Market Pulse
2nd Quarter | 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
Tampa’s Employment Market Bounces Back in May, Regains Nearly 25% of April Losses
Tampa’s employment report in May shocked many with regaining nearly 25% of the jobs lost. The Tampa region continues to show strength as a result of the diversified economy that has been established over the past two decades. Hopefully this trend continues and our local economy can quickly bounce back from the effects of the pandemic.
Florida leads the nation in net migration
With approximately 610 people per day moving to Florida, the Sunshine state becomes first in the nation for net migration. Accounting for approximately 37% of total migration in the United States. When taking an overall look at MSAs, the Tampa MSA (Hillsborough, Pasco, Pinellas, & Hernando counties) ranks fifth overall in the nation. New York continues to see a decline in overall population while losing on average 376 people per day.
I-4 industrial real estate fundamentals are still solid
While traditional retail centers continue to take a hit due to the pandemic, Tampa's industrial market is thriving and seeing an increasing demand for e-commerce warehouses. The I-4 corridor has seen great growth for some years, with over 2.5 million square feet of warehouse space delivered last year and more expected on its way for 2020. With e-commerce businesses flourishing, the demand is only increasing. Because of that, developers and investors continue looking for opportunity in the area.
Amazon closes two gigantic deals near Tampa
Adding to their growing presence in Florida, Amazon officially closed on two more major sites with the purchase of 80 acres in Temple Terrace and a warehouse lease in Seffner. While it is not yet known what each property will be utilized for, there is no doubt big changes are coming and the job market in Tampa Bay is thriving now more than ever.
Centene signs big expansion deal in Tampa suburbs
What began with the acquisition of WellCare Health Plans, Inc in early 2020, has now led to the expansion of Centene Corp into Renaissance Center 7. The 118,808 square foot building is just one of 9 buildings developed by Vision Properties. This expansion will be the new home to Centene employees, previously located in offices across Rocky Point and Memorial Highway. Centene has become the second major lease for Vision, after landing the regional headquarters of AAA in 2017.
Meridian Two - Suite 350
4300 W Cypress St, Suite 350, Tampa, FL
2,345 SF Class A Office Space
Pompano Building
2860-2890 NE 17th Ave, Pompano Beach, FL
5,840 SF Retail Center
The Offices at Prospect
75-87 NE 44th 17th Ave, Oakland Park, FL
11,149 SF Office/Retail Center
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.
