What’s the Latest with Commercial Retail Space in Florida?

Some of the more recent news on the commercial real estate front for the retail market shows plenty of reason for optimism. With the Sunshine State experiencing a net migration of 1,000 new residents per day, the demand for housing, especially apartments mixed with retail space, has been--and will remain--quite robust.

New mixed use developments like the Westshore Marina District, Midtown Tampa and Water Street Tampa will be delivering new retail and office space as well as residential units. These projects will provide the “Live, Work, Play” options that have become very popular. But the design of desirable retail space in the commercial real estate market continues to evolve in new and innovative ways, perhaps permanently altered by the pandemic. The backbone of the retail market, including restaurants, gyms, and box stores are already beginning to plan for a post-pandemic future. In a recent interview, a representative with Gensler spoke to this trend, stating, “Before the pandemic, mixed-use developments often were thought of as just a variety of spaces. But now, it’s not about that — it’s about spaces that people want to use 24 hours a day. What’s the quality of the space that we’re giving people? Fresh air, fountains, playgrounds, and things for people to do in their parks."

One constant appears to be how well the expansion and use of retail space can thrive adjacent to traditional office workspace environments. In the Tampa-Sarasota market, corporate tenants are expressing a desire to seek high-quality office space with retail options located conveniently nearby. To get a better focus on exactly what’s possible in the local market, companies are turning to TenantBase’s online marketplace to shop for the most suitable commercial space. The tech enabled, digital solution is allowing both the supply and demand side of the business to transact online searches in a faster, more convenient, and economic fashion.

Finding the perfect commercial real estate space can be a challenge, especially for tenants entering a brand new market. According to data pulled from TenantBase’s platform, a majority of these new companies searching for commercial space do need it quickly--with over 80% looking to sign a new lease within 90 days. If you want to be where the action is, much to the satisfaction of your employees, TenantBase offers multiple benefits, not the least of which are results based solely on the precise specifications and preferences you enter in the searchable database. And once you’ve located the perfect space, TenantBase can easily connect you with local Tampa-Sarasota-based brokers, with intimate knowledge of the market. Get started today and see what’s possible at www.tenantbase.com.