Office
$29.14
3.4%
Market Rent Growth (YOY)
Market Pulse
4th Quarter | 2023
Q4 Average Market Rates
Industrial
$12.19
10.4%
Market Rent Growth (YOY)
Retail
$25.69
8.3%
Market Rent Growth (YOY)
Tampa Bay 4th Quarter Total Market Statistics
| Market | Existing Inventory | Net Absorption | Deliveries | Under Construction SF | Quoted Rates | |
|---|---|---|---|---|---|---|
| Total RBA (Retail: GLA) |
Vacancy % | |||||
| Office | 129,094,208 SF | 9.0% | 126,676 SF | 88,500 SF | 1,029,374 SF | $29.14 |
| Industrial | 217,043,916 SF | 4.8% | 326,487 SF | 955,878 SF | 4,926,569 SF | $12.19 |
| Retail | 176,050,711 SF | 3.2% | 60,360 SF | 240,022 SF | 563,141 SF | $25.69 |
News & Updates | Q4 2023
Double Branch, mixed-use project in Pasco county, starts construction
Double Branch, formerly known as the Pasco Town Center, has commenced construction at the corner of I-75 and State Road 52 in Pasco County. This expansive mixed-use development will include 4 million square feet of industrial, 725,000 square feet of office, 400,000 square feet of retail, 3,500 housing units and 300 hotel beds. The community eagerly awaits the completion of this project, which is expected to contribute significantly to Pasco County’s economy with an anticipated impact of $600 million.
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New details on Moffitt Cancer Center’s Speros campus
In 2023, the groundbreaking ceremony marked the commencement of the expansive Moffitt Cancer Center campus. Named “Speros”, a distinctive name derived from the Latin verb “Sperare”, meaning “to hope” or “to look forward to”, reflects Moffitt’s dedication to seeking a cure in the fight against cancer. Encompassing nearly 800-acres, this development is poised to become a central hub for innovation, research and business.
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The Live Local Act is not working
Enacted on July 1, 2023, the Live Local Act aimed to enhance affordable housing by granting developers freedom to construct multi-family housing in commercial and industrial zones without requiring governmental approval. However, some commissioners in the Tampa area commissioners are now raising questions about the law’s effectiveness and expressing concerns that is may be impeding business growth. The initial goal was to concentrate on urban core transformation, but numerous new projects are emerging in outlying areas. Discussions among commissioners continue, and there’s consideration of bringing these concerns to legislature before next session.
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Hillsborough and Pinellas Counties Approve Combining Workforce Boards
Hillsborough and Pinellas County Commissioners have given their approval to merge workforce boards, marking a significant decision that paves the way for the establishment of the Hillsborough/Pinellas Workforce Development Consortium. This consolidation brings together two influential boards, both dedicated to advancing regional workforce development.
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News from Buffalo, NY - Ciminelli Real Estate Corporation
Sustainable Horizons: Guiding Corporate Responsibility in WNY
Hear from WNY Sustainable Business Roundtable's Dr. Alexandra Holland and Ciminelli's Zach Melas to learn why sustainable business is not just a trend, but a vital force for a greener, brighter future.
Visit https://podcasters.spotify.com for more info on this initiative.
