Retail in Tallahassee – A Summary of the Market
Tallahassee is the state capitol of Florida and is the home of two state universities, Florida State University and Florida A&M. The state government is the major force that drives the economy, employing approximately 38% of the 194,000 person workforce. Other significant employers include professional trade associations, lobbying and law firms, and other service oriented occupations. Tallahassee also serves as a regional medical provider (2 regional hospitals).
There are approximately 450,000 people in the Tallahassee trade area (which is made up of neighboring counties contiguous to Leon County) The median house hold income is $42,762. Unemployment rate is 6.2%
The market for retail in Tallahassee is comprised of 10.5 million square feet of retail space in shopping centers and malls.
Retail Market Breakdowns
NE Leon County
NW Leon County
SE Leon County
SW Leon County
Current Retail Happenings in Tallahassee
The former Tallahassee Mall is being renovated and rebranded as the Centre of Tallahassee a mixed use development that will feature an open air concert venue, urban park, open air shopping, food court and the enclosed mall area is being renovated with a new interior design package.
Phase II of Bannerman Crossing is Northeast Leon County which is also underway and will feature a variety shops and restaurants targeting the underserved Bannerman/Bradfordville trade area.
As you can see the Tallahassee’s retail market is strong and on the radar of many expanding national retailers.
*Market statistics provided by Crossman & Company.
Current conditions of retail real estate in the Tallahassee market Click To Tweet
About Preston Hall – Preston has completed 130 transactions in the past 6 years in commercial real estate using his client focused service. He specializes in office, retail, and multi-family properties in the Tallahassee, Florida area. Click here to read his full bio, or if you would like to contact him, you can call him at 850-877-6000 or email him at [email protected]