In the Tampa Bay market alone, the national real estate brokerage firm closed 165 transactions valued at $140 million in the January-to-June period and aims to duplicate its 2002 record year of $336 million in closed contracts. Last year's production included $219 million in sales and $117 million in leasing volume.
In all of its core markets--Tampa Bay, Orlando and Fort Myers--the locally based firm logged 507 commercial property transactions worth $402 million. "That's 100 more transactions than the firm reported in 2001, with a dollar volume that grew more than $100 million," Duffy says.
He sees positive trends surfacing in Tampa Bay's 61-million-sf retail market. "The Tampa Bay area is the largest and richest consumer market in Florida and No. 2 in the Southeast," Duffy says. Several national and regional groceries are aggressively expanding in the Bay area.
"The number one retailer who continues to seek new locations is Publix, the Southeast grocery powerhouse (based in nearby Lakeland)," Duffy tells GlobeSt.com. "Publix currently has developments under way throughout Tampa Bay, though the most current projects are happening in the emerging South Hillsborough County area, which has seen a flurry of new residential growth."
The Colliers Arnold executive says, "With the emergence of Wal-Mart Neighborhood Grocery into the Tampa Bay market, the grocery store competition stage is set." Kash N Karry and Winn-Dixie "continue to seek positions not already dominated by Publix," Duffy adds.
He notes another rising trend in the retail market is the competition among banks to acquire outparcels at newly developed shopping centers. "A number of banks are very active in the area and have aggressive expansion plans," Duffy says. Wachovia, Bank of America and Bay Cities Bank are "among the most aggressive."
In the restaurant development sector, casual-themed brands "continue an assertive expansion campaign as well." New market entrants are Chipolte, Moe's Southwest Grill, Boston Market and Zaxby's.
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