Market Pulse
1st Quarter | 2021
Suzuki Motors Names Tampa as Corporate HQ for New Marine Business, Suzuki Marine USA, LLC
AdventHealth to Spend $400 Million on Expansion Projects Throughout Tampa Bay
Tampa Among Top 10 cities to Live After Pandemic
Amazon Rumored to be Coming to Pinellas Park
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 | 127,000,000 SF | 8.8% | -672,000 SF | 355,653 SF | 1,400,000 SF | $25.31 |
| Industrial | 202,000,000 SF | 4.8% | 3,000,000 SF | 323,439 SF | 1,500,000 SF | $8.29 |
| Retail | 170,000,000 SF | 4.4% | 225,000 SF | 175,386 SF | 498,000 SF | $20.02 |
News & Updates | Q1 2021
Tampa Industrial Market Strengthens Across the Board
The industrial market continues to set records despite the pandemic providing for optimism in the Tampa market as we move into 2021. Both leasing and sales in the fourth quarter of 2020 set records for the market with approximately 3.5 million square feet leased and sales volume equal to the first 3 quarters combined. This has provided confidence in Tampa’s industrial market.
Tampa Ranked No. 4 in the US for Net Inflow of Residents in 2020
Tampa ranked No. 4 in the United States for the largest influx of new residents which totaled 47,000 in 2020. Over the years Florida has benefited from people moving to the sunshine state for a number of reasons including affordable housing and no state income tax.
Castor Picks Related Group to Redevelop Tampa’s Rome Yard
Related Group has been chosen to redevelop Rome Yard, the 18 acre mixed use development in the West River area. They beat out six other companies who submitted proposals in 2020. The emphasis of the project is diversity and will include income qualifying level and market rate residential units, commercial space, structured parking and numerous outdoor gathering areas. The Tampa market is Related Group’s second largest market outside of their home base of Miami.
Bay Vista Gardens I & II
5500-5799 Rio Vista Dr
Clearwater, FL
5 Buildings Totaling 135,060 SF
Capital Oaks Commercial Center
1505-1535 Capital Circle NW
Tallahassee, FL
5 Buildings Totaling 49,816 SF
Lafayette Office Suites
1020-1030 E. Lafayette Street
Tallahassee, FL
2 Buildings Totaling 30,657
Sunstate Industrial Park
W Waters Ave & Sunstate Street
Tampa, FL
8 Buildings Totaling 180,323 SF
News from Buffalo, NY
NexGen Fitness Opens its First New York Location in Buffalo!
Our New York brokerage team is pleased to announce an exciting new tenant in our headquarters building at 50 Fountain Plaza in Buffalo, NY. The Gronkowski brothers and Gronk Nation have partnered with NexGen Fitness to bring a unique training approach to 50 Fountain Plaza and Buffalo’s Central Business District! NexGen Fitness is an elite personal training studio offering clients true one-on-one training in a private suite, under the supervision and guidance of expert personal trainers. We are very pleased to welcome our new tenants and offer Buffalo a unique approach to fitness! For more on NexGen, visit: www.buffalo.nexgenfitness.com
Ciminelli Spotlight
Ciminelli Takes Top Honors as National Producers
The Florida Gulfcoast Commercial Association of Realtors (FGCAR) announced their 2020 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.
Thomas Hernandez, SIOR, CCIM took home awards for Multi Million Dollar Producer, Most Number of Transactions, and #2 National Top Producer for Office.
Mary Foley was awarded #3 National Top Producer for Industrial, #3 National Top Producer for Retail, and #3 National Top Producer for General Brokerage.
