Market Pulse
4th Quarter | 2020
Tampa and St. Petersburg rank high for overall real estate prospects
Exclusive – Biggest spec warehouse in 15 years to break ground near Tampa International Airport
Yuengling moving forward with big redevelopment of Tampa brewery property – without a hotel, for now
Latest “Emerging Trends in Real Estate” report ranks Tampa/St. Petersburg as the sixth most attractive area in the US based on job growth and development
Tampa/St. Petersburg 4th Quarter Total Market Statistics
| Market | Existing Inventory | Net Absorption | Deliveries | Under Construction SF | Quoted Rates | |
|---|---|---|---|---|---|---|
| Total RBA (Retail: GLA) |
Vacancy % | |||||
| Office | 125,000,000 SF | 8.2% | 5,900 SF | 340,119 SF | 1,600,000 SF | $25.52 |
| Industrial | 201,000,000 SF | 5.2% | 2,700,000 SF | 368,882 SF | 499,000 SF | $8.13 |
| Retail | 170,000,000 SF | 4.3% | 542,000 SF | 283,440 SF | 540,000 SF | $19.84 |
News & Updates | Q4 2020
Tampa Bay's economy will weather the pandemic better than Miami, Orlando
An economist from Wells Fargo predicts that Tampa’s economy will weather the effects of the pandemic better than other cities throughout Florida. This is in large part a result of our economy being less dependent on tourism and being more professional services driven. We will continue to watch how the Tampa economy responds to the pandemic.
Developer shares more details on $15 million plan to transform vacant Sears at Westfield Citrus Park into family entertainment center
The retail industry continues to be hit hard as a result of not only the pandemic but the shift from brick and mortar shopping to e-commerce. We continue to see a number of Landlords thinking outside the box with their large vacancies left behind by big box companies. Locally, the dark Sears space at Westfield Citrus Park is undergoing a $15 million dollar renovation to convert the space into a family entertainment center. The project is scheduled to be completed by the end of 2021 which the investors are hoping will be a time when we will be back to some sense of normalcy with business.
Despite sluggish transaction volume, few signs of distress in US office market
Last year the office market had its challenges as expected and leasing and sales transactions decreased significantly from the year before. In addition, we are seeing a rise in sublease space coming to the market as companies continue with their remote working policies. With the sluggish activity, one would assume that the distressed market would be on the rise. Surprisingly this is not the case as many investors are holding tight and continuing to evaluate the true effects of the pandemic.
Goldman Sachs is reportedly looking to relocate some operations to Florida. Should Tampa Bay be in the running?
Goldman Sachs announced their desire to move their asset management team to Florida citing wanting to save money and minimize their footprint in New York City. As more companies continue with their remote working policies, office space and location needs have been at the forefront for many companies in evaluating costs. Florida has become a viable option for many companies with our lower rental costs and no state income tax. We will continue to watch to see if any of these big firms will land in the Tampa market.
South Florida's City Furniture is planning a massive mixed-use development in Plant City
City Furniture recently acquired 111 acres off of Interstate-4 and announced their plans for a massive mixed-use development. The project will include 800,000 SF distribution space, 208,521 SF retail space, 45,429 SF office space and 5,000 SF for a café in addition to employing 500 people. This will have a significant economic impact for Plant City.
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1901 & 1917 Commonwealth Lane
1901 & 1917 Commonwealth Ln
Tallahassee, FL
17,707 SF
1901 & 1917 Commonwealth Lane
1901 & 1917 Commonwealth Ln
Tallahassee, FL
17,707 SF
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Belle Terre of Sunrise - Unit E - 214
7800 W Oakland Park Blvd
Sunrise, FL
3,214 SF
Belle Terre of Sunrise - Unit E - 214
7800 W Oakland Park Blvd
Sunrise, FL
3,214 SF
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News from Buffalo, NY
Another Award Winning Development!
Ciminelli Real Estate Corporation’s 201 Ellicott project was recently awarded Best In-Progress Construction Project by Buffalo Spree magazine as part of the publication’s annual Best of Western New York feature. 201 Ellicott was deemed “one of the projects where we overlook the inevitable naysayers and cheer.” We couldn’t agree more, and are thrilled with the award. Buffalo Spree is Western New York’s city and regional magazine, and is dedicated to helping its readers make the most of where they live – a community that continues to strengthen and develop its diverse neighborhoods, cultural attractions, and dining scene.
201 Ellicott is an exciting mixed-use development in Downtown Buffalo’s Central Business District. The project includes 201 affordable apartments and a fresh food market.
Ciminelli Spotlight
Ciminelli Opens New Office in Tallahassee
A Partnership with Principals J.R. Long, CCIM & Stewart Proctor, CCIM
In November 2020, we announced the opening of a Tallahassee office and partnership with two of the area’s prominent commercial real estate veterans, Principals J.R. Long, CCIM and Stewart Proctor, CCIM. Combined they have over 50 years of commercial real estate services experience in the Tallahassee market. The initial introduction to Ciminelli came through their active involvement in CCIM (both are past Panhandle District Presidents). A relationship with Ciminelli Principals Tom McGeachy and Hunter Swearingen developed, led to collaboration on Tallahassee projects and now a formal commitment of partnering to open a Ciminelli office.
Ciminelli’s presence in Florida continues to grow with offices in Tampa, Clearwater, Orlando, Ft Lauderdale and now Tallahassee.
