Retail Vacancy in Tampa Reaches Reaches Highest Rate in Decade
Source: Tampa Bay Business Journal and Marcus & Millichap
Moderating fundamentals, tighter underwriting and rising cap rates have kept many investors on the sidelines, the report said.
Retail sales have fallen sharply due to a decline in employment, states the report. Specifically, a loss of 33,000 jobs in the Tampa Bay area in the first nine months of the year is cited for a 6 percent decline in retail sales.
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