Tampa Bay commercial real estate market struggling

Tampa, Florida -- Commercial real estate around the Tampa Bay area has taken a major hit in the past two years and defaults are on the rise. One of out 17 properties is facing either foreclosure or bankruptcy.

"That retail center is sitting there vacant because there's no stomachs to feed, there are not enough people in that area to support new retail," said Clark East, a commercial real estate developer.

From Tampa to St. Petersburg, vacant commercial properties can be seen throughout the Bay area and the situation may be worse than it seems.

"Roof tops drive retail. Any time there's a decline in residential, then it'll be a decline in retail because without the consumer being able to support the retail, then the retail can't survive," East said.

Unfortunately, it may take a while before the commercial real estate market recovers. The Tampa Bay area commercial real estate recovery rate is ranked next to last in the country; Detroit is the worst.