Market Pulse
3rd Quarter | 2020
Investors 'back with a vengeance' as warehouse demand surges
Projected population growth over the next five years
In the fight for Tampa Bay office tenants, anti-virus technology has become the ultimate amenity
Making the wrong assumptions about office tenants post-pandemic could cost Landlords time and money
Tampa/St. Petersburg 3rd Quarter Total Market Statistics
| Market | Existing Inventory | Net Absorption | Deliveries | Under Construction SF | Quoted Rates | |
|---|---|---|---|---|---|---|
| Total RBA (Retail: GLA) |
Vacancy % | |||||
| Office | 124,328,889 SF | 7.8% | 383,510 SF | 169,806 SF | 2,104,556 SF | $26.03 |
| Industrial | 200,692,728 | 5.6% | 2,497,940 SF | 1,674,344 SF | 600,055 SF | $7.92 |
| Retail | 169,941,111 | 4.5% | 350,255 SF | 352,879 SF | 780,840 SF | $19.92 |
News & Updates | Q3 2020
Amazon is aggressively eating up real estate in Tampa Bay. When will it be satiated?
The Tampa Bay market currently has over 6 million square feet of warehouse space leased to the giant of e-commerce, Amazon. Of the current 6.8 million square feet leased throughout the Tampa market, 27% has been added in 2020 alone, and it is speculated that they are not done with their growth locally. Amazon has made a huge positive impact on the economy bringing in thousands of jobs and millions of dollars in capital investment. When you have one company dominating the area in square footage and attracting speculative construction, undoubtedly many questions remain. Will they continue to grow in the Tampa Bay market? What would happen if they were to disappear tomorrow?
MidTown Tampa starts to take shape as a retail destination in the Covid-19 era
The Midtown Tampa project continues to surge forward and is taking shape as a retail destination with a number of new tenants joining during the pandemic. Midtown is expected to open in early 2021 with numerous local and national tenants right before Super Bowl LV, which will be hosted in Tampa. The roster includes local operators, Chef Chris Ponte and Jamal Wilson, as well as national retailers; Whole Foods, Shake Shack and REI Co-op. We are excited for this new addition to the Tampa Market.
AdventHealth will allow its lease to expire at Tampa office park, citing the 'positives' of remote work
AdventHealth announced that they will not be renewing their large lease in Telecom Park noting the “positives” of the remote working environment which was brought on by the pandemic. AdventHealth is added to the list of growing businesses who have decided to reduce their cost of real estate and move to a remote working environment. In the Tampa market, the office vacancy rate has increased as well as the amount of sublease square footage that has come available over the past few months. We will continue to monitor this and watch the effects of the pandemic on the commercial real estate market.
USF is the Fastest Growing University in the US
The University of South Florida (located in Tampa, FL) reaches its highest position in the US News and World report ranking of public universities. Over the last 10 years, USF has jumped up 78 spots among all universities to No. 103 and 54 spots to No. 46 for public universities. "USF is proud to maintain its position as the fastest-rising university in national rankings among institutions both public and private over the last decade. As USF continues to be recognized for the exceptionally talented students and faculty it attracts, both the university and our surrounding region, as well of the state of Florida, benefit," USF President Steve Currall said. "We will continue our strategic focus on initiatives that will help propel USF to even greater heights in the future."
 - 2207 North A St.jpg)
 - Plantation Medical Office Center.jpg)
 - Presidential Circle Office Plaza.jpg)
 - Oxford Commons.jpg)
News from Buffalo, NY
Ciminelli’s Growing NY Residential Portfolio
In recent weeks, Ciminelli Real Estate Corporations’s residential management team was named the exclusive manager for a 58 unit, luxury condominium building located in Buffalo’s historic Elmwood Village neighborhood! The latest contract secured by the team represents the seventh residential contract signed since March of this year, with a total of an impressive 420 new units. In pursuit of this work we often competed with top regional management firms – and won! Ciminelli’s residential management portfolio now includes approximately 1,200 units totaling 930,000 square feet!
Ciminelli Spotlight
Giving Back to the Community
Ciminelli is a proud sponsor of Hillsborough Education Foundation
Ciminelli Real Estate Services continues to be a proud supporter of Hillsborough Education Foundation (HEF), a local charity focused on the education of our youth. HEF’s mission is to “strengthen public education in Hillsborough County through advocacy, investment of resources, and programs that empower every student to achieve both academic and personal success”. Most recently, Ciminelli was one of the many sponsors for HEF’s yearly fundraising event, EmpowerED. This year was a bit different with the event being held virtually, but it was still a great success with raising more funds than the projected goals.
