The Central Florida commercial real estate market continues to stand strong across multiple CRE sectors. Despite the current pandemic, recent environmental challenges, and all else that has arisen over the past year and a half, new, major developments took place and many property refinances were sealed in several locations in Central Tampa, Central Florida, and across the state as a whole.
Meanwhile, domestic and international investors contributed to the market, and overall the financial data in Florida’s CRE remains positive.
View our commercial properties in Tampa, Florida to see what real estate assets are available for lease / sale.
Tampa and Florida Commercial Real Estate News Highlights
We’ve compiled some of the commercial real estate news highlights and attention-grabbing headlines around Tampa in order to shine a light on the current state of the Central Florida real estate market.
Tampa and Florida CRE News Highlights Q2 2023
Tampa and Florida’s commercial real estate updates in Q2 2023 include: Miami’s red hot real estate market, multiple multifamily development projects, and refinancing for an Orlando apartment complex.
Miami’s Current Hot Real Estate Market Brings International Investments In Spite of Economic Headwinds
Mariano Borges, the CEO of Menessee International, is the next big wig investor to bring in international money into Miami’s red hot real estate sector. Read More
Miami-Dade Industrial Developers See a Stable Market In the Future for Industrial RE in South Florida
According to a survey taken at the Colliers South Florida Industrial Owners Forum 2023, 75% of South Florida industrial real estate developers / owners see a stable market ahead. Read More
Billion-Dollar Bahia Mar Project Finally Approved By City of Ft Lauderdale
The vote by the Fort Lauderdale City Commission ends a “nine-year saga” for developers who are seeking to build five high-rise towers on publicly owned land on the waterfront. Read More
$123M Development Begins in West Palm Beach
The project in West Palm Beach will have 13 buildings and will be called North District. Read More
Developers Splash $103M to Fund Oceanfront Miami Beach Development Project
Two South Florida commercial real estate companies put together their forces to assemble a large plot of oceanfront land in Miami Beach for a development project. Read More
Fort Lauderdale Office Tower Fetches $43M in Recent Sale
110 East office tower in Downtown Fort Lauderdale with 24 stories sold for $43 million with the new owners announcing that they already sealed the deal for 76K square feet of new leases. Read More
Celebration Pointe Multifamily Project Inks $59M Construction Financing
Walker & Dunlop arranged $58.5 million in construction financing for Gainesville’s Celebration Point Apartments. Read More
Avison Young Completes $37.5M Refinance of Apartment Complex in Orlando
Avison Young just arranged a refinancing for Azul Baldwin Park in Orlando, a 178-unit apartment community project, in Orlando. Read More
Hillpointe Workforce Housing Fund Gets $510M in Investment Fund
Hillpointe, LLC closed over half of a billion dollars in funding to help with the projected development of 25 to 30 workforce housing projects. Read More
Tampa and Florida CRE News Highlights Q1 2023
Tampa and Florida’s commercial real estate updates in Q1 2023 include: the snowball effect for commercial real estate in Florida, a hospitality real estate deal in Tampa, and other news highlights around the state.
Financial Services Outfits Contributing to the “Snowball Effect” for CRE in Florida
Experts estimate that 1,000 or so new residents are moving to The Sunshine State every day, and financial services firms are moving some or all of their operations / corporate centers from colder areas of the country to The Sunshine State. Read More
Florida’s CRE Property Owners Stand To Benefit from Proactive Property Tax Strategies
According to the Property Tax Alliance Group (PTAG), “by being proactive, property owners can decrease their largest line-item cost” with their holdings in Florida properties. Read More
Genting Nears $1B Deal for Waterfront Asset in Miami
Former Miami Herald headquarters set to break record for land sale price. Read More
BlackPearl Hospitality Acquired DoubleTree Hilton Tampa Rocky Point Waterfront for $76M
BlackPearl’s inked deal of the hotel property in Tampa, FL comes to $261,168 / hotel room, as the hospitality real estate asset has 291 rooms. Read More
Greater Ft Lauderdale Convention Center’s $1.3B Project Expected To Be Completed in Q4 2025
The massive convention center in Fort Lauderdale includes 1.2M square feet of meeting space in total. Read More
Chicago-Based Development Firm Plans 36-Story Tower in Miami, FL
Trilogy Real Estate Group from Chicago has proposed a plan for a 36-story multifamily project in Miami. They acquired the property’s lot for $30M in 2022. Read More
Orlando Overtakes Miami’s Top Spot for SFR Rent Growth
Orlando now has the top spot for single-family rental (SFR) growth, ending a 15-month streak for Miami, according to a recent report conducted by CoreLogic. Read More
Bounat’s Bobby Sampson Wins CoStar Power Broker Award
Bobby Sampson of Boutique National came out on top in the list of winners for CoStar Power Brokers in the Tampa market. The CoStar Power Brokers Quarterly Deals winners are determined by their top deals executed every quarter. Read More
Tampa and Florida Commercial Real Estate News Q4 2022
Tampa, FL’s real estate updates in Q4 2022 include: Tampa ranked #1 by Forbes for best places to live in Florida, biggest CRE / business news in the area, and a few major CRE transactions.
