Office
$26.44
3.0%
from Q4 2019
Market Pulse
1st Quarter | 2020
Q1 Average Market Rates
Industrial
$7.72
2.0%
from Q4 2019
Retail
$19.64
2.0%
from Q4 2019
Tampa/St. Petersburg 1st Quarter Total Market Statistics
| Market | Existing Inventory | Net Absorption | Deliveries | Under Construction SF | Quoted Rates | |
|---|---|---|---|---|---|---|
| Total RBA (Retail: GLA) |
Vacancy % | |||||
| Office | 122,406,788 SF | 7.7% | +265,953 SF | 752,778 SF | 2,091,868 SF | $26.44 |
| Industrial | 197,244,057 SF | 5.1% | +2,491,501 SF | 3,219,739 SF | 3,303,085 SF | $7.72 |
| Retail | 169,972,119 SF | 4.3 % | +1,053,219 SF | 1,068,479 SF | 1,010,412 SF | $19.64 |
News & Updates | Q1 2020
Tampa reached record low vacancy rate last year, tight office market projected in 2020
The Tampa office market ended 2019 with one of the lowest recorded vacancy rates in over 2 decades. This was mostly due to the limited office space supply and limited construction. We started seeing a large surge of office construction at the end of 2019, with the addition of 1001 Water Street (the first office high-rise built in 25 years) and groundbreaking for the Heights Union, SkyCenter One, and Midtown Tampa projects. Even with all of this office construction, Tampa is still projected to be in demand for more office space through 2020.
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Largest commercial real estate brokerages in Tampa Bay
According to research done by the Tampa Bay Business Journal, Ciminelli Real Estate Services has ranked in the top 20 largest commercial real estate brokerage firms in Tampa Bay for the second year in a row. Ciminelli Real Estate Services’ extensive knowledge of Florida’s real estate market trends and our strong relationships with national partners and industry leaders give us the ability to create and sustain market momentum for owners.
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Tampa Bay will see post COVID-19 opportunity in retail real estate
April 1st marks the first billing cycle for rent payments since the coronavirus took hold. Retail establishments have been the hardest hit tenants by the pandemic as most have been deemed as nonessential businesses. Even when businesses are allowed to reopen, relief won’t be immediate. While some establishments, such as restaurants, are taking this opportunity to reinvent their modus operandi, we will see a large amount of businesses shutting their doors. Owners should see this as an opportunity to reinvent their retail plazas and “recapture the space”.
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New Client News
News from Buffalo
CREC’s Facilities Management teams in Buffalo and Pittsburgh secured two new exciting accounts in the first quarter – Crosby’s Convenience Stores and Community Bank!
Crosby’s Convenience Stores totals 84 sites across New York State and complements our extensive service footprint in the region. Our team will provide full Facilities Management services for these locations including all maintenance, budgeting, and vendor procurement. In addition to Crosby’s, CREC will be providing Facilities Management services to a total of 28 Community Bank locations in Pennsylvania. Community Bank is headquartered in Greater Pittsburgh and has locations throughout Pennsylvania, Ohio, and West Virginia. The diligent work of our team and client-focused process was key to securing these contracts.
Pinnacle Award Winners
Ciminelli Spotlight
Ciminelli takes top honors as National Producers
The Florida Gulfcoast Commercial Association of Realtors (FGCAR) announced their 2019 Pinnacle Awards recipients honoring FGCAR members for top deals and top production at national and regional levels. We are proud to announce that two members of our Tampa team took top honors for their major achievements.
Mary Foley was honored with #1 National Top Industrial Producer as well as National Top Producer General Brokerage. Thomas Hernandez, SIOR, CCIM was honored with #1 National Top Office Producer as well as National Top Producer General Brokerage.
The Ciminelli Real Estate Services team has a proven track record of negotiating thousands of transactions, successfully increasing property values, and enhancing returns for our clients. Our extensive knowledge of real estate market trends and our strong relationships with national partners and industry leaders give us the ability to create and sustain market momentum for you.