CoStar Retail Statistics - Tampa and St. Pete Real Estate...

Tampa/St Petersburg Retail Market

Y e a r - E n d 2 0 1 7

CoStar Retail Statistics


©2018 CoStar Group, Inc. CoStar Retail Statistics A

Year-End 2017 – Tampa/St Petersburg

Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AMethodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BTerms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CMarket Highlights & Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CoStar Markets & Submarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Inventory & Development AnalysisSelect Top DeliveriesSelect Top Under Construction Properties

Figures at a Glance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Figures at a Glance by Building Type & MarketFigures at a Glance by Building Type & SubmarketHistorical Figures at a Glance

Leasing Activity Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Select Top Lease Transactions

Sales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Sales Activity AnalysisSelect Top Sales Transactions

Analysis of Individual CoStar Submarket Clusters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Central Tampa MarketHernando County MarketI-75 Corridor MarketNorth Hillsborough MarketPasco County MarketPinellas MarketPolk County MarketSarasota/Bradenton Market


B CoStar Retail Statistics ©2018 CoStar Group, Inc.

Tampa/St Petersburg – Year-End 2017


©2018 CoStar Group, Inc. CoStar Retail Statistics C


MethodologyThe CoStar Retail Report calculates Retail statistics using CoStar Group's base of existing, under construction and under renovation Retail buildings in each given metropolitan area. All Retail building types are included, including Community Center, Freestanding Retail, Neighborhood Center, Power Center, Regional Mall, Specialty Center and Unanchored Strip Center, in both single-tenant and multi-tenant buildings, including owner-occupied buildings. CoStar Group's global database includes approximately 119 billion square feet of coverage in 5.4 million properties. All rental rates reported in the CoStar Retail Report are calculated using Triple Net (NNN) rental rates.

© Copyright 2018 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided ‘as is’ and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

CoStar Group, Inc.

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For information on subscribing to CoStar’s other products and services, please contact us at 1-877-7COSTAR, or visit our web site at www.costar.com


B CoStar Retail Statistics ©2018 CoStar Group, Inc.



©2018 CoStar Group, Inc. CoStar Retail Statistics C


Terms & DefinitionsAnchor Tenant: A large national or regional retailer that serves as a primary draw for a shopping center; a store strategically located in a retail property in order to enhance, bring attention to, or increase traf-fic at the property. Sometimes called a “destination” tenant, usually these tenants lease at least 25,000 SF.

Availability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet.

Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date.

Buyer: The individual, group, company, or entity that has purchased a commercial real estate asset.

Cap Rate: Short for capitalization rate. The Cap Rate is a calculation that reflects the relationship between one year’s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price).

Community Center: A shopping center development that has a total square footage between 100,000 – 350,000 SF. Generally will have 2-3 large anchored tenants, but not department store anchors. Community Center typically offers a wider range of apparel and other soft goods than the Neighborhood Center. Among the more com-mon anchors are supermarkets and super drugstores. Community Center tenants sometime contain retailers selling such items as apparel, home improvement/furnishings, toys, electronics or sporting goods. The center is usually configured as a strip, in a straight line, or an “L” or “U” shape.

Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries)

Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certifi-cate of occupancy must have been issued for the property.

Delivery Date: The date a building completes construction and receives a certificate of occupancy.

Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepreneurial efforts.

Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased.

Existing Inventory: The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation.

Freestanding Retail: Single tenant building with a retail tenant. Examples include video stores, fast food restaurant, etc.

Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insur-ance.

General Retail: Typically are single tenant freestanding general-purpose commercial buildings with parking. Many single retail build-ings fall into this use code, especially when they don’t meet any of the more detailed use code descriptions.

Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings.

Landlord Rep: (Landlord Representative) In a typical lease transaction between an owner/landlord and tenant, the broker that

represents the interests of the owner/landlord is referred to as the Landlord Rep.

Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease.

Leasing Activity: The volume of square footage that is commit-ted to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings.

Lifestyle Center: An upscale, specialty retail, main street concept shopping center. An open center, usually without anchors, about 300,000 SF GLA or larger, located near affluent neighborhoods, includes upscale retail, trendy restaurants and entertainment retail. Nicely landscaped with convenient parking located close to the stores.

Mall: The combined retail center types of Lifestyle Center, Regional Mall and Super Regional Mall.

Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets)

Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different tenant needs. (See also: Tenancy).

Neighborhood Center: Provides for the sales of convenience goods (food, drugs, etc.) and personal services (laundry, dry cleaning, etc.) for day-to-day living needs of the immediate neighborhood with a supermarket being the principal tenant. In theory, the typical GLA is 50,000 square feet. In practice, the GLA may range from 30,000 to 100,000 square feet.

Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space.

New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant.

Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant.

Outlet Center: Usually located in a rural or occasionally in a tourist location, an Outlet Center consists of manufacturer’s outlet stores selling their own brands at a discount. 50,000 – 500,000 SF. An Outlet Center does not have to be anchored. A strip configuration is most common, although some are enclosed malls and others can be arranged in a village cluster.

Owner: The company, entity, or individual that holds title on a given building or property.

Planned/Proposed: The status of a building that has been announced for future development but not yet started construction.

Power Center: The center typically consists of several freestand-ing (unconnected) anchors and only a minimum amount of small specialty tenants. 250,000 – 600,000 SF. A Power Center is dominated by several large anchors, including discount department stores, off-price stores, warehouse clubs, or "category killers," i.e., stores that offer tremendous selection in a particular merchandise category at low prices.

Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate


D CoStar Retail Statistics ©2018 CoStar Group, Inc.

Tampa/St Petersburg – Year-End 2017 Year-End 2017 – Tampa/St Petersburg


©2018 CoStar Group, Inc. CoStar Retail Statistics 1

of occupancy date.

Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA).

Quoted Rental Rate: The asking rate per square foot for a par-ticular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease.

RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area)

Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets)

Regional Mall: Provides shopping goods, general merchandise, apparel, and furniture, and home furnishings in full depth and variety. It is built around the full-line department store with a minimum GLA of 100,000 square feet, as the major drawing power. For even greater comparative shopping, two, three, or more department stores may be included. In theory a regional center has a GLA of 400,000 square feet, and may range from 300,000 to more than 1,000,000 square feet. Regional centers in excess of 750,000 square feet GLA with three or more department stores are considered Super Regional. (See also: Super Regional Mall).

Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant.

Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant’s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets.

Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis.

Sales Price: The total dollar amount paid for a particular property at a particular point in time.

Sales Volume: The sum of sales prices for a given group of buildings in a given time period.

Seller: The individual, group, company, or entity that sells a particular commercial real estate asset.

SF: Abbreviation for Square Feet.

Shopping Center: The combined retail center types of Community Center, Neighborhood Center and Strip Center.

Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy)

Specialty Center: The combined retail center types of Airport Retail, Outlet Center and Theme/Festival Center.

Sports & Entertainment: A facility suited for recreational activities, including: Amusement Facility, Aquatic Facility/Swimming Pool, Bowling Alley, Casino/Gaming Facility, Equestrian Center/Stable, Fitness, Court and Spa Facility, Golf Related, Racetrack, Skating Rink, Ski Resort, Sports Arena/Stadium, and Theatre/Performing Art Facility.

Strip Center: A strip center is an attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usu-ally located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores. A strip center may be configured in a straight line, or have an "L" or "U" shape.

Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space.

Submarkets: Specific geographic boundaries that serve to delin-eate a core group of buildings that are competitive with each other

and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market).

Super Regional Mall: Similar to a regional mall, but because of its larger size, a super regional mall has more anchors, a deeper selection of merchandise, and draws from a larger population base. As with regional malls, the typical configuration is as an enclosed mall, frequently with multiple levels (See also: Regional Mall).

Tenancy: A term used to indicate whether or not a building is occu-pied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant)

Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep.

Theme/Festival Center: These centers typically employ a unify-ing theme that is carried out by the individual shops in their architec-tural design and, to an extent, in their merchandise. Sometimes the biggest appeal of these centers is to tourists; they can be anchored by restaurants and entertainment facilities. These centers, generally located in urban areas, tend to be adapted from older, sometimes historic, buildings, and can be part of mixed-use projects. 80,000 – 250,000 SF.

Under Construction: Buildings in a state of construction, up until they receive their certificate of occupancy. In order for CoStar to consider a building under construction, the site must have a concrete foundation in place. Abbreviated UC.

Vacancy Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations.

Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space.

Weighted Average Rental Rate: Rental rates that are cal-culated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces.

