Office
$28.53
3.3%
Market Rent Growth (YOY)
Market Pulse
3rd Quarter | 2023
Q3 Average Market Rates
Industrial
$12.20
12.1%
Market Rent Growth (YOY)
Retail
$25.15
8.4%
Market Rent Growth (YOY)
Tampa Bay 3rd Quarter Total Market Statistics
| Market | Existing Inventory | Net Absorption | Deliveries | Under Construction SF | Quoted Rates | |
|---|---|---|---|---|---|---|
| Total RBA (Retail: GLA) |
Vacancy % | |||||
| Office | 128,402,475 SF | 9.1% | 225,273 SF | 44,008 SF | 1,155,342 SF | $28.53 |
| Industrial | 12,414,497 SF | 4.3% | 4,970,194 SF | 4,753,775 SF | 5,936,081 SF | $12.20 |
| Retail | 175,331,292 SF | 3.1% | 985,546 SF | 885,060 SF | 772,238 SF | $25.15 |
News & Updates | Q3 2023
Rays announce they are staying in St. Pete
The Rays have finally decided to establish St. Petersburg as their permanent home, unveiling plans for a groundbreaking $1.3 billion stadium and complete revitalization of the Historic Gas Plant District. The 86-acre project includes a 30,000 seat stadium, 8 million square feet of mixed-use development, as well as plans for an African American museum of history. This exciting redevelopment is slated for completion by 2028.
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Aldi acquiring Winn-Dixie, Harveys supermarkets
Aldi disclosed its plans to purchase 400 Winn-Dixie and Harveys supermarkets across the southern United States. This acquisition marks a departure from Aldi’s usual practice of opening its own stores, as they are contemplating operating several locations under the Winn-Dixie and Harveys brands. This decision has sparked speculation that Aldi aims at exploring the traditional supermarket format. This expansion aligns closely with their long term growth strategy in the United States of operating 2,400 stores by the end of the year.
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Tampa has it all: surface lots, garages, and street parking
City planners, not only in Tampa, but in numerous cities across the nation are reevaluating the amount of downtown space that is currently dedicated to parking lots. In a post-Covid era, the number of ridesharing options and remote working opportunities has resulted in increasingly scarce parking lot usage and underutilization. The City of Tampa continues to adhere to parking minimum requirements designated back in 1950s. However, after more than seventy years later, the demand has shifted and will continue to do so. The goal is to transform these vacant concrete lots into something more aesthetically appealing or more functional urban spaces.
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Rent increases are finally slowing down in Tampa Bay
After experiencing three years of steep rental rate hikes, the Tampa Bay area is now beginning to witness a slowdown in price growth. The Tampa Bay region had among the highest rental price increases in the nation, largely due to a significant influx of people relocating to the area. These surges in the rental market have presented challenges for renters, as they coincided with inflated grocery, gas, and utility expenses.
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News from Buffalo, NY - Ciminelli Real Estate Corporation
Ciminelli's 2023 Corporate Stewardship Report
Ciminelli Real Estate Corporation has employed ambitious strategies and exceptional attention to detail to establish ourselves as leaders in the commercial real estate industry in the northeast region. As we seek opportunities and work toward success, we must also have a conscious appreciation of the value we can deliver beyond bricks and mortar and the bottom line. Throughout the company’s history, Ciminelli has strived and continues to make contributions to the communities we serve that will sustain us all through the years ahead.
Please take a moment to review our 2023 Corporate Stewardship Report which documents Ciminelli’s dedication to the environment, sustainability, and governance in the communities we call home.
Visit https://www.ciminelli.com/corporate-stewardship for more info on the development project.
Ciminelli Florida Spotlight
Ciminelli proudly supports Hillsborough Education Foundation
Ciminelli was honored to be a sponsor of the Hillsborough Education Foundation (HEF) EmpowerEd luncheon. This year's focus was on unlocking new opportunities for both students and teachers. It marked another successful event where funds were raised to further HEF's vital mission. For the past 15 years Ciminelli has supported HEF, and we continue to see their growth and the positive influence they have on the community firsthand, and are proud to be a part of this impactful program.