Market Pulse
1st Quarter | 2022
Tampa Bay 1st Quarter Total Market Statistics
| Market | Existing Inventory | Net Absorption | Deliveries | Under Construction SF | Quoted Rates | |
|---|---|---|---|---|---|---|
| Total RBA (Retail: GLA) |
Vacancy % | |||||
| Office | 127,132,268 SF | 9.1% | -312,991 SF | 65,156 SF | 671,581 SF | $25.80 |
| Industrial | 205,641,129 SF | 3.6% | 459,649 SF | 1,007,228 SF | 7,589,173 SF | $9.30 |
| Retail | 171,698,760 SF | 3.55% | 416,973 SF | 97,734 SF | 800,719 SF | $21.90 |
News & Updates | Q1 2022
Gas Prices Present Another Hurdle for Employers Returning to the Office
Just when the path looks clear for employers to encourage their employees to head back to the office full time or hybrid, gas prices skyrocket and add another obstacle. The commute back to the office means that many will be giving up hours they had gained from working remotely, and now add a pay cut with the national average for gas over $4 a gallon. With the loss of both time and money, it makes enticing employees back to the office a much harder sell for employers. (Tampa Bay Business Journal, Mar 2022)
Pitch for Mixed-Use Development in Ybor City
Darryl Shaw, known for the Gas Worx project in Ybor City, is proposing another development nearby on the eastern edge next to Coppertail Brewing Co. Collaborative Werx is slated to be a 392,000 square foot project which includes multi-family, office, and retail components. The request for rezoning has been submitted and will need to be approved by city council as well as a quasi-judicial public hearing. (Tampa Bay Business Journal, Mar 2022)
Florida's Oversupply of Real Estate
Florida is on the radar as one of the top real estate market’s in the country. People are flocking to the Sunshine State to take advantage of lower taxes and warm weather. This has created one of the largest booms in the real estate market, resulting in higher home prices and rental rates. Investors are banking on the trend to continue; however, if the demand can not keep up with the supply, they may find themselves back in a similar situation as the early 2000s. Although demand does not seem to be slowing down at the moment, we will continue to watch to see what may change this shift. (Tampa Bay Business Journal, Feb 2022)
Downtown Renter Demand in FL Leads to Record Investment Sales
Florida’s high pricing for single-families homes have driven up the demand for downtown living. The strong renter demand has led to record investment activity, with Downtown Tampa apartment sales leading the market over Downtown Orlando and Downtown Miami. This can also be attributed to the continuing development of the $3 billion Channelside area. (Costar, Feb 2022)
Tampa Bay Ranks 2nd Largest IT Employment in Florida
Tampa Bay has a large pool of skilled IT professionals that are attracting fast-growing tech companies to the area. In fact, Tampa Bay ranks second in the state for IT employment, behind Miami. From 2010 to 2020, IT added more than 8,700 jobs and 1,100 new business establishments in the Tampa – St Petersburg – Clearwater MSA, a 61% and 62% growth for the field, respectively. (Tampa Bay EDC, Feb 2022)
Tarpon Springs Industrial Park
1400 L and R Industrial Blvd
Tarpon Springs, FL
83,060 SF
Paradise Commerce Center
1200 W Dr Martin Luther King Jr Blvd
Plant City, FL
182,531 SF
News from Buffalo, NY - Ciminelli Real Estate Corporation
Ciminelli Real Estate Corporation’s Podcast – Ciminelli Chats!
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Ciminelli Florida Spotlight
1st Quarter 2022 Leasing & Sales Totals
Ciminelli Real Estate Services of Florida started off the year strong with leasing and sales transactions totaling over $10.5 Million between our Tampa Bay, Ft Lauderdale, and Tallahassee offices! Our main office in Tampa Bay included 94,672 sf of deals throughout Hillsborough and Pinellas County. This success is the direct result of the hard work and dedication of each of our team members to produce results for our clients.