Year Built: The year in which a building completed construction and was issued a certificate of occupancy.

YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through whatever time period is being studied.


D CoStar Retail Statistics ©2018 CoStar Group, Inc.

Tampa/St Petersburg – Year-End 2017 Year-End 2017 – Tampa/St Petersburg



Overview

Tampa/St Petersburg’s Vacancy Decreases to 4.7% Net Absorption Positive 1,020,587 SF in the Quarter

The Tampa/St Petersburg retail market experienced a slight improvement in market conditions in the fourth quarter 2017. The vacancy rate went from 5.0% in the

previous quarter to 4.7% in the current quarter. Net absorp-tion was positive 1,020,587 square feet, and vacant sublease space decreased by (3,777) square feet. Quoted rental rates increased from third quarter 2017 levels, ending at $14.87 per square foot per year. A total of 22 retail buildings with 424,835 square feet of retail space were delivered to the market in the quarter, with 1,743,439 square feet still under construction at the end of the quarter.

Net AbsorptionRetail net absorption was strong in Tampa/St Petersburg

fourth quarter 2017, with positive 1,020,587 square feet absorbed in the quarter. In third quarter 2017, net absorption was negative (673,759) square feet, while in second quarter 2017, absorption came in at positive 157,418 square feet. In first quarter 2017, positive 924,565 square feet was absorbed in the market.

VacancyTampa/St Petersburg’s retail vacancy rate decreased in

the fourth quarter 2017, ending the quarter at 4.7%. Over the past four quarters, the market has seen an overall increase in the vacancy rate, with the rate going from 4.6% in the first quarter 2017, to 4.6% at the end of the second quarter 2017, 5.0% at the end of the third quarter 2017, to 4.7% in the cur-rent quarter.

The amount of vacant sublease space in the Tampa/St

Petersburg market has trended down over the past four quar-ters. At the end of the first quarter 2017, there were 211,898 square feet of vacant sublease space. Currently, there are 182,023 square feet vacant in the market.

Largest Lease SigningsThe largest lease signings occurring in 2017 included: the

86,479-square-foot-lease signed by Rural King at 7246 Gall Blvd; the 75,683-square-foot-deal signed by Floor & Decor at Suncoast Plaza; and the 55,000-square-foot-lease signed by Hobby Lobby at Sunset Point 19.

Rental RatesAverage quoted asking rental rates in the Tampa/St

Petersburg retail market are up over previous quarter levels, and up from their levels four quarters ago. Quoted rents ended the fourth quarter 2017 at $14.87 per square foot per year. That compares to $14.64 per square foot in the third quarter 2017, and $14.66 per square foot at the end of the first quarter 2017. This represents a 1.6% increase in rental rates in the current quarter, and a 1.41% increase from four quarters ago.

Inventory & ConstructionDuring the fourth quarter 2017, 22 buildings total-

ing 424,835 square feet were completed in the Tampa/St Petersburg retail market. Over the past four quarters, a total of 1,329,149 square feet of retail space has been built in Tampa/St Petersburg. In addition to the current quarter, 26 buildings with 144,555 square feet were completed in third quarter 2017, 39 buildings totaling 290,546 square feet completed in second quarter 2017, and 469,213 square feet in 24 buildings com-

Vacancy Rates by Building Type 2006-2017

Source: CoStar Property®

Absorption & Deliveries Vacancy & RentPast 10 Quarters Past 10 Quarters

Source: CoStar Property® Source: CoStar Property®

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2006 1q 2007 1q 2008 1q 2009 1q 2010 1q 2011 1q 2012 1q 2013 1q 2014 1q 2015 1q 2016 1q 2017 1q

Power Center Specialty Center General Retail Shopping Center Mall Total Market

0.79

1.13

0.62

0.85

0.10

0.68

0.92

0.16

(0.67)

1.02

0.28

0.76

0.420.37

0.09

0.23

0.47

0.29

0.14

0.42

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2015 3q 2016 1q 2016 3q 2017 1q 2017 3q

Millions

SF

Net Absorption Deliveries

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$14

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2015 3q 2016 1q 2016 3q 2017 1q 2017 3q

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Average Rental Rate Vacancy Rate

2 CoStar Retail Statistics ©2018 CoStar Group, Inc.

Tampa/St Petersburg � Year-End 2017

Tampa/St Petersburg Retail MarketYear-End 2017 – Tampa/St Petersburg



Overview

pleted in first quarter 2017.There were 1,743,439 square feet of retail space under

construction at the end of the fourth quarter 2017. Some of the notable 2017 deliveries include: Costco at

Citrus Park, a 155,000-square-foot facility that delivered in first quarter 2017, and 2225 Grand Cypress Dr - Costco, a 153,000-square-foot building that delivered in first quarter 2017.

Total retail inventory in the Tampa/St Petersburg market area amounted to 230,571,499 square feet in 19,474 buildings and 2251 centers as of the end of the fourth quarter 2017.

Shopping CenterThe Shopping Center market in Tampa/St Petersburg

currently consists of 2196 projects with 88,650,376 square feet of retail space in 3,772 buildings. In this report the Shopping Center market is comprised of all Community Center, Neighborhood Center, and Strip Centers.

After absorbing 367,737 square feet and delivering 87,904 square feet in the current quarter, the Shopping Center sec-tor saw the vacancy rate go from 7.7% at the end of the third quarter 2017 to 7.4% this quarter.

Over the past four quarters, the Shopping Center vacancy rate has gone from 7.3% at the end of the first quarter 2017, to 7.2% at the end of the second quarter 2017, to 7.7% at the end of the third quarter 2017, and finally to 7.4% at the end of the current quarter.

Rental rates ended the fourth quarter 2017 at $13.25 per square foot, up from the $13.05 they were at the end of third quarter 2017. Rental rates have trended up over the past year, going from $13.13 per square foot a year ago to their current levels.

Net absorption in the Shopping Center sector has totaled 445,234 square feet over the past four quarters. In addition to the positive 367,737 square feet absorbed this quarter, nega-tive (373,503) square feet was absorbed in the third quarter

2017, positive 93,818 square feet was absorbed in the second quarter 2017, and positive 357,182 square feet was absorbed in the first quarter 2017.

Power CentersThe Power Center average vacancy rate was 4.7% in the

fourth quarter 2017. With positive 103,813 square feet of net absorption and no new deliveries, the vacancy rate went from 5.7% at the end of last quarter to 4.7% at the end of the fourth quarter.

In the third quarter 2017, Power Centers absorbed nega-tive (64,440) square feet, delivered no new space, and the vacancy rate went from 5.0% to 5.7% over the course of the quarter. Rental started the quarter at $24.88 per square foot and ended the quarter at $25.09 per square foot.

A year ago, in fourth quarter 2016, the vacancy rate was 5.4%. Over the past four quarters, Power Centers have absorbed a cumulative 73,303 square feet of space and deliv-ered no significant space. Vacant sublease space has gone from 6,516 square feet to 2,516 square feet over that time period, and rental rates have gone from $24.98 to $26.70.

At the end of the fourth quarter 2017, there was no space under construction in the Tampa/St Petersburg market. The total stock of Power Center space in Tampa/St Petersburg cur-rently sits at 10,405,353 square feet in 28 centers comprised of 170 buildings.

No space was under construction at the end of the fourth quarter 2017.

General Retail PropertiesThe General Retail sector of the market, which includes

all freestanding retail buildings, except those contained within a center, reported a vacancy rate of 2.7% at the end of fourth quarter 2017. There was a total of 3,001,421 square feet vacant at that time. The General Retail sector in Tampa/St Petersburg currently has average rental rates of $16.81 per square foot per year. There are 1,323,661 square feet of space under construc-tion in this sector, with 336,931 square feet having been com-pleted in the fourth quarter. In all, there are a total of 15,365 buildings with 112,906,687 square feet of General Retail space in Tampa/St Petersburg.

Specialty CentersThere are currently 6 Specialty Centers in the Tampa/St

Petersburg market, making up 1,161,697 square feet of retail space. In this report the Specialty Center market is comprised of Outlet Center, Airport Retail and Theme/Festival Centers. Specialty Centers in the Tampa/St Petersburg market have experienced positive 30,042 square feet of net absorption in 2017. The vacancy rate currently stands at 2.3%, and rental rates average $14.00 per square foot.

