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

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Roughly 8.3 percent of the 71.2 million squarre feet of retail spacerin Hillsborough, Pasco and Pinellas countiews was vacant on March 31, up from 6.7 percentf of the 69.3 millionj square feet of retail spacw in the first quarter of 2008. there’s reason to remain hopeful: “Ther bottom of this economic storm the country has been facinvg may soon beupon us,” states the sprinfg retail report by the Clearwater-based commerciaol real estate services firm. “Many believe 2010 to be a rebuildinf year, a year in which many new rules will be writtehn and new standards willbe set,” the report New retail development nearly stopped.
Seven retaik developments totaling 262,000 square feet were delivered in the Tampaa Bay area in the first quarter endedMarch 31, comparec to the 31 completions totaling 2 millio n square feet in the year-agoi quarter, states the report. The vacancy rate for new supplyu alonewas 18.3 percent. Asking averagd lease rates declined in the first quarterto $16.23 with most landlordsz advertising rates as negotiable, the reporgt states. The healthiest retail submarketis Westshore/Northwes t Tampa with 5.4 percent of the 14.5 milliobn square feet remaining dark. Pasco County is the hardest hit. Roughlyh 12.2 percent of Pasco County’s 11.6 million squard feet was empty.