Office
$28.27
3.6%
Market Rent Growth (YOY)
Market Pulse
2nd Quarter | 2023
Q2 Average Market Rates
Industrial
$11.90
13.8%
Market Rent Growth (YOY)
Retail
$24.50
8.2%
Market Rent Growth (YOY)
Tampa Bay 2nd Quarter Total Market Statistics
| Market | Existing Inventory | Net Absorption | Deliveries | Under Construction SF | Quoted Rates | |
|---|---|---|---|---|---|---|
| Total RBA (Retail: GLA) |
Vacancy % | |||||
| Office | 129,192,980 | 9.2% | 5,917 SF | 27,775 SF | 1,174,907 SF | $28.27 |
| Industrial | 213,346,592 SF | 3.8% | 568,690 SF | 443,985 SF | 4,124,266 SF | $11.90 |
| Retail | 174,728,714 SF | 3.0% | 419,843 SF | 275,273 SF | 810,230 SF | $24.50 |
News & Updates | Q2 2023
Google Joins Tampa Bay EDC as a Chairman’s Council Investor
Google has joined the Tampa Bay Economic Development Council as an investor and donated $20,000 to the Tampa Bay Economic Prosperity Foundation. Taylor Ferguson, Google’s head of government affairs and public policy for the Southeast, will represent the company on the EDC’s board of directors. The donation will support the foundation’s CertUp campaign, promoting short-term and certificate programs in high-demand careers. The EDC focuses on attracting and retaining quality employers across various industries in the Tampa Bay area.
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Rent Prices Drop for the First Time Since the Pandemic
For the first time since the pandemic, Tampa Bay renters saw a little bit of relief with rental prices taking a slight dip. In May, on a national scale, rent prices saw a year over year decrease of 0.5%, and among the metropolitan areas, Tampa Bay witnessed one of the most substantial declines with a notable decrease of 4.0%. The positive shift can be attributed to the rise in multi-family construction projects, which have contributed to the increase in supply of rental properties.
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‘Meet the Projects’ Event Highlights Why Companies Choose Tampa Bay
At the recent Meet the Projects event hosted by the Tampa Bay EDC, companies highlighted why they chose Tampa for their relocations or expansions. Key factors driving their decisions included access to highly skilled talent, lower business costs, and a welcoming community. Tampa’s growing tech market, convenient location, strong military and government presence, and the city’s ability to offer a better quality of life were also mentioned as influential factors in their choice.
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Massive Development to Bring Nearly 2,100 Apartments to St. Pete’s Skyway Marina District
Altis Cardinal, A prominent Florida developer, envisions a remarkable transformation of the Ceridian Office Park, a 34 acre property situated in the Skyway Marina District of St. Petersburg. Skyway Village will include over 2,000 apartments, 119,160 square feet of self storage space, and 49,000 square feet of commercial space. Sprouts Farmers Market, a renowned grocery chain, has committed to being the anchor tenant. Many of the existing office buildings will be demolished; however, the Ceridian Tower will remain as an “amenities tower” catering to the needs and desires of the newly created community.
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The New Coachman Park and The Sound Amphitheater Grand Opening
The June 28th grand opening of the newly transformed Coachman Park, an $84 million dollar waterfront project, marks a significant milestone for Clearwater. Spanning 19 acres, this reimagined park boasts an array of new amenities, including playgrounds, lakes, trails and a state of the art amphitheater, The Sound. The visionary design and exceptional amenities of this redevelopment are expected to be the catalyst to revitalizing downtown.
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Tampa Bay Innovation Center Launches Startup Accelerator for AI and Data Science
The Tampa Bay Innovation Center (TBIC) has launched an accelerator program for startups simplifying data analysis and monetization. It supports early-stage founders developing solutions for large datasets and integrating AI. Corporate partners like ARK Invest, Morrow Consultants, and PODS Moving & Storage provide mentoring and financial support. The program starts in mid-August, offering workshops, mentoring, and customer validation research for commercialization and early-stage customer traction.
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News from Buffalo, NY - Ciminelli Real Estate Corporation
Signage Completed At The Roswell Park Scott Bieler Amherst Center Project
We are excited to see the continued progress on the Roswell Park Scott Bieler Amherst Center on Park Club Lane in Buffalo, NY! Earlier in Spring, the final letters were installed on the two-story, 26,000-square foot new construction in Williamsville, which will open for patient care later this year. Visit https://www.roswellpark.org/bieleramherstcenter for more info on the development project.
Ciminelli Florida Spotlight
4 Ciminelli Employees Celebrate Milestone Anniversaries
We recently honored four exceptional employees for their remarkable dedication and loyalty to Ciminelli. Hunter Swearingen, Principal, commemorated an astounding 25 years with the company, while Leon Bonk, Building Technician, celebrated a remarkable 20-year milestone. Thomas Hernandez, Associate Broker, and Anne Newmahr, Property Management Coordinator, were also recognized for their valuable contributions, each marking a decade of service. Our team embodies the core values of Ciminelli and we are incredibly grateful for their loyalty, hard work, and the positive impact they have made over the years.