Malls





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2006 1q 2007 1q 2008 1q 2009 1q 2010 1q 2011 1q 2012 1q 2013 1q 2014 1q 2015 1q 2016 1q 2017 1q


0.79

1.13

0.62

0.85

0.10

0.68

0.92

0.16

(0.67)

1.02

0.28

0.76

0.420.37

0.09

0.23

0.47

0.29

0.14

0.42

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Overview

Malls recorded net absorption of positive 107,917 square feet in the fourth quarter 2017. This net absorption number, combined with no new space that was built in the quarter, caused the vacancy rate to go from 5.5% a quarter ago to 4.9% at the end of the fourth quarter 2017. Rental rates went from $12.49 per square foot to $12.07 per square foot during that time. In this report the Mall market is comprised of 21 Lifestyle Center, Regional Mall and Super Regional Malls.

Sales ActivityTallying retail building sales of 15,000 square feet or larger,

Tampa/St Petersburg retail sales figures fell during the third quarter 2017 in terms of dollar volume compared to the sec-ond quarter of 2017.

In the third quarter, 22 retail transactions closed with a total volume of $166,337,500. The 22 buildings totaled 1,219,447 square feet and the average price per square foot equated to $136.40 per square foot. That compares to 22 transactions totaling $179,212,293 in the second quarter 2017. The total square footage in the second quarter was 1,085,392 square feet for an average price per square foot of $165.11.

Total retail center sales activity in 2017 was up compared to 2016. In the first nine months of 2017, the market saw 69 retail sales transactions with a total volume of $537,574,171. The price per square foot averaged $125.79. In the same first nine months of 2016, the market posted 71 transactions with a total volume of $437,309,800. The price per square foot averaged $144.89.

Cap rates have been higher in 2017, averaging 7.22% compared to the same period in 2016 when they averaged 7.07%.

One of the largest transactions that has occurred within the last four quarters in the Tampa/St Petersburg market is the sale of Venice Village Shoppes in Venice. This 187,885 square foot retail center sold for $33,451,000, or $178.04 per square foot. The property sold on 11/6/2017, at a 0.00% cap rate.”

Reports compiled by: Latoya Jenkins, CoStar Research Manager.





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2006 1q 2007 1q 2008 1q 2009 1q 2010 1q 2011 1q 2012 1q 2013 1q 2014 1q 2015 1q 2016 1q 2017 1q


0.79

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0.85

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0.68

0.92

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CoStar Submarket Clusters & SubmarketsIn analyzing metropolitan areas, CoStar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Markets are then divided into Submarket Clusters, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group.

Markets

Submarket Clusters Submarkets

Central Tampa South TampaTampa CBDWestshore

Hernando County Hernando County

I-75 Corridor East TampaNortheast Tampa

North Hillsborough Northwest Tampa

Pasco County Pasco County

Pinellas BaysideClearwater CBDGatewayMid-PinellasNorth PinellasSouth PinellasSt Petersburg CBD

Polk County Polk County

Sarasota/Bradenton ManateeManatee OutlyingSarasotaSarasota Outlying






Historical Deliveries 1982 - 2017

Source: CoStar Property® * Future deliveries based on current under construction buildings.

Construction Activity Markets Ranked by Under Construction Square Footage

# Bldgs Preleased SF Preleased % All Existing U/C

Pinellas 18 316,949 85.5% 11,055 20,595

Sarasota/Bradenton 16 179,825 55.3% 11,958 20,310

Pasco County 17 21,103 6.8% 14,008 18,233

I-75 Corridor 6 267,038 89.3% 11,795 49,840

Central Tampa 9 90,839 51.3% 9,552 19,686

Hernando County 5 134,652 100.0% 14,345 26,930

Polk County 10 62,819 54.0% 11,634 11,625

North Hillsborough 3 10,676 100.0% 13,511 3,559

TotalsTotalsTotalsTotals 84 84 84 84 1,083,901 1,083,901 1,083,901 1,083,901 62.2% 62.2% 62.2% 62.2% 11,840 11,840 11,840 11,840 20,755 20,755 20,755 20,755


Recent Deliveries Future Deliveries Leased & Un-Leased SF in Deliveries Since 2013 Preleased & Un-Leased SF in Properties Scheduled to Deliver


370,717

1,743,439 1,743,439 1,743,439 1,743,439

324,965

309,965

299,038

177,173

134,652

116,253

10,676

Market

Under Construction Inventory Average Bldg Size

Total GLA

3.9 3.9

5.9

7.77.4

5.76.2

4.5

5.7

3.2

2.3 2.5 2.3

4.2

3.53.1 3.1

6.1

4.4

5.4

3.6

6.4

3.2

5.8

4.9 4.9 4.9

2.7

1.0 0.8 0.9 1.1

2.6

1.71.2

1.4

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

1982 1986 1990 1994 1998 2002 2006 2010 2014

Millions

of

SF

Deliveries Average Delivered SF

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2013 2015 2017

Millions

of

SF

Leased Un-Leased

0

200

400

600

800

1,000

1,200

2018 1q 2018 3q

T

Tho

usa

nds

of

SF

Preleased Un-Leased

Inventory & development






Historical Construction Starts & DeliveriesSquare Footage Per Quarter Starting and Completing Construction


Recent Deliveries by Project Size of Year-to-Date DevelopmentBuilding Size # Bldgs GLA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant

< 50,000 SF 112 792,000 724,049 91.4% $25.61 296,543 495,457

50,000 SF - 99,999 SF 4 270,000 260,850 96.6% $29.00 60,000 210,000

100,000 SF - 249,999 SF 2 308,000 308,000 100.0% $12.95 0 308,000

250,000 SF - 499,999 SF 0 0 0 0.0% $0.00 0 0

>= 500,000 SF 0 0 0 0.0% $0.00 0 0


Recent Development by Tenancy Existing Inventory ComparisonBased on GLA Developed for Single & Multi Tenant Use Based on Total GLA

2017 Deliveries


Currently Under Construction

0.410.37

0.18

0.59 0.58

0.19

0.36

0.60

0.24

0.49

0.31

0.22

0.54

0.27

0.67

0.23

0.460.42

0.23

1.32

0.20

0.39

0.28

0.76

0.420.37

0.09

0.23

0.47

0.29

0.14

0.42

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

2014 1q 2014 2q 2014 3q 2014 4q 2015 1q 2015 2q 2015 3q 2015 4q 2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q

Millions

of

SF

Construction Starts Deliveries

12%

88%

Multi Single

25%

75%

Multi Single 0 20 40 60 80 100 120

Specialty Center

Power Center

Mall

Shopping Center

General Retail

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General Retail Market Statistics Year-End 2017

YTD Net YTD Under Quoted

Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

Central Tampa 1,375 8,686,807 164,621 164,621 1.9% 53,679 11,958 172,573 $19.67

Hernando County 484 4,336,734 86,298 86,298 2.0% 106,695 70,502 134,652 $9.74

I-75 Corridor 1,733 12,307,650 297,436 300,663 2.4% 102,827 119,295 299,038 $17.99

North Hillsborough 1,051 8,225,965 182,182 183,682 2.2% 164,102 179,053 10,676 $17.51

Pasco County 1,381 12,373,818 528,739 541,693 4.4% 197,173 191,801 73,474 $11.86

Pinellas 3,961 27,472,888 740,872 761,012 2.8% 257,242 300,129 268,957 $18.63

Polk County 2,101 14,941,394 322,856 322,856 2.2% 72,185 61,007 116,253 $15.48

Sarasota/Bradenton 3,279 24,561,431 617,788 640,596 2.6% 176,466 217,250 248,038 $16.32

Totals 15,365 112,906,687 2,940,792 3,001,421 2.7% 1,130,369 1,150,995 1,323,661 $16.81


