By Mark Albright, Times Staff Writer
Friday, February 17, 2012
The retail vacancy rate in Tampa Bay has improved as shopping center landlords see their business perking up from a slump now in its fourth year.
"Our survey found half the local industry executives saying, 'Things are getting better,' while the rest say, 'It's not as bad as it was," said Justin Greider, research director at Crossman & Company who compiled a market report for the International Council of Shopping Centers trade group. "Either way, we're headed in the right direction."
Indeed, the local vacancy rate for storefronts is 10.3 percent, down from 11.5 percent a year ago, while rents held steady at $13.67 a square foot, well below what it was before the market tanked in 2008.
The change in vacancy rates might not sound like much, but it's enough storefronts to fill almost ...