Market Pulse
4th Quarter | 2022
Tampa Bay 4th Quarter Total Market Statistics
| Market | Existing Inventory | Net Absorption | Deliveries | Under Construction SF | Quoted Rates | |
|---|---|---|---|---|---|---|
| Total RBA (Retail: GLA) |
Vacancy % | |||||
| Office | 127,951,220 | 8.9% | 275,657 | 119,600 | 808,422 | $27.38 |
| Industrial | 209,871,909 | 4.0% | 1,325,878 | 965,333 | 5,532,938 | $10.71 |
| Retail | 172,738,742 | 3.12% | 338,770 | 116,794 | 833,241 | $23.40 |
News & Updates | Q4 2022
TECO HQ Move to Midtown Tampa
TECO, a long standing tenant in Downtown Tampa, has announced their move to MidTown Tampa. The utility company will own their space of 296,000 square feet with the purchase of 11 condos and approximately 900 staff occupying the space. Midtown Tampa appealed to TECO for its location, ample parking, proximity to I-275 and hurricane resilient construction.
Hillsborough County School Property Transformation into Affordable Housing
The Hillsborough County School Board has proposed a plan to transform school property into affordable workforce apartments. Three development companies – Blue Sky Communities, Related Urban Development Group and Wire Development - have been selected to submit plans in response to the proposal. The Hillsborough County School District has been facing an overwhelming deficit in recent years and this could be a great opportunity to save millions while providing affordable housing for our teachers.
NY Manufacturing Seeks Incentive to Move HQ & Operations to Pasco County
Florida continues to be one of the most desirable states for businesses as a result of its diverse economy, no state income tax and pro-business regulatory environment. Gary Plastics, a plastic manufacturer from New York, recently expressed their desire to move their operations to Pasco County. If the incentives are approved, the relocation plan will result in the move of their executive offices along with occupying between 255,000 and 400,000 square feet of industrial space. This could provide a significant impact on Paco County’s economy.
St. Petersburg's Four Finalists for the Tropicana Field Site
Four plans were proposed for the redevelopment of St Petersburg’s historic 86-acre Gas Plan District, where the home of the Tampa Bay Rays, Tropicana Field, is located. While each proposal highlights different opportunities, all plans included a new stadium in hopes of encouraging The Rays to stay in St Pete.
2234 Capital Circe NE
2234 Capital Circle NE
Tallahassee, FL 32308
1,694 SF / 0.78 AC
News from Buffalo, NY - Ciminelli Real Estate Corporation
Live at Lunch Event Series
Painter Paige Dentice puts the finishing touches on a rendition of our corporate headquarters at 40-50 Fountain Plaza in Buffalo, NY.
As part of our ongoing “Live at Lunch” series at the property, artists, entertainers and others present tenant centric events and activities aimed at tenant engagement, wellness, and community building.
Ciminelli Florida Spotlight
Meet Your CCIM Florida - West Coast District President
Greg McNutt, CCIM - Director of Retail Services
Our very own Director of Retail Services, Greg McNutt, CCIM, is serving as the 2023 President of the CCIM Florida - West Coast District after fulfilling other board positions over the last three years. His responsibilities in the role are to support multiple CCIM committees, board members, networking and educational events in the eleven counties of the West Coast District. Greg’s career in commercial real estate has transitioned from his beginning over twenty years ago in Landscape Architecture to involvement in all aspects of the industry, including due diligence, entitlement, management, leasing, sales and acquisitions of assets for a diverse clientele. In his free time, Greg is an avid golfer and sporting clays shooter and represents Ciminelli in tournaments put on by local organizations.