Mall Market Statistics Year-End 2017


Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

Central Tampa 3 2,592,958 4,461 4,461 0.2% 2,113 0 0 $0.00

Hernando County 0 0 0 0 0.0% 0 0 0 $0.00

I-75 Corridor 2 2,196,832 150,000 150,000 6.8% 0 0 0 $7.50

North Hillsborough 1 1,144,676 0 0 0.0% 8,600 0 0 $25.00

Pasco County 2 1,346,673 20,658 20,658 1.5% 13,103 0 0 $32.87

Pinellas 5 4,652,159 197,496 197,496 4.2% (158,171) 0 0 $0.00

Polk County 3 2,174,238 222,905 222,905 10.3% (23,021) 0 0 $10.66

Sarasota/Bradenton 5 3,339,850 253,761 253,761 7.6% (92,761) 0 0 $20.00

Totals 21 17,447,386 849,281 849,281 4.9% (250,137) 0 0 $12.07


Power Center Market Statistics Year-End 2017



Central Tampa 1 475,979 0 0 0.0% 0 0 0 $0.00

Hernando County 1 361,540 89,057 89,057 24.6% (7,772) 0 0 $0.00

I-75 Corridor 4 1,279,300 66,962 66,962 5.2% 12,713 0 0 $20.81

North Hillsborough 3 1,112,404 39,759 39,759 3.6% 57,385 0 0 $14.00

Pasco County 6 2,289,651 62,775 62,775 2.7% (7,367) 0 0 $24.55

Pinellas 5 1,897,554 109,799 109,799 5.8% (6,168) 0 0 $30.90

Polk County 4 1,520,895 95,062 95,062 6.3% 4,878 0 0 $23.36

Sarasota/Bradenton 4 1,468,030 19,204 21,720 1.5% 19,634 0 0 $16.63

Totals 28 10,405,353 482,618 485,134 4.7% 73,303 0 0 $26.70


Shopping Center Market Statistics Year-End 2017



Central Tampa 169 3,965,065 202,865 204,115 5.1% 132,283 50,429 4,600 $23.79

Hernando County 80 4,324,720 286,273 286,273 6.6% (21,068) 0 0 $11.19

I-75 Corridor 233 10,224,768 762,951 813,775 8.0% (106,088) 0 0 $14.12

North Hillsborough 211 8,635,241 475,127 477,527 5.5% 69,190 8,400 0 $15.13

Pasco County 208 9,639,001 1,051,012 1,051,012 10.9% (46,160) 8,321 236,491 $9.72

Pinellas 651 22,278,768 1,702,588 1,761,360 7.9% 229,068 94,600 101,760 $15.37

Polk County 200 10,866,968 809,398 810,798 7.5% 49,806 2,904 0 $11.98

Sarasota/Bradenton 444 18,715,845 1,106,876 1,111,108 5.9% 138,203 13,500 76,927 $13.72

Totals 2,196 88,650,376 6,397,090 6,515,968 7.4% 445,234 178,154 419,778 $13.25


Existing Inventory Vacancy

Vacancy



Existing Inventory

Figures at a Glance






Specialty Center Market Statistics Year-End 2017



Central Tampa 1 30,000 0 0 0.0% 0 0 0 $0.00

Hernando County 0 0 0 0 0.0% 0 0 0 $0.00

I-75 Corridor 0 0 0 0 0.0% 0 0 0 $0.00

North Hillsborough 0 0 0 0 0.0% 0 0 0 $0.00

Pasco County 0 0 0 0 0.0% 0 0 0 $0.00

Pinellas 1 34,554 3,161 3,161 9.1% 0 0 0 $14.00

Polk County 0 0 0 0 0.0% 0 0 0 $0.00

Sarasota/Bradenton 4 1,097,143 23,211 23,211 2.1% 30,042 0 0 $0.00

Totals 6 1,161,697 26,372 26,372 2.3% 30,042 0 0 $14.00


Total Retail Market Statistics Year-End 2017



Central Tampa 1,649 15,750,809 371,947 373,197 2.4% 188,075 62,387 177,173 $20.48

Hernando County 629 9,022,994 461,628 461,628 5.1% 77,855 70,502 134,652 $10.82

I-75 Corridor 2,205 26,008,550 1,277,349 1,331,400 5.1% 9,452 119,295 299,038 $14.19

North Hillsborough 1,415 19,118,286 697,068 700,968 3.7% 299,277 187,453 10,676 $15.94

Pasco County 1,831 25,649,143 1,663,184 1,676,138 6.5% 156,749 200,122 309,965 $11.28

Pinellas 5,096 56,335,923 2,753,916 2,832,828 5.0% 321,971 394,729 370,717 $18.03

Polk County 2,536 29,503,495 1,450,221 1,451,621 4.9% 103,848 63,911 116,253 $13.36

Sarasota/Bradenton 4,113 49,182,299 2,020,840 2,050,396 4.2% 271,584 230,750 324,965 $14.58

Totals 19,474 230,571,499 10,696,153 10,878,176 4.7% 1,428,811 1,329,149 1,743,439 $14.87



VacancyExisting Inventory

Figures at a Glance






Figures at a Glance

General Retail Submarket Statistics Year-End 2017



Bayside 126 1,442,625 31,832 31,832 2.2% (6,651) 0 6,380 $15.25

Clearwater CBD 176 909,055 58,169 58,169 6.4% 20,724 0 0 $9.50

East Tampa 809 6,457,645 205,863 209,090 3.2% 63,108 98,095 285,920 $17.67

Gateway 230 1,891,869 57,913 57,913 3.1% (24,122) 9,842 0 $11.40

Hernando County 484 4,336,734 86,298 86,298 2.0% 106,695 70,502 134,652 $9.74

Manatee 1,275 8,626,612 233,606 239,360 2.8% 7,439 44,544 5,250 $14.49

Manatee Outlying 70 698,065 14,088 14,088 2.0% 19,992 12,538 82,350 $0.00

Mid-Pinellas 800 5,287,425 120,667 140,567 2.7% 260,169 208,349 43,372 $15.36

North Pinellas 780 6,171,118 147,066 147,306 2.4% (13,898) 10,050 8,678 $18.32

Northeast Tampa 924 5,850,005 91,573 91,573 1.6% 39,719 21,200 13,118 $18.43

Northwest Tampa 1,051 8,225,965 182,182 183,682 2.2% 164,102 179,053 10,676 $17.51

Pasco County 1,381 12,373,818 528,739 541,693 4.4% 197,173 191,801 73,474 $11.86

Polk County 2,101 14,941,394 322,856 322,856 2.2% 72,185 61,007 116,253 $15.48

Sarasota 1,647 12,521,992 333,521 337,155 2.7% 119,256 133,967 103,000 $18.01

Sarasota Outlying 287 2,714,762 36,573 49,993 1.8% 29,779 26,201 57,438 $11.73

South Pinellas 1,689 10,341,117 271,883 271,883 2.6% 18,582 71,888 169,764 $20.71

South Tampa 708 4,273,937 67,225 67,225 1.6% (15,141) 0 143,700 $21.07

St Petersburg CBD 160 1,429,679 53,342 53,342 3.7% 2,438 0 40,763 $30.32

Tampa CBD 65 887,797 39,470 39,470 4.4% 53,182 0 0 $16.76

Westshore 602 3,525,073 57,926 57,926 1.6% 15,638 11,958 28,873 $19.66

Totals 15,365 112,906,687 2,940,792 3,001,421 2.7% 1,130,369 1,150,995 1,323,661 $16.81


