Office
$29.64
2.6%
Market Rent Growth (YOY)
Market Pulse
1st Quarter | 2024
Q1 Average Market Rates
Industrial
$12.60
11%
Market Rent Growth (YOY)
Retail
$26.02
7.7%
Market Rent Growth (YOY)
Tampa Bay 1st Quarter Total Market Statistics
| Market | Existing Inventory | Net Absorption | Deliveries | Under Construction SF | Quoted Rates | |
|---|---|---|---|---|---|---|
| Total RBA (Retail: GLA) |
Vacancy % | |||||
| Office | 130,094,961 SF | 9.1% | 128,363 SF | 63,778 SF | 929.157 SF | $29.64 |
| Industrial | 219,482,865 SF | 4.8% | 271,644 SF | 612,240 SF | 5,944,697 SF | $12.60 |
| Retail | 175,979,107 SF | 3.2% | 76,548 SF | 143,404 SF | 417,510 SF | $26.02 |
News & Updates | Q1 2024
St. Pete-Clearwater airport embarks on $110M terminal expansion amid stellar growth
This spring marks the commencement of design work on a $110 million expansion project at St. Pete-Clearwater International Airport (PIE). Construction is slated to begin next year and an anticipated completion in 2027. The expansion aims to consolidate TSA (Transportation Security Administration) checkpoints and construct a new passenger boarding area. PIE is experiencing a surge in the number of travelers due to its popularity as a sought after destination.
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Revised Coquina Key Plaza plans receive approval
Stoneweg, a developer based in St. Petersburg, has received approval to revitalize the dilapidated Coquina Key Shopping Plaza into a vibrant mixed-use development. The project has a residential focus featuring amenities such as pool, clubhouse and 20,000 square feet of retail space. In response to strong community feedback, residents have emphasized the necessity of a grocery store, prompting Stoneweg to actively pursue this addition.
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Tampa apartment tower could change downtown dynamic for renters
The Arts and Entertainment Residences (AER), a new 31-story luxury residential tower, presents a unique opportunity in downtown Tampa. Setting itself apart from other high-rise developments, AER is tailored for renters and boasts top-tier amenities usually found in a million dollar condominium. Former Tampa Bay Mayor Bob Buckhorn envisioned AER as a reflection of Tampa’s future, emphasizing accessible upscale living.
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New mixed use hospitality project Ten Rooms will debut in Ybor
Two veteran restauranteurs, Ro Patel and Zach Pace, have teamed up to introduce a unique experience within one of Ybor City’s most historic landmarks. Ten Rooms is set to launch at El Centro Espanol de Tampa, located at 1536 E 7th Avenue. This highly anticipated endeavor encompasses a multifaceted concept featuring upscale dining, coffee and boutique shopping experiences.
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News from Buffalo, NY - Ciminelli Real Estate Corporation
Ciminelli Real Estate begins leadership transition to Next Generation
Ciminelli Real Estate Corporation announced an exciting change early this year, as Kyle Ciminelli was named President, signaling the transition to a third-generation of leadership for the family owned company. While Paul Ciminelli will remain as CEO, Kyle will lead the growth of CREC's acquisitions and investments, as well as the company's brokerage arm, Newmark Ciminelli.
Cheers to the next chapter for Ciminelli and the journey ahead!
Read the full article here.
Ciminelli Florida Spotlight
Expansion and Expertise: Ciminelli Real Estate Services of Florida Strengthens Presence in Jacksonville and Tallahassee
Ciminelli Real Estate Services of Florida is excited to announce the opening of its Jacksonville office, under the leadership of Marty Busekrus, Managing Director. Located at 301 W Bay, this office encompasses an impressive 974,169 square feet, ranking it as the second-largest office building in the State of Florida. The Jacksonville Team has also successfully secured the leasing assignment for this prestigious property.
Joining Marty in the Jacksonville office is Lisa McLatchey whose extensive experience in the real estate industry spans over a decade. Lisa specializes in office leasing and sales, consistently delivering exceptional service to her clients, thus furthering Ciminelli's commitment to excellence.
In addition to the expansion in Jacksonville, we are thrilled to welcome Sibley Richerson as Senior Advisor to the growing Tallahassee Team. With over 15 years of experience in commercial real estate, Sibley brings expertise in industrial tenant representation, residential horizontal development, and facilitating complex financing transactions.