From the Marcus & Millichap’s latest Retail Research Report Via the Tampa Bay Business Journal:
Forecasts included in the local report:
• Employers will cut another 4,000 positions this year. That’s an improvement over the 50,700 jobs lost in 2009.
•Asking rents are forecast to drop 3.1 percent to $13.78 per square foot, while effective rents will fall 6 percent to $11.71 per square foot. That compares to asking rents of $14.41 per square foot in 2009 and effective rents of $12.79 per square foot.
• Investors will find opportunities in operationally challenged centers in heavily populated Hillsborough and Pinellas counties. Prices have dropped low enough for investors to attempt turnarounds.