Mall Submarket Statistics Year-End 2017



Bayside 1 1,529,115 1,500 1,500 0.1% 4,560 0 0 $0.00

Clearwater CBD 0 0 0 0 0.0% 0 0 0 $0.00

East Tampa 1 1,142,976 0 0 0.0% 0 0 0 $0.00

Gateway 0 0 0 0 0.0% 0 0 0 $0.00

Hernando County 0 0 0 0 0.0% 0 0 0 $0.00

Manatee 1 874,754 161,000 161,000 18.4% 0 0 0 $0.00

Manatee Outlying 1 243,798 2,761 2,761 1.1% (2,761) 0 0 $20.00

Mid-Pinellas 0 0 0 0 0.0% 0 0 0 $0.00

North Pinellas 1 1,169,009 0 0 0.0% 0 0 0 $0.00

Northeast Tampa 1 1,053,856 150,000 150,000 14.2% 0 0 0 $7.50

Northwest Tampa 1 1,144,676 0 0 0.0% 8,600 0 0 $25.00

Pasco County 2 1,346,673 20,658 20,658 1.5% 13,103 0 0 $32.87

Polk County 3 2,174,238 222,905 222,905 10.3% (23,021) 0 0 $10.66

Sarasota 3 2,221,298 90,000 90,000 4.1% (90,000) 0 0 $0.00

Sarasota Outlying 0 0 0 0 0.0% 0 0 0 $0.00

South Pinellas 2 1,779,703 195,996 195,996 11.0% (169,796) 0 0 $0.00

South Tampa 1 223,713 4,461 4,461 2.0% 1,713 0 0 $0.00

St Petersburg CBD 1 174,332 0 0 0.0% 7,065 0 0 $0.00

Tampa CBD 0 0 0 0 0.0% 0 0 0 $0.00

Westshore 2 2,369,245 0 0 0.0% 400 0 0 $0.00

Totals 21 17,447,386 849,281 849,281 4.9% (250,137) 0 0 $12.07









Figures at a Glance

Power Center Submarket Statistics Year-End 2017



Bayside 0 0 0 0 0.0% 0 0 0 $0.00

Clearwater CBD 0 0 0 0 0.0% 0 0 0 $0.00

East Tampa 3 1,076,631 66,962 66,962 6.2% 12,713 0 0 $20.81

Gateway 1 385,333 0 0 0.0% 0 0 0 $0.00

Hernando County 1 361,540 89,057 89,057 24.6% (7,772) 0 0 $0.00

Manatee 2 619,774 11,796 14,312 2.3% 16,914 0 0 $16.63

Manatee Outlying 0 0 0 0 0.0% 0 0 0 $0.00

Mid-Pinellas 1 529,049 8,279 8,279 1.6% (2,315) 0 0 $24.50

North Pinellas 2 575,858 97,995 97,995 17.0% (3,530) 0 0 $31.00

Northeast Tampa 1 202,669 0 0 0.0% 0 0 0 $0.00

Northwest Tampa 3 1,112,404 39,759 39,759 3.6% 57,385 0 0 $14.00

Pasco County 6 2,289,651 62,775 62,775 2.7% (7,367) 0 0 $24.55

Polk County 4 1,520,895 95,062 95,062 6.3% 4,878 0 0 $23.36

Sarasota 2 848,256 7,408 7,408 0.9% 2,720 0 0 $0.00


South Pinellas 1 407,314 3,525 3,525 0.9% (323) 0 0 $0.00

South Tampa 0 0 0 0 0.0% 0 0 0 $0.00

St Petersburg CBD 0 0 0 0 0.0% 0 0 0 $0.00

Tampa CBD 0 0 0 0 0.0% 0 0 0 $0.00

Westshore 1 475,979 0 0 0.0% 0 0 0 $0.00

Totals 28 10,405,353 482,618 485,134 4.7% 73,303 0 0 $26.70


Shopping Center Submarket Statistics Year-End 2017



Bayside 27 1,195,481 89,271 89,271 7.5% 6,143 9,600 0 $20.01

Clearwater CBD 23 568,628 27,454 27,454 4.8% (8,154) 0 0 $10.15

East Tampa 90 4,761,273 243,160 244,660 5.1% (43,534) 0 0 $17.56

Gateway 35 1,199,726 47,457 47,457 4.0% 7,545 0 0 $15.46

Hernando County 80 4,324,720 286,273 286,273 6.6% (21,068) 0 0 $11.19

Manatee 150 7,583,819 429,859 430,891 5.7% 143,028 11,000 0 $11.99

Manatee Outlying 14 659,441 31,232 31,232 4.7% (18,750) 0 0 $20.31

Mid-Pinellas 193 5,580,288 337,865 337,865 6.1% 319,346 85,000 101,760 $17.70

North Pinellas 167 7,118,935 511,559 513,059 7.2% 10,063 0 0 $14.74

Northeast Tampa 143 5,463,495 519,791 569,115 10.4% (62,554) 0 0 $12.74

Northwest Tampa 211 8,635,241 475,127 477,527 5.5% 69,190 8,400 0 $15.13

Pasco County 208 9,639,001 1,051,012 1,051,012 10.9% (46,160) 8,321 236,491 $9.72

Polk County 200 10,866,968 809,398 810,798 7.5% 49,806 2,904 0 $11.98

Sarasota 208 7,884,753 457,688 460,888 5.8% (100,374) 2,500 76,927 $16.56

Sarasota Outlying 72 2,587,832 188,097 188,097 7.3% 114,299 0 0 $12.15

South Pinellas 198 6,383,865 685,982 743,254 11.6% (102,875) 0 0 $13.51

South Tampa 89 1,710,963 42,445 42,445 2.5% 41,853 50,429 0 $22.36

St Petersburg CBD 8 231,845 3,000 3,000 1.3% (3,000) 0 0 $33.77

Tampa CBD 3 299,734 120,562 120,562 40.2% 1,015 0 0 $0.00

Westshore 77 1,954,368 39,858 41,108 2.1% 89,415 0 4,600 $25.02

Totals 2,196 88,650,376 6,397,090 6,515,968 7.4% 445,234 178,154 419,778 $13.25









Figures at a Glance

Specialty Center Submarket Statistics Year-End 2017



Bayside 0 0 0 0 0.0% 0 0 0 $0.00

Clearwater CBD 0 0 0 0 0.0% 0 0 0 $0.00

East Tampa 0 0 0 0 0.0% 0 0 0 $0.00

Gateway 0 0 0 0 0.0% 0 0 0 $0.00

Hernando County 0 0 0 0 0.0% 0 0 0 $0.00

Manatee 4 1,097,143 23,211 23,211 2.1% 30,042 0 0 $0.00

Manatee Outlying 0 0 0 0 0.0% 0 0 0 $0.00

Mid-Pinellas 0 0 0 0 0.0% 0 0 0 $0.00

North Pinellas 0 0 0 0 0.0% 0 0 0 $0.00

Northeast Tampa 0 0 0 0 0.0% 0 0 0 $0.00

Northwest Tampa 0 0 0 0 0.0% 0 0 0 $0.00

Pasco County 0 0 0 0 0.0% 0 0 0 $0.00

Polk County 0 0 0 0 0.0% 0 0 0 $0.00

Sarasota 0 0 0 0 0.0% 0 0 0 $0.00


South Pinellas 1 34,554 3,161 3,161 9.1% 0 0 0 $14.00

South Tampa 0 0 0 0 0.0% 0 0 0 $0.00

St Petersburg CBD 0 0 0 0 0.0% 0 0 0 $0.00

Tampa CBD 0 0 0 0 0.0% 0 0 0 $0.00

Westshore 1 30,000 0 0 0.0% 0 0 0 $0.00

Totals 6 1,161,697 26,372 26,372 2.3% 30,042 0 0 $14.00


Total Retail Submarket Statistics Year-End 2017



Bayside 186 4,167,221 122,603 122,603 2.9% 4,052 9,600 6,380 $16.70

Clearwater CBD 212 1,477,683 85,623 85,623 5.8% 12,570 0 0 $9.63

East Tampa 1,021 13,438,525 515,985 520,712 3.9% 32,287 98,095 285,920 $17.87

Gateway 290 3,476,928 105,370 105,370 3.0% (16,577) 9,842 0 $14.14

Hernando County 629 9,022,994 461,628 461,628 5.1% 77,855 70,502 134,652 $10.82

Manatee 1,604 18,802,102 859,472 868,774 4.6% 197,423 55,544 5,250 $12.83

Manatee Outlying 111 1,601,304 48,081 48,081 3.0% (1,519) 12,538 82,350 $20.29

Mid-Pinellas 1,100 11,396,762 466,811 486,711 4.3% 577,200 293,349 145,132 $16.98

North Pinellas 1,098 15,034,920 756,620 758,360 5.0% (7,365) 10,050 8,678 $19.29

Northeast Tampa 1,184 12,570,025 761,364 810,688 6.4% (22,835) 21,200 13,118 $12.36

Northwest Tampa 1,415 19,118,286 697,068 700,968 3.7% 299,277 187,453 10,676 $15.94

Pasco County 1,831 25,649,143 1,663,184 1,676,138 6.5% 156,749 200,122 309,965 $11.28

Polk County 2,536 29,503,495 1,450,221 1,451,621 4.9% 103,848 63,911 116,253 $13.36

Sarasota 2,003 23,476,299 888,617 895,451 3.8% (68,398) 136,467 179,927 $17.22

Sarasota Outlying 395 5,302,594 224,670 238,090 4.5% 144,078 26,201 57,438 $12.12

South Pinellas 2,035 18,946,553 1,160,547 1,217,819 6.4% (254,412) 71,888 169,764 $17.10

South Tampa 829 6,208,613 114,131 114,131 1.8% 28,425 50,429 143,700 $21.35

St Petersburg CBD 175 1,835,856 56,342 56,342 3.1% 6,503 0 40,763 $30.69

Tampa CBD 68 1,187,531 160,032 160,032 13.5% 54,197 0 0 $16.76

Westshore 752 8,354,665 97,784 99,034 1.2% 105,453 11,958 33,473 $20.99

Totals 19,474 230,571,499 10,696,153 10,878,176 4.7% 1,428,811 1,329,149 1,743,439 $14.87









Figures at a Glance

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Historical Rental RatesBased on NNN Rental Rates


