Market Pulse

4th Quarter | 2019

In the Headlines

State commits $1.4B in funding to reconstruct Tampa’s Westshore interchange

Pasco County approves development plans for 7,000 acre site slated for Moffitt, residential community

Tampa airport pushes ahead with office building, more expansion

Office	$25.67

from Q3 2019

Industrial	$7.60

1.2%

from Q3 2019

Retail	$19.27

-0.1%

from Q3 2019

Tampa/St. Petersburg 4th Quarter Total Market Statistics

Market	Existing Inventory		Net Absorption	Deliveries	Under Construction SF	Quoted Rates
Market	Total RBA (Retail: GLA)	Vacancy %	Net Absorption	Deliveries	Under Construction SF	Quoted Rates
Office	121,886,043	7.4%	+916,817	870,900 SF	1,997,706 SF	$25.67
Industrial	196,399,802	4.9%	+2,525,184	3,062,200 SF	2,651,577 SF	$7.60
Retail	169,730,213	4.2%	+1,344,900	995,000 SF	586,414 SF	$19.27

News & Updates | Q4 2019

University Professional Center Redevelopment Complete

Ciminelli Real Estate Services (representing Eastbourne Investments, Ltd.) proudly oversaw the complete revitalization (or use “extensive renovations”) of University Professional Center, located at 3500 E Fletcher Avenue. Property improvements totaled over $2 Million and included a complete exterior upgrade including a 5 story, glass atrium, and a porte cochère. Other property improvements included new bathrooms, new lobbies, updated elevators, restructured/resurfaced parking lot, and updated landscaping.

Ciminelli participated in the Hillsborough County Economic Development Department’s (EDD) Targeted Redevelopment Program in order to receive a portion of the proceeds for these improvements.

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Tampa Office Market Realizes Annual Rent Growth Among Nation’s Best Gains

The Tampa office market is ranked as the 7th strongest rent growth market and continues to outpace the nation with annual rent growth exceeding 5% for five consecutive years. The growth is a direct correlation to the growth in office-based employers, which is the best in the nation. The biggest threat to continued, sustained growth would be large construction projects adding numerous square feet to the market. With a number of projects underway, we will continue to watch the effects of the speculative construction to the office market.

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Ciminelli Takes Over Property Management of 492,000 SF Business Park

On January 1, 2020 Ciminelli Real Estate Services officially took over the property management of Tri-County Business Center located at 13300 McCormick Drive. This 492,000 square foot business park features wilderness conservation lands, pre-school, communal conference facility, and over 60 unique tenants.

As one of the Top 25 Commercial Property Management Firms in Tampa Bay for 14 consecutive years, Ciminelli Real Estate Services has a proven track record of effective property management, focusing on identifying efficiencies and capitalizing on them to deliver the highest possible return for Owners and the best possible experience for tenants. Learn more about how Ciminelli can maximize the profitability of your investment.

Amazon Confirms New 1M-Square-Foot Fulfillment Center in Polk County

It’s official, as of November 2019, Amazon announced it will be opening a 1M square foot fulfillment center in Polk county. Ideally situated near I-4 and the SR 559 interchange, this marks the 4th fulfillment center in central Florida. Amazon currently employs over 13,000 people in Florida, with this new project proposed to add an additional 500 full time employees. Being centralized in Florida, Polk County has posed the ideal location for industrial development.

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