Mixed Shopping Bag
by Laurel S. McQueen
of six new shopping centers (four in Hillsborough County and
two in Sarasota) during the summer months gave a much-needed
boost to the region's retail leasing figures. However, the
bankruptcy closing of the Roberd's furniture stores plus the
fact that several other anchors went dark tempered the otherwise
591,965 sf of new space opened, 97 percent of it leased. On
the other hand, 137,120 sf of anchor space also went dark
during the six-month period. The county's vacancy rate dropped
just one half percent. Annual absorption, however, which had
been in a net occupancy loss position six months ago, now
exceeds the half million-sf mark.
sub-market was the county's biggest gainer because of the
opening of Phase II of the Plaza at Citrus Park with its four
big box anchors and six smaller stores. The Publix-anchored
Shops at Citrus Park also opened, 100 percent leased. The
sub-market's weighted average rents dropped by $.50 per sf.
sub-market was the county's other big gainer. The Centro Ybor
entertainment complex was due to open 95 percent pre-leased.
King's Crossing, a Publix-anchored neighborhood center, opened
during the summer 92 percent pre-leased. Ybor Square was removed
from the survey in this market. It is being redeveloped as
weighted average rent jumped by $1.48 per sf - the region's
highest gain by nearly a dollar.
other two sub-markets saw modest leasing gains.
of the bay, nearly all of the six-month leasing activity for
Sarasota County was in the Venice area. Venice Commons and
the Shops of Englewood opened, adding 127,112 sf to the market,
95 percent pre-leased. The net affect for the county was a
modest absorption gain. For the northern and central parts
of the county, total activity amounted to a net loss in occupancy
of 6,840 sf. Sarasota continues to have the region's highest
rents, which moved up $.58 per sf.
County, two anchors closing pushed the county's net periodic
leasing to a net loss in occupancy level. Strong leasing reported
in May kept annual absorption in a positive position. The
vacancy rate climbed 1.6 points, while average rents moved
up by $.20 per sf.
saw a net loss in occupancy in all three of its sub-markets,
causing annual absorption to move to a net loss position.
The vacancy rate increased 1 percentage point. Annual absorption
has been in a net loss position for two-and-a-half years.
As a consequence, this sub-market has the region's highest
vacancy rate, which jumped up 1.3 points during this period.
South Pinellas saw fairly large net losses at three centers,
with small gains at only four. The market's annual absorption
level is in a net loss position for the first time in four
years. The vacancy rate climbed 1.4 points.
County's modest net periodic absorption was not enough to
overcome the net loss experienced six months ago. But the
effect on the vacancy rate was minor, and the weighted average
rental rate increased $.40 per sf.
the region, a number of anchor spaces are empty but remain
under lease. This space is not reflected in the counties'
regular vacancy rates. The figures in parentheses below indicate
what each county's vacancy rate would be if this vacant anchor
space was accounted for.
centers that have been fully leased for two or more periods
do not appear in the survey charts. All shopping centers continue
to be updated in the database each half-year. For a complete
survey call the Maddux Report Research Department at 727/321-3225.
NOTE: Office buildings fully leased for two or more quarters do not appear in the survey charts. All office buildings are updated each quarter. Previous quarterly data is revised as new information is received. Survey charts may include sublease space, which is not included in analysis numbers.
For more complete information call the Maddux Report's Research Department at 727/321-3225.