Vacancy by Available Space Type Vacancy by Building TypePercent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Building Type


GLA By Building Type Future Space AvailableRatio of Total GLA by Building Type Space Scheduled to be Available for Occupancy*

Source: CoStar Property® * Includes Under Construction Spaces Source: CoStar Property®

$10.00

$15.00

$20.00

$25.00

$30.00

2006 1q 2007 1q 2008 1q 2009 1q 2010 1q 2011 1q 2012 1q 2013 1q 2014 1q 2015 1q 2016 1q 2017 1q

Dol

lars

/SF/Y

ear


0 20 40 60 80 100 120

Specialty Center

Power Center

Mall

Shopping Center

General Retail

Millions of SF

2%

98%

Direct Sublet 0% 10% 20% 30% 40% 50% 60% 70%

Specialty Center

Power Center

Mall

General Retail

Shopping Center

0.89

0.060.00

0.13

0.00 0.000.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2018 1q 2019 1q

Millions

Leasing Activity






Leasing Activity


* Renewal

Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company

1 7246 Gall Blvd Pasco County 86,479 2nd Rural King N/A Colliers International Tampa Bay Fl

2 Suncoast Plaza South Pinellas 75,683 3rd Floor & Decor N/A RMC Property Group

3 Sunset Point 19 North Pinellas 55,000 1st Hobby Lobby N/A Weingarten Realty Investors

4 6095 9th Ave N South Pinellas 45,871 4th Kash n’ Karry N/A SRG - Southeast Retail Group; Kimco

5 Manatee Town Center Manatee 45,780 3rd Ollie’s Bargain Outlet N/A The Shopping Center Group, LLC

6 Tampa Festival Centre* Northeast Tampa 45,600 3rd Harveys Supermarket N/A Wheeler Real Estate Investment Trus

7 Town ‘N Country Promenade Northwest Tampa 43,000 2nd Ollie’s Bargain Outlet N/A Colliers International Tampa Bay Fl

8 Centergate Plaza Sarasota 42,162 1st Ollies N/A The Shopping Center Group, LLC

9 Lakeland Square Mall Polk County 41,712 3rd Urban Air Trampoline Park SRS Real Estate Partners Colliers International Central Flor

10 Gulf to Bay Shopping Center Mid-Pinellas 40,000 2nd Bealls N/A Colliers International Tampa Bay Fl

11 Grand Central at Kennedy Tampa CBD 39,000 1st Quality Distribution N/A Avison Young

12 Whole Foods* Northwest Tampa 36,900 2nd Whole Foods Market N/A N/A

13 1251 E Fowler Ave Northeast Tampa 34,718 2nd Community Charter School of Excellence N/A RPM Realty Management, LLC

14 Sunset Point 19 North Pinellas 34,500 3rd Kirkland N/A Weingarten Realty Investors

15 Palm Center Polk County 30,875 2nd Discount Furniture Yard N/A Saunders Ralston Dantzler Realty

16 Gulf to Bay Shopping Center Mid-Pinellas 30,000 2nd Crunch Fitness N/A Colliers International Tampa Bay Fl

17 9717 State Road 52 Pasco County 29,524 1st Tractor Supply N/A East Lake, LLC

18 Willow Bend Shopping Center Pasco County 28,720 4th Flying Squirrel Nye Commercial Advisors CBRE

19 Fountain Court Manatee 27,200 3rd N/A N/A Alice Edwards Real Estate

20 6401 Tacoma Dr Pasco County 26,000 3rd Ashley Home Furniture N/A Franklin Street

21 Woodland Square Shopping Center - 100-190 North Pinellas 24,052 1st Earth Fare N/A Ram Realty Services

22 Water’s Crossing Northwest Tampa 23,743 3rd N/A N/A Myers Real Estate

23 Sarasota Pavilion Sarasota 22,540 3rd PetSmart N/A Franklin Street

24 Tahitian Center Pasco County 22,371 1st N/A N/A Berkshire Hathaway HomeServices Flo

25 3935 Washington Blvd Sarasota 22,000 1st The Granite Company N/A Harry E. Robbins Associates, Inc.

26 University Plaza Northeast Tampa 20,970 2nd N/A N/A The Shopping Center Group, LLC

27 Florida & Waters Shopping Center Northwest Tampa 20,896 3rd Planet Fitness N/A Franklin Street

28 3620 1st St W Manatee 20,000 4th Square Up LLC N/A Wagner Realty

29 Trouble Creek Square Pasco County 20,000 1st N/A N/A Florida Retail Partners

30 Florida & Waters Shopping Center Northwest Tampa 19,222 1st WellCare N/A Franklin Street

31 North Grove Plaza East Tampa 18,858 2nd Planet Fitness STIX Commercial Group LLC Isram Realty & Management Inc.

32 5798 Oakley Blvd Pasco County 18,670 2nd World Market N/A Genesis Real Estate Advisers LLC

33 1900 Fruitville Rd - Staples* Sarasota 18,120 1st Staples N/A N/A

34 Woodland Square Shopping Center - 100-190 North Pinellas 18,025 1st Petsmart N/A Ram Realty Services

35 Ridge Mall Plaza Polk County 18,000 3rd Lake Wales Medical Center N/A KMK Family Limited Partnership

36 814 Cleveland St - Walgreens Clearwater CBD 16,573 3rd N/A N/A The Shopping Center Group, LLC

37 1102 E Fowler Ave Northeast Tampa 16,257 4th N/A N/A LandQwest Commercial

38 Nature Coast Commons Hernando County 15,582 1st Tuesday Morning N/A DDR Corp.

39 Suncoast Plaza South Pinellas 15,000 4th N/A N/A RMC Property Group

40 Havendale Square II Polk County 15,000 2nd Southern Technical College Newmark Knight Frank Metro Equity Management LLC

Select Top Retail Leases Based on Leased Square Footage For Deals Signed in 2017






Sales Activity

The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates

Source: CoStar COMPS®

Sales Volume & Price Sales Analysis by Building SizeBased on Retail Building Sales of 15,000 SF and Larger Based on Retail Building Sales From Oct. 2016 - Sept. 2017

Bldg Size # RBA $ Volume Price/SF Cap Rate

< 25,000 SF 353 2,542,699 $730,572,278 287.32$ 6.32%

25K-99K SF

50 2,754,091 $407,591,195 147.99$ 7.46%

100K-249K SF

8 1,003,098 $105,291,578 104.97$ 6.77%

>250K SF 1 678,377 $25,500,000 37.59$ -

Source: CoStar COMPS® Source: CoStar COMPS®

U.S. Price/SF Comparison U.S. Cap Rate ComparisonBased on Retail Building Sales of 15,000 SF and Larger Based on Retail Building Sales of 15,000 SF and Larger

Source: CoStar COMPS® Source: CoStar COMPS®

$70

$120

$170

$220

$270

$320

$370

$420

2014 1q 2015 1q 2016 1q 2017 1q

Dol

lars

per

SF

Tampa/St Petersburg US

$0

$100

$200

$300

$400

$500

$600

$700

2014 1q 2015 1q 2016 1q 2017 1q

Millions

of

Sale

s V

olu

me D

ollars

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Price

/SF

Sales Volume Price/SF

1.0%

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8.0%

9.0%

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2014 4q 2015 4q 2016 4q

Cap R

ate

Perc

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ge

$180

$230

$280

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$380

$430

$480

Dolla

rs/SF

Cap Rate Price/SF

2.0%

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7.0%

8.0%

9.0%

10.0%

2014 1q 2014 3q 2015 1q 2015 3q 2016 1q 2016 3q 2017 1q 2017 3q

Cap R

ate

Perc

enta

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Tampa/St Petersburg US






Sales Activity

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Tampa/St Petersburg Retail MarketMarket Highlights – Class “A, B & C”




C e n t r a l T a m p a M a r k e t

Deliveries, Absorption & Vacancy Historical Analysis, All Classes


Vacant Space Quoted Rental RatesHistorical Analysis, All Classes Historical Analysis, All Classes


Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates

2017 4q 1,649 15,750,809 373,197 2.4% 43,224 1 3,658 9 177,173 $20.48

2017 3q 1,648 15,747,151 412,763 2.6% (22,927) 0 0 9 151,958 $20.00

2017 2q 1,648 15,747,151 389,836 2.5% 75,138 1 36,329 5 87,458 $19.03

2017 1q 1,647 15,710,822 428,645 2.7% 92,640 3 22,400 2 43,029 $18.11

2016 4q 1,645 15,701,131 511,594 3.3% 102,716 5 45,860 4 58,729 $17.87

2016 3q 1,641 15,676,271 589,450 3.8% (31,551) 0 0 9 104,589 $17.96

2016 2q 1,644 15,687,811 569,439 3.6% 108,936 1 7,985 6 73,710 $18.51

2016 1q 1,643 15,679,826 670,390 4.3% 72,730 1 54,000 4 38,285 $16.64

2015 4q 1,645 15,720,326 783,620 5.0% 119,541 4 59,200 2 61,985 $16.51

2015 3q 1,642 15,667,682 850,517 5.4% 9,556 2 14,604 5 113,200 $15.90

2015 2q 1,643 15,662,806 855,197 5.5% 40,993 1 9,829 6 123,604 $15.34

2015 1q 1,644 15,690,874 924,258 5.9% (96,293) 2 4,676 6 127,433 $15.21

2014 4q 1,646 15,760,391 897,482 5.7% (60,670) 2 9,450 4 16,505 $14.84

2014 3q 1,645 15,760,123 836,544 5.3% 38,166 0 0 6 25,955 $15.69

2014 2q 1,645 15,759,034 873,621 5.5% 127,711 0 0 4 26,979 $15.77

2014 1q 1,646 15,762,794 1,005,092 6.4% 57,415 4 44,028 4 26,979 $15.55


UC InventoryDelivered InventoryExisting Inventory Vacancy

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Delivered SF Absorption SF Vacancy

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

2016 1q 2016 3q 2017 1q 2017 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q

Direct SF Sublet SF







H e r n a n d o C o u n t y M a r k e t






2017 4q 629 9,022,994 461,628 5.1% 8,965 2 14,002 5 134,652 $10.82

2017 3q 627 9,008,992 456,591 5.1% (36,058) 2 27,000 5 30,002 $10.87

2017 2q 625 8,981,992 393,533 4.4% 73,753 3 29,500 7 57,002 $11.10

2017 1q 622 8,952,492 437,786 4.9% 31,195 0 0 8 76,502 $11.30

2016 4q 622 8,952,492 468,981 5.2% 50,893 1 9,100 3 29,500 $11.06

2016 3q 621 8,943,392 510,774 5.7% (24,032) 1 3,510 2 27,600 $11.16

2016 2q 620 8,939,882 483,232 5.4% 58,851 1 16,510 2 12,610 $10.94

2016 1q 619 8,923,372 525,573 5.9% 19,828 0 0 2 25,610 $10.81

2015 4q 619 8,923,372 545,401 6.1% 17,810 1 5,900 1 16,510 $10.59

2015 3q 618 8,917,472 557,311 6.2% 27,516 3 16,442 1 5,900 $10.75

2015 2q 615 8,901,030 568,385 6.4% 22,878 2 22,525 4 22,342 $11.23

2015 1q 613 8,878,505 568,738 6.4% 91,774 5 68,291 5 38,967 $11.31

2014 4q 608 8,810,214 592,221 6.7% 79,653 1 55,000 6 75,516 $11.42

2014 3q 607 8,755,214 616,874 7.0% 5,949 1 8,320 6 123,291 $11.38

2014 2q 606 8,746,894 614,503 7.0% 19,454 0 0 5 79,386 $11.84

2014 1q 606 8,746,894 633,957 7.2% 76,683 0 0 4 74,086 $11.64



(0.060)

(0.040)

(0.020)

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0.020

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0.0%

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8.0%


$10.50

$10.60

$10.70

$10.80

$10.90

$11.00

$11.10

$11.20

$11.30

$11.40

2016 1q 2016 3q 2017 1q 2017 3q

Dollars

/SF/Y

ear

0.00

0.10

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0.60

2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q

Direct SF Sublet SF







I - 7 5 C o r r i d o r M a r k e t






2017 4q 2,205 26,008,550 1,331,400 5.1% (134,902) 1 5,000 6 299,038 $14.19

2017 3q 2,204 26,003,550 1,191,498 4.6% (17,736) 4 24,770 6 297,320 $13.68

2017 2q 2,199 25,953,780 1,148,992 4.4% 175,144 3 70,000 8 256,490 $14.06

2017 1q 2,195 25,877,780 1,248,136 4.8% (13,054) 3 19,525 11 328,994 $13.49

2016 4q 2,192 25,858,255 1,215,557 4.7% 80,737 5 31,542 8 101,925 $13.18

2016 3q 2,187 25,826,713 1,264,752 4.9% (64,224) 1 5,636 11 125,967 $13.09

2016 2q 2,186 25,821,077 1,194,892 4.6% 60,347 4 68,791 7 45,678 $13.25

2016 1q 2,183 25,754,686 1,188,848 4.6% (84,304) 2 8,126 9 106,795 $13.13

2015 4q 2,181 25,746,560 1,096,418 4.3% 16,664 2 8,857 6 76,917 $13.83

2015 3q 2,180 25,740,123 1,106,645 4.3% 136,836 2 115,563 5 51,983 $14.39

2015 2q 2,180 25,627,109 1,130,467 4.4% 190,060 6 174,754 4 157,785 $14.04

2015 1q 2,176 25,474,610 1,168,028 4.6% (23,667) 1 8,455 9 297,539 $14.10

2014 4q 2,176 25,471,493 1,141,244 4.5% 51,628 2 11,880 8 190,431 $13.71

2014 3q 2,177 25,485,784 1,207,163 4.7% 109,355 1 55,000 6 159,435 $13.46

2014 2q 2,175 25,427,619 1,258,353 4.9% 82,419 1 8,320 8 208,835 $13.58

2014 1q 2,176 25,541,257 1,454,410 5.7% (89,559) 2 12,800 6 85,483 $13.29



(0.200)

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$12.40

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$12.80

$13.00

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$13.60

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$14.00

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2016 1q 2016 3q 2017 1q 2017 3q

Dollars

/SF/Y

ear

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2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q

Direct SF Sublet SF







N o r t h H i l l s b o r o u g h M a r k e t






2017 4q 1,415 19,118,286 700,968 3.7% 15,160 1 2,500 3 10,676 $15.94

2017 3q 1,414 19,115,786 713,628 3.7% 23,953 3 17,600 3 10,176 $15.27

2017 2q 1,411 19,098,186 719,981 3.8% 34,518 2 10,213 4 20,100 $15.48

2017 1q 1,409 19,087,973 744,286 3.9% 225,646 2 157,140 5 27,813 $15.87

2016 4q 1,407 18,930,833 812,792 4.3% 103,873 1 9,474 5 177,540 $15.35

2016 3q 1,405 18,919,559 905,391 4.8% (31,754) 1 1,810 6 180,414 $15.10

2016 2q 1,405 18,921,576 875,654 4.6% (26,255) 1 6,000 6 176,724 $14.57

2016 1q 1,404 19,067,522 995,345 5.2% (72,523) 4 27,113 6 35,924 $13.66

2015 4q 1,400 19,040,409 895,709 4.7% (5,077) 1 5,709 8 54,397 $13.54

2015 3q 1,399 19,034,700 884,923 4.6% 38,596 1 17,400 5 32,822 $13.65

2015 2q 1,398 19,017,300 906,119 4.8% 52,222 2 20,000 2 23,109 $13.61

2015 1q 1,395 18,992,900 933,941 4.9% 77,430 1 44,687 4 41,800 $13.60

2014 4q 1,395 18,954,069 972,540 5.1% 38,655 1 5,560 5 86,487 $13.58

2014 3q 1,393 18,943,813 1,000,939 5.3% 77,607 1 3,675 4 72,343 $13.59

2014 2q 1,392 18,940,138 1,074,871 5.7% 176,206 2 151,350 5 76,018 $13.21

2014 1q 1,394 18,831,102 1,142,041 6.1% (2,488) 1 8,320 3 155,025 $13.48



(0.100)

(0.050)

