Market Pulse

1st Quarter | 2023

In the Headlines

Q1 Average Market Rates




Market Rent Growth (YOY)




Market Rent Growth (YOY)




Market Rent Growth (YOY)

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

Over 195,000 SF in New Accounts

Ciminelli's New 1st Quarter Accounts

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.

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