The Tampa Bay retail market remained largely flat, following the previous quarter’s rental rates reaching all-time highs. While leasing activity has slowed slightly, the Tampa MSA retail market remains healthy with landlords of Class A spaces receiving multiple competitive offers to lease available space. As retail space rental rates climb alongside escalating construction and labor costs, the deal cycle has lengthened to complete
The Tampa Bay area continues to be a preferred market for those moving to Florida; however, Hurricane Irma had a significant impact on home sales throughout the metro area. Home sales plunged by nearly 20% in September— the largest drop in year-over-year single-family home sales since 2013. Areas hit the hardest by Hurricane Irma—Miami, Naples and Fort Myers— saw home sales plummet as far as 30%. However, while
sales velocity did drop, single-family home prices continued to rise. A long-term impact on the single-family home market from Hurricane Irma is not anticipated.
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