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Tampa Bay Retail Market Shows Resilience Despite Negative Absorption in Q4

In the third and fourth quarters, no new supply and construction was reported.

By Anthony Russo | February 24, 2025 at 03:19 PM

Tampa Bay’s retail market recording negative absorption of -34,660 square feet in the fourth quarter (versus positive 91,875 square feet a year ago) might not tell the full story, according to a recent report from Colliers. For one, that figure narrowed significantly from -126,275 square feet seen in the third quarter, as supply is becoming more limited.

Also, vacancies did not skyrocket. The fourth quarter rate of 4.4 percent was only 0.1 percent higher than the third quarter and 20 basis points higher than in the 12 months prior. Throughout the region’s Pasco County, Westshore/ NW Tampa, and I-75 Corridor, vacancies were consistently low in neighborhood community centers. The rate was only 2.2 percent in the I-75 Corridor, while the other two were 3.7 percent and 3.4 percent respectively.

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