Market Pulse
1st Quarter | 2023
TECO Pays $11.8 million for its Midtown Tampa Real Estate
Mayor Welch Selects Hines & TB Rays to Redevelop the 86 AC Historic Gas Plant District
Will the Industrial Market Hit a Tipping Point with Supply, Demand this Year?
Tampa Gas Worx Project Officially Begins with Groundbreaking to Connect Ybor City with Channel District
Tampa Bay 1st Quarter Total Market Statistics
| Market | Existing Inventory | Net Absorption | Deliveries | Under Construction SF | Quoted Rates | |
|---|---|---|---|---|---|---|
| Total RBA (Retail: GLA) |
Vacancy % | |||||
| Office | 128,125,719 | 9.2% | 77,800 | -21,896 | 1,132,294 | $27.84 |
| Industrial | 212,291,392 | 3.8% | 2,725,391 | 2,128,412 | 3,685,037 | $11.26 |
| Retail | 174,485,300 | 3.1% | 236,775 | 236,278 | 1,050,821 | $24.10 |
News & Updates | Q1 2023
Downtown St Pete's Sundial Renovations Unveiled
Ally Capital recently acquired Sundial, an 85,357 square foot plaza in the heart of Downtown St. Petersburg, in a joint venture with Paradise Ventures. They recently unveiled a multi-million dollar plan to revitalize the property. The most significant improvement will be the redesign of the plaza’s courtyard, providing a more engaging space for guests. With its multiple transformations over the years, residents look forward to the reimagined Sundial.
Clearwater's US19 Corridor: The Next Wave of Office and Mixed-Use Development
The city of Clearwater has identified four areas for office and mixed-use development along the US Hwy 19 corridor. There are currently no planned or proposed projects, but the City is hoping to encourage developers to explore the potential for growth in the area. The Tampa Bay Regional Planning Council was engaged to create renderings and produce a video to capture the City’s envision for the area.
Tampa Bay Makes TIME Magazine’s 2023 World’s Greatest Places List
It is a great time to live in Tampa as our beloved city made it onto TIME’s annual list of the greatest places to live in the WORLD! Tampa is among quite an elite group that spans across multiple countries, and is only 1 of 6 locations in the continental US making the list. Numerous highlights for our city include the downtown developments - Water Street, The Tampa Edition - our city’s first five-star hotel, as well as the job market, entertainment offerings, and beautiful beaches.
Where are New Hillsborough County Residents Moving From?
Between 2016 and 2020, Hillsborough County welcomed more than 43,000 new residents from out of state, according to a recent study by the US Census Bureau. New York was the leading state of origin for these newcomers, followed by Georgia, Virginia, and Texas. The study highlights Hillsborough County's job market, lifestyle, family, and work flexibility as key factors driving migration to the region.
Some Retail Tenants Look to Aggressively Expand Even Amid Uncertain Economic Outlook in 2023
Despite economic uncertainty and supply chain disruptions, several retail tenants, including Dollar Tree, 7-Eleven, At Home, and Take 5 Oil Change, are planning to pursue aggressive expansion strategies in 2023 and beyond. However, these companies may face challenges in finding suitable spaces for new stores, given the lack of new retail developments and the conversion of many retail vacancies to other uses.
West Orange Professional Center
10125 & 10131 W Colonial Dr
Ocoee, FL 34761
46,780 SF
Carrollwood Medical Office
6919 N Dale Mabry Hwy
Tampa, FL 33614
53,685 SF
News from Buffalo, NY - Ciminelli Real Estate Corporation
2023 CoStar Impact Award Lease of the Year: Top Seedz
Congratulations to Top Seedz for winning the 2023 CoStar Impact Awards Lease of the Year! Ed McGinn, Director of Newmark Ciminelli, brokered the 35,000 SF flex space deal. The CoStar Impact Awards recognize exemplary commercial real estate transactions and projects completed in 2022 with significant influence in neighborhoods or submarkets across the United States, Canada, and the United Kingdom. (Photo Credit: Bizjournals, Joed Viera)
Ciminelli Spotlight: Featured Investment Opportunity
Grand Central at Kennedy
IDEAL INVESTMENT OPPORTUNITY: Fully occupied (6) six-unit office portfolio located at Grand Central at Kennedy, a thriving Live-Work-Play community in Tampa's highly sought-after Channel District. 100% occupancy with staggered lease expirations offers stable cash flow. Current rates are below market, allowing for potential rent increase. Condominium ownership structure provides flexibility for individual unit sales at a premium if desired.
Visit www.OfficesatGrandCentral.com for more info.
