Q2 2025 Tampa Retail Market Report

Tampa Market Highlights

• Residents can look forward to new additions by TJX Brands, Ross, and Burlington as these discount retailers look to expand in Tampa.
• The metro’s population has grown by 280,000 residents over the past five years, drawn to the metro by a variety of employment opportunities.
• Britton Plaza is currently being revitalized to enhance customers’ experiences to boost visits.

By the Numbers

• SF Under Construction: 667K
• SF Absorbed: -237K
• Vacancy Rate: 3.4%
• Asking Rent Growth: 5.4%
• Average Price per SF: $270
• Sales Volume: $334M | Q2 2025 | Source: CoStar Group, Inc.

 

Rents

Tampa is among the top retail markets across the U.S. for five-year rent growth. Rents grew by 35% over the past five years, and recorded an asking rent of $26.93 per square foot during Q2 2025. Westshore and South Tampa note some of the highest rents in the metro, specifically along Kennedy Boulevard, where rents range from $40 per square foot or greater. Investors can find lower rents for anchor tenants greater than 10,000 square feet, with pricing around $13 to $15 per square foot. Looking ahead, Tampa is likely to see rent growth of 3% to 4% in the upcoming quarters.

 

Market Asking Rent per SF

Source: CoStar Group, Inc.

 

Vacancy

Tampa recorded 3.2 million square feet absorbed over the past four quarters. However, leasing noted a downturn in the first half of 2025, which can be attributed to an increase in availability from store closures. This includes closures from tenants like Big Lots, Party City, and Walgreens. One of the tenants leading the way for leasing this year is EoS Fitness. So far, it signed four leases that totaled 150,000 square feet. It also plans on backfilling vacant spaces left over by JOANN’s, Earth Fare Supermarket, Walmart Neighborhood Market, and Badcock Furniture.

 

Vacancy Rate

Source: CoStar Group, Inc.

 

Construction

Increased construction pricing has led to decreased developments across the metro, with 667,000 square feet on the way as of Q2 2025. Build-to-suit properties make up the majority of new additions in Tampa, as well as several redevelopments on the way. New redevelopments consist of mixed-use properties with a retail component. Moving forward, the largest developments on the way include a new Walmart and a Sprouts Farmers Market. The stores will be delivered in the Southeast Hillsborough and South Pinellas submarkets, respectively.

 

SF Under Construction

Source: CoStar Group, Inc.

 

Sales

Investors have increased their investments across Tampa, due to ongoing population growth and stable fundamentals. So far this year, Tampa recorded the majority of its transactions for properties $10 million or above. The largest deal in the second quarter was for Port Richey Honda, located in the Pasco County submarket. The dealership sold for $15.5 million, or $322.92 per square foot.

 

Top Florida Metro for Transactions: $1.3B in 12-Month Sales Volume

Q225 Total Transaction Volume: $334M

 

Sales Volume & Market Sale Price per SF

Source: CoStar Group, Inc.