of 11.5% have dropped to 10.1% at the end of the third quarter, a new Grubb & Ellis Co. survey shows.

“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.

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