Pasco County, FL - Urban Land Institute

Figure 5
Pasco County Retail Demand
Annual Average Annual
Market Capture Rate Demand Demand Over 20 Years
Region (percent) (sq. ft.) Square Feet Acres Jobs
Coastal 10 45,000 900,000 100 1,800
Inland West 10 45,000 900,000 100 1,800
Central 30 135,000 2,700,000 300 5,400
East 10 45,000 900,000 100 1,800
South 40 180,000 3,600,000 400 7,200
Total 100 450,000 9,000,000 1,000 18,000
Source: THK Associates.
demand will be from firms that employ less than
ten people with a significant segment of the demand
related to the medical and professional services
industries. The panel estimates that this
demand for office space should be distributed as
shown in Figure 3.
Industrial
Metropolitan Tampa has in excess of 236 million
square feet of industrial space operating at
6 percent vacancy and over 88 percent is warehouse
and distribution space. This current inventory
represents approximately 80 square feet per
capita. Almost 16 percent of Tampa’s projected
employment growth will be housed in industrial
space, and there will be an annual demand for 2.3
million square feet of industrial space.
Today, Pasco County has 6.1 million square feet of
industrial space operating at a 5.9 percent vacancy
rate. It is estimated that over the next two decades,
Pasco will experience an annual demand for
720,000 square feet of industrial space on 80 acres.
Over the next 20 years, approximately 1,600 acres
will urbanize to accommodate 14.4 million square
feet of industrial space employing 32,000 people.
Over 85 percent of this industrial demand will be
from smaller firms employing less than ten people.
This demand will be regionally distributed as
shown in Figure 4.
Retail
Metropolitan Tampa has more than 128.7 million
square feet of retail space operating at a 94.5
percent occupancy rate. This represents approximately
40 square feet per capita. Pasco County
has 12.5 million square feet of retail space operating
at a 92.6 percent occupancy rate or 26 square
feet per capita.
It is estimated that over the next two decades
Pasco County will experience an annual demand
for 450,000 square feet of retail space on 50 acres.
Over the next 20 years, approximately 1,000
acres will urbanize for 9 million square feet of
retail space that will employ 18,000 people. This
demand should be regionally distributed as shown
in Figure 5.
Hotel
Pasco County today has approximately 3,000
hotel rooms that operate at an annual occupancy
of 65 percent. Tourist dollars spent in the county
have been growing annually by approximately
4.5 percent.
It is estimated that Pasco County will need approximately
3,500 rooms added over the next two
decades and approximately 1,000 rooms should be
offered in the coastal resort environment. In total,
this hotel demand will require approximately 100
Pasco County, Florida, April 20–25, 2008 13