Market Pulse
3rd Quarter | 2021
Tampa Bay 3rd Quarter Total Market Statistics
| Market | Existing Inventory | Net Absorption | Deliveries | Under Construction SF | Quoted Rates | |
|---|---|---|---|---|---|---|
| Total RBA (Retail: GLA) |
Vacancy % | |||||
| Office | 126,987,640 | 8.7% | 305,103 | 486,128 | 458,300 | $25.12 |
| Industrial | 203,691,029 | 3.98 | 510,271 | 321,990 | 7,293,688 | $8.63 |
| Retail | 171,022,508 | 3.9% | 1,107,617 | 426,772 | 455,089 | $20.78 |
News & Updates | Q3 2021
Water Street Developer Moves Forward with Plans for Ardent Mills Property
Strategic Property Partners, the developer of Water Street Tampa, has filed its preliminary plans for the Ardent Mills flour property. They have proposed a new road grid to accommodate the next phase of development which includes 130,000 square feet of retail space, 2,050 residential units and 2,500 parking spaces. If approved by city staff, vertical construction and improvements are scheduled from 2023 to 2028.
Sprouts, Publix Validate Downtown Tampa’s Revitalization
Sprouts, which will open later this month in the Heights District, marks the third grocery store to join the downtown market in just over two years. Publix made it's debut in Channelside in late August 2019 with Greenwise recently opening in Water Street. The investments of grocery stores in the market is a testament of the revitalization of transforming downtown into a live-work-play environment.
Lack of Business Travel Devastating for Florida Hotel Industry
Leisure travel has been on the rise in Florida but it has not been enough for the industry to fully recover from the pandemic. It is expected that Florida hotels could lose a total of $5.3 billion in business travel by the end of the year. That is approximately a decrease of 61% compared to 2019. This is devastating to the industry which depends on business travel, especially during the fall and winter months.
Tech Company with a Mission to Solve Global Water Scarcity Announces Relocation to Tampa
Genesis Systems, LLC, has announced its plans to make Tampa it's corporate headquarters. Genesis has developed a new atmospheric water generation (AWG) that effectively produces tens of millions of gallons of fresh water while consuming far less energy than any other water purification systems. Their focus is to help solve the global water scarcity. The manufacturing industry is growing in the Tampa market, making it the second largest in the state for employment. Genesis Systems is now included in this growing list of manufacturing companies that have made the decision to relocate their headquarters to the Tampa area.
The Harvey Building - Suite 718
224 Datura St. Suite 718
West Palm Beach, FL
909 SF
Pinellas Five Portfolio
Multiple locations throughout
the Tampa Bay area
470,453 SF
Introducing The West End – A Premier Waterfront Development
Waterfront Living in Buffalo, NY!
Ciminelli Real Estate Corporation’s newest condominium development on Buffalo’s Lake Erie waterfront has completely transformed the last vacant City of Buffalo land parcel in the Waterfront Village! The development consists of a total of 20 condominium homes on a 2.4 acre parcel adjacent to the picturesque Erie Basin Marina. All of the high-end condominiums are 3 stories, include 3 bedrooms and 3.5 bathrooms, and range from 2,600 to 3,500 square feet. There are two balconies on the second level of each home, offering fantastic views of the water and Downtown Buffalo skyline. Buyers work with our interior design team partners to customize flooring, lighting, appliances, and other finishes. The West End is truly one-of-a-kind! Check us out on Instagram at @thewestendbuf for more details.
Ciminelli Spotlight
Check Out Our Blogs!
Our blogs are written by members of our Ciminelli team and cover topics geared towards commercial real estate owners, tenants, prospects, and the market - giving you insight from our perspective as a 3rd Party Management and Leasing Firm. We also have a section that includes articles written by our Buffalo, NY office.
You can view our blogs at: www.ciminelliflorida.com/blog. Make sure to check back periodically as we add more topics.
