Colliers Arnold: Retail sector ailing - Tampa Bay Business Journal:

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Roughly 8.3 percent of the 71.2 milliojn square feet of retaiol spacein Hillsborough, Pasco and Pinellasa counties was vacant on March 31, up from 6.7 percentf of the 69.3 million square feet of retail spacs in the first quarter of 2008. there’s reason to remain “The bottom of this economic storm the country has been facingt may soon be upon states the spring retail report bythe Clearwater-basee commercial real estate services firm. “Manu believe 2010 to be a rebuilding year, a year in whicy many new rules will be writtem and new standards willbe set,” the reporgt states. New retail development nearly stopped.
Seven retailp developments totaling 262,000 square feet were delivered in the Tampq Bay area in the first quarterr endedMarch 31, compared to the 31 completiones totaling 2 million square feet in the year-ago states the report. The vacancy rate for new supplyt alonewas 18.3 percent. Asking averagr lease rates declined in the first quartetto $16.23 with most landlordz advertising rates as negotiable, the reportr states. The healthiest retail submarketis Westshore/Northwest Tampq with 5.4 percent of the 14.5 million square feet remaining Pasco County is the hardesty hit. Roughly 12.2 percent of Pasco County’s 11.
6 million square feet was