Bays retail leasing market made a strong move into
2003. Net absorption for the last six months was more than
double the prior period Hillsborough, Pinellas and
counties expanded by more than 300,000 sf while Sarasota
and Manatee contracted by nearly 150,000 sf.
six-month absorption rebounded significantly
from the previous stagnant period. The northwest and
southeast submarkets recorded significant expansion with a
new center completed in each sector. The northwest has the
regions lowest vacancy rate. In the southeast submarket,
Kanes Furniture leased the empty Scotties box.
Hillsboroughs 37 community centers, the vacancy rate
dropped 1.1-percentage point with a net absorption of 87,000
sf. Weighted average rent climbed to $13.96. At the countys
83 neighborhood centers, net absorption was 94,340 sf. Weighted
average rent moved up a half dollar to $12.56. Strip/specialty
centers collectively had a slight loss in occupancy, and at
9.8 percent, this sector has the countys highest vacancy
rate. Only one of the countys five regional malls reported
in Pinellas is opposite to the six months reported in November.
The north and mid-county submarkets went from net losses to
positive net absorption. Meanwhile, south county went from
positive leasing to negative. Although Pinellas leasing
for the period was positive, its annual absorption actually
dropped 37 percent. Pinellas 31 community centers absorbed
15,670 sf over the six-month period. The vacancy rate moved
up slightly to 8.7 percent because of the addition to the
survey of Tarpon Springs Mall, which is half vacant. Weighted
average rent is $15.09. Among the countys 64 neighborhood
centers, the periods absorption was 19,620 sf, resulting
in a vacancy rate of 7.2 percent. Weighted average rent is
$10.96. Five of the countys seven regional malls reported
a combined net absorption of 60,875 sf and a vacancy rate
of 4.8 percent. The 27 strip centers in the survey collectively
lost 1,610 sf. Meanwhile, specialty centers lost 17,420 sf,
boosting the vacancy rate to 14.2 percent.
improved its position slightly with a lot of activity
reported. There were move-ins at 13 centers coupled with
move-outs at seven centers. Pasco continues to have the
regions only double-digit vacancy rate. Its 13 community
absorbed 54,637 sf over the period, dropping the vacancy
rate 2.9 points to 11.7 percent. However, the 33 neighborhood
centers lost 31,649 sf, pushing the vacancy rate up to 12.1
Sarasota underwent a big decline in net absorption from the
previous six-month period, from 60,810 sf to 10,370 sf. Annual
absorption, however, was down only six percent.
18 community centers lost 37,550 sf, but the
vacancy rate is a low 4.9 percent. Weighted average rent is
$15.00. Meantime, the countys 25 neighborhood centers
gained 82,598 sf, dropping the vacancy rate to 8.5 percent.
Weighted average rent is $13.29. The countys ten strip/specialty
centers lost 36,560 sf, pushing the vacancy rate up to 17
had a net occupancy loss, with annual absorption
declining 40 percent. Its ten community centers have a very
low 2.4-percent vacancy rate while experiencing negligible
leasing activity this period. Manatees 25 neighborhood
lost 13,466 sf, pushing the vacancy rate up to 12.4 percent.
data is revised as new information is obtained. Data on County
Business Park Space Guides may not add up to numbers shown
on Business Park Market chart as sublease space and space
coming available in the next few months are shown in the guides,
but not included in analysis data. For more detailed information
on the survey call the MADDUX REPORT Research Department at
727/321-3225 or send email to MADDUXResearch@AOL.com.