Slumping retail sales. Rising insurance costs and home foreclosure numbers are ominous storm clouds hanging above Florida’s economy. But real estate investors are still at the forefront of developing Florida properties. Calmed by a still-growing state population and close to 100 percent retail occupancy rate, today’s market is the still the best medicine for lagging economic growth.

General managers at most major malls in the Tampa Bay area boast occupancy rates at or above 90 percent, and new strip mall and stand-alone retail stores continue to be developed at a rapid clip in parts of Hillsborough, Pasco and Pinellas counties. In particular, high-growth areas in Pasco and eastern Hillsborough counties are the site of massive construction. In Pasco County alone, three major retail projects totaling more than 3 million square feet of retail space, are in different phases of construction.

Statewide, retail rental rates also are expected to increase at or faster than the rate of inflation, Archer said. In the Tampa Bay area, retail rents are expected to rise most in the large retail, neighborhood retail and free-standing retail locations, the study said. Retailers across the United States this year are witnessing slower growth than 2006, according to key sales barometers. An International Council of Shopping Centers survey showed July’s same-store sales were up 2.6 percent, compared with a 3.9 percent gain in the same period in 2006.

click here for article

Visiting the Boca Raton FL community? Contact Realtor® Caesar Parisi for information on buying or selling a home or condo in Boca Raton Waterfront Real Estate.

search for : ,