International Plaza And Bay Street Photo Gallery

The Westshore district serves an affluent demographic with median household incomes exceeding $80,000, a professional population driven by finance, healthcare, and aviation sectors, and steady growth from in-migration. Tampa Bay's population reached 3.2 million in 2025, with Westshore benefiting from proximity to corporate offices and the airport. Footfall at International Plaza is bolstered by 9.3 million annual airport passengers and local draw, estimating 10-12 million visitors yearly. Accessibility via major arterials and public transit enhances performance, though traffic congestion during peak hours poses minor challenges. This supports strong sales per square foot above national luxury mall averages of $800, but retailers in non-essential categories may face sensitivity to economic fluctuations.

Occupancy stands at approximately 96%, aligning with Simon's Class A portfolio, amid Tampa's retail vacancy of 3.8% in Q4 2025. Westshore's submarket vacancy below 2.5% indicates robust demand and limited supply, with net absorption positive at 5,441 square feet YTD Q3 2025. Asking rents average $36.91 psf NNN, up 7.7% year-over-year, higher than the regional $27.47 psf, reflecting premium positioning. Leasing terms typically include base rent plus percentage clauses, with advantages in high-visibility spaces. Drawbacks include elevated costs potentially straining smaller tenants and exposure to redevelopment disruptions starting 2026, which could temporarily impact operations despite long-term enhancements.

The tenant mix is luxury-oriented, with 60% fashion and accessories, 20% dining, and 20% services/entertainment, fostering synergy and drawing upscale shoppers. Strengths include diverse anchors driving co-tenancy, but weaknesses arise from heavy reliance on discretionary spending categories vulnerable to downturns. Competition includes nearby WestShore Plaza (mid-tier, 1.1 million sq ft) and emerging mixed-use developments like Midtown Tampa, plus online retail erosion. Market saturation in luxury goods is a risk, with Tampa ranking among top U.S. retail markets but facing 4.3% rent growth pressure. Retailers should evaluate category fit to mitigate overlap and leverage the property's airport adjacency for travel-related sales.