Market Pulse
4th Quarter | 2021
Pendry Hotel opening first Florida location in Tampa
ULI, PwC identify top markets to watch in 2022 as real estate investment powers up
St. Pete industrial building sells in $94.5 million deal
Tampa's new $100 million water purification system will be the country's first
News & Updates | Q4 2021
Florida's Consistent Job Growth Performance
Florida has experienced steady economic growth with 19 consecutive months of job growth, with private-sectors adding 470,000 jobs, or 6.4%, over the year. Another major highlight is Florida's labor force growth of 6.1% over the year, well over the national rate of 0.9%. This can all be attributed to the policies that put Floridians and businesses first.
Mayor Kriseman’s Pick to Redevelop Tropicana Field
Mayor Rick Kriseman has chosen Midtown Opportunities for the redevelopment project of the 86-acre Tropicana site. The developer is anticipated to invest up to $3.8 billion into the project with millions being allocated to public improvements and grants for minority owned businesses. The project includes residential units, conference center, hotel room, office and retail space as well as a focus on the arts, parks, research and higher education. Kriseman’s selection will need to be reviewed and evaluated by the new incoming Mayor, Ken Welch.
Will the City of Tampa Take its Own Stab at Rent Stabilization?
The average rent in Tampa rose by 35% from January 2019 to October 2021, causing quite a bit of concern for some city leaders who want to explore a rent stabilization policy. Under Florida law, rent control is banned unless there is an emergency, which begs the question if time and money should be invested in going down this avenue. There is a negative stigma with rent control, especially among economists who say it does not typically address the supply problems, artificially increases overall rents for most, and discourages new construction. We will have to keep an eye on this story to see which direction the City of Tampa decides to go.
Hidden Challenges of Retail-to-Industrial Conversions
The rise in e-commerce has had a direct impact on commercial real estate, resulting in struggles for the retail market and the opposite positive effect for the industrial market. Many shopping centers have large big box vacant spaces, which appears to be a perfect fit for the industrial market that can not keep up with demand. However, converting retail to industrial space can be quite costly based on the age, structure and the amenities within the building, as well as having to provide the infrastructure needed for truck deliveries. You also have the added challenges of getting approval through the local governments, as these conversions are rarely accepted by the surrounding neighborhoods. There are a few companies who are finding success in these adaptive-reuse projects. Hopefully more will follow suit to reduce the large amount of dark space.
Tampa Museum of Art’s $68M Expansion Will Change the Face of the Riverwalk
The Tampa Museum of Art is about to undergo a $68M expansion, which will dramatically change its appearance along the Tampa Riverwalk. The expansion includes a crystalline four story structure, an additional 51,000 square feet of space, as well as creating a seamless transition with pedestrian plazas and multiple surrounding public park spaces. This expansion project is one of three projects currently being redeveloped along the Riverwalk and is anticipated to be completed by 2024.
Bank of Central Florida
Various Locations
Throughout Central Florida
Totaling 54,050 sf
News from Buffalo, NY - Ciminelli Real Estate Corporation
Significant Acquisitions in Massachusetts
Ciminelli Real Estate Corporation recently acquired two properties in the Greater Boston area, totaling 288,945 sq ft of office space. Both properties are situated in the I-93 North Market, where high demand is exceeding available supply. Conversion plans will soon be under way to create much needed research and development space for the area.
Ciminelli Florida Spotlight
Ciminelli in the Community
Ciminelli has been long time supporters of a few programs in our local community. For the last 9 years, we have fulfilled the wish lists for hundreds of children of military families with the USO's Operation Stuff a Stocking program. For over 10 years, we have partnered with Hillsborough Education Foundation (HEF) to help strengthen public education in the Tampa Bay area by chairing on the committee, volunteering, and donating regularly scheduled school supplies. For 11 consecutive years, we have been a proud sponsor of The University of Tampa (UT) Top Shot Tournament, benefiting UT student scholarships and athletics. Check out our Facebook, Instagram, or LinkedIn for photos, videos, and more info on these great programs!