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0.100

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0.0%

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$12.50

$13.00

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$14.00

$14.50

$15.00

$15.50

$16.00

$16.50

2016 1q 2016 3q 2017 1q 2017 3q

Dollars

/SF/Y

ear

0.00

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0.60

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1.00

1.20

2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q

Direct SF Sublet SF







P a s c o C o u n t y M a r k e t






2017 4q 1,831 25,649,143 1,676,138 6.5% 69,769 0 0 17 309,965 $11.28

2017 3q 1,830 25,644,083 1,740,847 6.8% (216,652) 5 17,122 18 315,025 $11.26

2017 2q 1,824 25,624,443 1,507,073 5.9% 5,067 4 26,000 10 55,456 $11.24

2017 1q 1,819 25,591,443 1,479,140 5.8% 298,565 2 157,000 10 52,274 $11.81

2016 4q 1,819 25,442,081 1,625,825 6.4% 74,475 1 5,060 5 171,500 $12.19

2016 3q 1,818 25,437,021 1,695,240 6.7% 83,288 0 0 5 173,060 $12.30

2016 2q 1,817 25,431,021 1,772,528 7.0% 23,667 5 89,494 4 171,060 $12.10

2016 1q 1,812 25,341,527 1,706,701 6.7% 137,808 3 26,931 5 89,494 $12.08

2015 4q 1,809 25,314,596 1,817,578 7.2% 631,776 2 544,940 4 88,265 $12.35

2015 3q 1,807 24,770,699 1,905,457 7.7% 10,438 3 18,726 7 635,812 $12.07

2015 2q 1,803 24,742,465 1,887,661 7.6% 91,155 2 13,300 9 597,561 $12.32

2015 1q 1,801 24,729,165 1,965,516 7.9% (6,145) 0 0 10 608,254 $12.37

2014 4q 1,801 24,729,165 1,959,371 7.9% (4,813) 2 11,664 3 499,690 $12.63

2014 3q 1,798 24,707,471 1,932,864 7.8% 3,880 2 10,975 5 37,109 $12.89

2014 2q 1,797 24,697,548 1,926,821 7.8% 79,923 0 0 6 43,534 $13.08

2014 1q 1,797 24,697,548 2,006,744 8.1% 229,702 2 177,700 2 10,975 $13.35



(0.300)

(0.200)

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0.000

0.100

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$10.80

$11.00

$11.20

$11.40

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$11.80

$12.00

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2016 1q 2016 3q 2017 1q 2017 3q

Dollars

/SF/Y

ear

0.00

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1.00

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2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q

Direct SF Sublet SF







P i n e l l a s M a r k e t






2017 4q 5,096 56,335,923 2,832,828 5.0% 437,828 9 260,409 18 370,717 $18.03

2017 3q 5,086 56,073,714 3,008,447 5.4% (109,275) 7 36,210 25 605,646 $17.33

2017 2q 5,079 56,037,504 2,862,962 5.1% (137,319) 9 47,270 29 501,698 $17.06

2017 1q 5,068 55,974,455 2,662,594 4.8% 130,737 5 50,840 31 520,623 $16.85

2016 4q 5,063 55,923,615 2,742,491 4.9% 70,991 2 30,000 32 552,383 $15.95

2016 3q 5,063 55,954,578 2,844,445 5.1% (59,520) 1 6,081 24 535,741 $15.75

2016 2q 5,061 55,944,020 2,774,367 5.0% 340,367 5 35,365 22 422,149 $14.94

2016 1q 5,055 55,898,669 3,069,383 5.5% 294,038 8 191,381 24 409,234 $13.92

2015 4q 5,047 55,707,288 3,172,040 5.7% 142,400 8 57,524 28 565,469 $14.18

2015 3q 5,041 55,654,186 3,261,338 5.9% 247,661 3 11,275 17 268,770 $14.30

2015 2q 5,039 55,645,893 3,500,706 6.3% 65,544 3 23,817 14 163,314 $14.21

2015 1q 5,041 55,669,659 3,590,016 6.4% (46,336) 5 47,246 11 115,376 $14.35

2014 4q 5,037 55,640,213 3,514,234 6.3% 41,742 7 88,001 10 84,614 $14.33

2014 3q 5,029 55,530,738 3,446,501 6.2% 162,603 2 134,000 15 160,483 $14.28

2014 2q 5,024 55,410,933 3,489,299 6.3% 374,105 4 215,354 17 283,809 $14.13

2014 1q 5,025 55,224,078 3,676,549 6.7% 217,597 4 138,616 12 380,012 $13.82



(0.200)

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0.000

0.100

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0.0%

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$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

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$20.00

2016 1q 2016 3q 2017 1q 2017 3q

Dollars

/SF/Y

ear

2.30

2.40

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2.70

2.80

2.90

3.00

3.10

3.20

2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q

Direct SF Sublet SF







P o l k C o u n t y M a r k e t






2017 4q 2,536 29,503,495 1,451,621 4.9% 173,133 3 18,316 10 116,253 $13.36

2017 3q 2,533 29,485,179 1,606,438 5.4% (148,771) 3 11,353 12 131,049 $13.50

2017 2q 2,530 29,473,826 1,446,314 4.9% 46,273 5 18,055 9 57,410 $12.68

2017 1q 2,524 29,452,252 1,471,013 5.0% 33,213 2 16,187 11 50,946 $12.97

2016 4q 2,521 29,434,323 1,488,039 5.1% 114,155 4 31,683 11 55,923 $12.36

2016 3q 2,516 29,396,140 1,564,011 5.3% 117,901 2 18,200 10 61,190 $12.27

2016 2q 2,512 29,363,450 1,649,222 5.6% 150,970 3 15,796 10 70,250 $12.13

2016 1q 2,509 29,344,271 1,779,271 6.1% 22,625 5 32,821 10 74,334 $11.93

2015 4q 2,508 29,329,380 1,787,005 6.1% 6,243 4 33,499 9 66,571 $11.77

2015 3q 2,504 29,295,881 1,759,749 6.0% 84,156 3 19,612 9 66,320 $11.60

2015 2q 2,502 29,278,969 1,826,993 6.2% 25,194 4 30,110 7 53,111 $11.66

2015 1q 2,499 29,254,065 1,827,283 6.2% 21,110 2 11,484 8 57,979 $11.56

2014 4q 2,498 29,248,905 1,843,233 6.3% 316,692 4 248,944 5 34,201 $11.59

2014 3q 2,494 29,001,967 1,912,987 6.6% 17,346 1 8,320 8 267,114 $11.83

2014 2q 2,494 28,994,229 1,922,595 6.6% 271,122 6 40,613 4 254,130 $11.47

2014 1q 2,488 28,957,955 2,157,443 7.5% 134,327 2 13,006 10 300,314 $11.78



(0.200)

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0.0%

1.0%

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$11.50

$12.00

$12.50

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$13.50

$14.00

2016 1q 2016 3q 2017 1q 2017 3q

Dollars

/SF/Y

ear

0.00

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2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q

Direct SF Sublet SF







S a r a s o t a / B r a d e n t o n M a r k e t






2017 4q 4,113 49,182,299 2,050,396 4.2% 407,410 5 120,950 16 324,965 $14.58

2017 3q 4,109 49,064,544 2,340,051 4.8% (146,293) 2 10,500 18 398,237 $15.03

2017 2q 4,108 49,056,702 2,185,916 4.5% (115,156) 12 53,179 15 375,727 $15.14

2017 1q 4,096 49,003,523 2,017,581 4.1% 125,623 7 46,121 22 336,006 $15.33

2016 4q 4,090 48,961,738 2,101,419 4.3% 79,768 9 71,458 22 213,662 $15.27

2016 3q 4,082 48,891,569 2,111,018 4.3% 104,905 6 50,245 20 171,425 $15.43

2016 2q 4,077 48,842,988 2,167,342 4.4% 135,474 9 129,934 19 184,103 $15.25

2016 1q 4,070 48,720,219 2,180,047 4.5% 229,111 7 79,685 18 255,037 $14.86

2015 4q 4,064 48,645,655 2,334,594 4.8% 204,493 5 42,226 19 280,258 $14.80

2015 3q 4,061 48,615,217 2,508,649 5.2% 239,251 9 71,046 15 194,197 $14.66

2015 2q 4,055 48,557,714 2,690,397 5.5% 210,527 4 92,995 17 152,367 $14.59

2015 1q 4,052 48,509,725 2,852,935 5.9% 139,619 3 20,141 14 201,740 $14.23

2014 4q 4,052 48,503,358 2,986,187 6.2% 932,730 2 889,000 8 128,403 $14.34

2014 3q 4,052 47,628,679 3,044,238 6.4% 166,408 2 7,974 7 994,705 $14.01

2014 2q 4,052 47,693,931 3,275,898 6.9% (84,632) 0 0 6 915,822 $13.91

2014 1q 4,052 47,693,931 3,191,266 6.7% 166,343 7 66,519 4 896,974 $14.00



(0.400)

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2016 1q 2016 3q 2017 1q 2017 3q

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2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q

Direct SF Sublet SF

CoStar Retail Statistics - Tampa and St. Pete Real Estate...

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