Market Pulse

1st Quarter | 2020

Q1 Average Market Rates



3.0% Up Arrow
from Q4 2019



2.0% Up Arrow
from Q4 2019



2.0% Up Arrow
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

Over 50,000 SF in New Accounts & 309,774 SF in Transactions

New Accounts & Major Deals

4040 Henderson Blvd

4040 S Henderson Blvd, Tampa, FL

5,025 SF Building


View This Listing

12955 Seminole Blvd

12955 Seminole Blvd, Largo, FL

9,000 SF Building

Property Management

Stars & Stripes Commerce Plaza

6520-6528 US Hwy 301 S, Riverview, FL

49,200 SF Retail Center


Property Management

Telecom Gardens

13095-13099 N Telecom Parkway, Tampa, FL

10,000 SF Building


View This Listing

Atrium West

7771 W Oakland Park Blvd, Ft Lauderdale, FL

99,694 SF Office Park


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Republic Square

7430-7552 Universal Blvd, Orlando, FL

11.4 Acre Retail Redevelopment

60,473 SF SOLD


Telecom Business Center

12451-12499 Telecom Dr, Tampa, FL

27,841 SF Office Park


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Telecom Technology Center

12911-12937/1273-12985/13051 N Telecom Pkwy, Tampa, FL

120,720 SF Office Park


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Leasing & Property Management

University Professional Center

3500 E Fletcher Ave, Tampa, FL

99,048 SF Office/Medical Building

14,906 SF LEASED

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Leasing & Property Management

Watermark 9

5440 Mariner St, Tampa, FL

24,025 SF Office Building


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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.