Market Pulse
2nd Quarter | 2021
Tampa/St. Petersburg 2nd 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 | 8.5% | 23,700 SF | 465,596 SF | 764,000 SF | $25.24 |
| Industrial | 203,000,000 SF | 4.4% | 3,200,000.00 SF | 54,500 SF | 4,400,000.00 SF | $8.32 |
| Retail | 171,000,000 SF | 4.3% | 700,000 SF | 123,403 SF | 496,000 SF | $20.62 |
News & Updates | Q2 2021
Tampa Bay Industrial Real Estate Update
The Tampa industrial market continues to be red hot. The demand remains high with 3.2 million square feet under construction, more than half of that already claimed by prospective tenants. Investors are still focused on the Tampa market and are not seeing signs of it slowing down anytime soon.
Zoom Rooms. Lockers. Office Hoteling. Here’s How the Hybrid Model is Shaping Office Design
Over a year after the start of the pandemic, more and more businesses are activating the next steps for their workforce. What does the “new office” look like especially for those companies who implement hybrid models with more flexible schedules? Office design is key when evaluating the way people work and many are looking for the “new office” to be a place for meetings and collaboration. You will also see dedicated desks disappearing with the new concept of office hoteling as well as virtual meeting rooms being established to continue with Zoom/virtual calls. No matter what plan you put in place, it is imperative that companies communicate clearly with their staff to ensure a smooth transition back to the office.
Car Condo Sales at Tampa’s New Motor Enclave are Racing Past the Developer’s Expectations
Developer, Brad Oleshansky, first announced his plans to develop the first ever car condo in Tampa back in May 2020. Although he knew there would be a demand locally, he never anticipated the success in such a short period of time. There are four phases planned for the project of which 60% is already sold, far surpassing Oleshansky’s original goals. The groundbreaking is anticipated in September of this year with a mid 2022 opening. We will keep our eyes on this unique project as it is being developed.
Midtown Tampa Readies for Openings, Bringing to Life a Neighborhood 20 Years in the Making
There has been a lot of activity over the past few months at Midtown, a 22 acre mixed-use development at Interstate I-275 and North Dale Mabry. Tampa’s first Shake Shack recently celebrated their grand opening joining the already opened REI and dual flag Element and Aloft hotels. We are already seeing residents moving into the apartments at NOVEL who will benefit from the new Whole Foods which opened July 7th. With all of this activity there is still quite a bit of construction on-site and the developer is focused on making sure all the details come together in the final stages.
Gen Hills LLC Portfolio
Multiple locations throughout
Tampa, FL
12,000 SF
News from Buffalo, NY
Downtown Buffalo’s Future is Bright!
Ciminelli’s development team in Buffalo, NY has partnered with the Albright-Knox Art Gallery, a renowned Buffalo-based art museum, on a mural project at 201 Ellicott, Ciminelli’s newest residential development. Texas-based artist Josef Kristofoletti recently put the finishing touches on a bright, colorful mural on the building’s north façade. We couldn’t be more excited about delivering another unique canvas for public art in the City of Buffalo!
Ciminelli Spotlight
Follow Us on Social Media
We're on social media! Follow us on Facebook, Instagram, LinkedIn, and Twitter for the latest on all our commercial real estate news, Ciminelli highlights, announcements, events, and more!
Instagram: @CiminelliRealEstateFL
LinkedIn: https://www.linkedin.com/company/ciminelliflorida
Twitter: https://twitter.com/ciminellifl
Facebook: https://www.facebook.com/Ciminelli-Real-Estate-Services-101394815063018/
