Market Pulse

2nd Quarter | 2020

In the Headlines

Q2 Average Market Rates

Office

$25.90

0.50%

from Q1 2020

Industrial

$7.75

0.26%

from Q1 2020

Retail

$19.79

0.86%

from Q1 2020

Tampa/St. Petersburg 2nd Quarter Total Market Statistics

Market Existing Inventory Net Absorption Deliveries Under Construction SF Quoted Rates
Total RBA
(Retail: GLA)
Vacancy %
Office 123,267,849 SF 7.6% +464,193 SF 255,537 SF 1,947,934 SF $25.90
Industrial 199,072,313 SF 5.1% +3,532,287 SF 1,550,578 SF 1,925,790 SF $7.75
Retail 169,927,846 SF 4.4% +565,516 SF 278,233 SF 1,002,192 SF $19.79

News & Updates  |  Q2 2020

Ciminelli is proud to welcome over 80,000 SF in

New Accounts

Back To Business in Buffalo

News from Buffalo

All companies are dealing with the same uncertainties about how best to keep employees at ease when returning to work after months at home. Reopenings will look different at every workplace. Chris Keenan, Senior Vice President of Property Management in the Buffalo office, recently shared with Buffalo Business First the measures our Facilities Management Team is taking as we welcome tenants back into their office spaces amid Covid-19 guidelines. Chris discussed upgraded technology, protective equipment, and most importantly, clear communication.

Republic Square

Ciminelli Spotlight

Ciminelli Handles the Sale and Disposition of 11.41 Acre Retail Center For Redevelopment

Ciminelli Real Estate Services of Florida is proud to announce the sale of Republic Square, an 11.41 acre retail center set for redevelopment. Officially closing on February 7, 2020, Republic Square was sold by Republic Properties Inc. to Legacy Partners for a total of $11,500,000.00.

Originally established as a retail center, Republic Square is set to be redeveloped into 350 units in a new multifamily development. Located at the southwest corner of Carrier Drive and Universal Blvd, the property is centered near the heart of the International Drive Tourist Corridor.

Greg McNutt, CCIM, LEED AP, brings over 15 years of experience and is responsible for leasing & selling Ciminelli’s retail portfolio of properties throughout Florida. In addition to his current role, he has worked with numerous development teams in the analysis, acquisition, entitlement, construction and management of commercial real estate.

Contact us today for more information about our Leasing & Sale Services.