Tampa Ranked #1 Best Places to Live in Florida by Forbes
Forbes put together a list of the top 10 places to live in Florida, and Tampa topped the list. Check out the full list and their reasons. Read More
Most-Read Tampa CRE & Business Stories by Tampa Bay Business Journal
A compilation of the most-read commercial real estate and business-related stories published by BizJournals.com for the Tampa region. Read More
Bounat Inks Off-Market CRE Deal in Lakeland, FL
Bounat announced the closing of an off-market CRE property located in Lakeland, FL. In addition to the sale of the property, the Polk Parkway Industrial Center reached 100% occupancy within a record 45 days from acquisition. Read More
Herald Tribune Discussed SW Florida’s CRE Market with President of Realtor Association
The President of the Realtor Association of Sarasota and Manatee sees that commercial real estate is still a “good buy” in the region. Read More
Florida’s Real Estate Migrants Aren’t Deterred by Hurricanes
BisNow covered the aftermath of Hurricane Ian, and discussed the future of Florida commercial real estate. Many CRE experts believe that despite the threat of storms in the area, the real estate market will not see a reversal, nor will the trend of immigration to The Sunshine State. Read More
NY-Based Flex Real Estate Company Continues Expansion in FL
The New York CRE company has already added over 45K square feet of space to their portfolio around the state. Read More
AIR Acquiring Two Florida Multifamily Properties for Over $470M
One of the properties is pending final paperwork, while the other is completed. Read More
Tampa and Florida Commercial Real Estate News Roundup Q3 2022
Florida’s real estate updates in Q3 2022 include: the impact of Hurricane Ian’s destruction, major retail assets and acquisitions, and new development projects.
Hurricane Ian Deals Battering to US Supply Chain
Besides billions in property damage and an uncertain death toll, Hurricane Ian has also dealt at least a temporary blow to the U.S. supply chain, with major ports in Florida and elsewhere in the Southeast damaged or shut down as a precaution. Read More
Florida’s New Condo Law Could Open Up Coastal Redevelopment Opportunities
Colliers launched a project management arm to help condo associations navigate Florida’s new law. But some associations, they say, may not be able to come up with new reserves requirements. That could open up prime redevelopment sites, particularly in coastal areas. Read More
Record Warehouse Development Driven By Aging US Inventory
According to CBRE research, the 43-year average age of existing U.S. warehouse inventory–nearly 28% or 3.4 billion sq. ft. of which is more than 50 years old and at risk of functional obsolescence–justifies the nation’s record 627 million sq. ft. of new warehouse space currently under construction. Nevertheless, this older, largely urban-infill inventory is more than 95% occupied, mainly by local or regional logistics operators that highly value proximity to customers and labor more than functionality. Read More
Apartment Rents Dipped in August For First Time in Nearly a Year
A $10 drop in the median rent from July to August was enough to break a months-long trend in rising apartment rents in the 50 largest metros in the U.S. Median rents dropped for the first time in nearly a year in August, according to Realtor.com data, to $1,771 a month. Read More
Hurricane Ian Could Be Second Costliest Storm In History
Early estimates of damages to insured property put Ian only behind Hurricane Katrina in costliness. Read More
US housing markets are slowing but is Florida the exception?
After two years of near-nonstop growth, housing prices may have finally peaked in some U.S. cities, according to data from Florida Atlantic University. Still, experts predict that Florida’s real estate market will remain strong compared to other parts of the country. Tampa was ranked the ninth-most-overpriced housing market in the country. Read More
Boutique National Grows Referral Program for Residential Real Estate Brokers in Florida
Through sister company CREREF, residential brokers in Florida can earn additional income by referring a qualified commercial buyer, seller, tenant, or landlord, no longer having to turn away commercial real estate business opportunities. Read More
Riverview apartments off I-75 sell for nearly $100 million
The Enclave at Tranquility Lake, a 348-unit property at 9707 Tranquility Lake Circle north of Bloomingdale Avenue, sold in September for $98 million to Philadelphia real estate investment firm IRT Living – more than double the $48.8 million the seller, a Boulder, Colo.-based limited liability corporation, paid for it in 2016. Read More
U.S. Tenants Gravitating to Higher Quality Offices in Response to Hybrid Work
According to global property consultant CBRE, there is a “flight to quality” playing out across 12 major U.S. markets as office-using companies adapt their workplaces for hybrid work. Read More
Nonresidential Construction Spending Falls 0.5 Percent in the U.S.
According to the Associated Builders and Contractors trade association’s analysis of data published by the U.S. Census Bureau, national nonresidential construction spending was down by 0.5% in Summer 2022. On a seasonally adjusted annualized basis, nonresidential spending totaled $829.4 billion for the month of June. Read More
Tampa and Florida Commercial Real Estate News Roundup Q2 2022
Florida’s real estate updates in Q2 2022 include: major retail assets and acquisitions, new development projects, and a report covering future changes to some big metro areas.
Redfin Report Shows That Miami and Tampa Are Where Most Want to Live
The reported net inflow in April and May make them prime destinations. The report detailed that in April and May about one-third of those surveyed were looking to change metro areas with most looking to Miami and Tampa. Read More
Atlanta developer pays $34 million for Rattlesnake Point site near South Tampa
Plans for the property include more than 600 residential units as well as restaurant and retail space. Read More
Tampa Bay Area’s Tallest Multifamily Tops Off
The 36-story, mixed-use project in St. Petersburg, FL will include 357 units, a 172-key hotel and 6,800 square feet of ground-floor retail space. Read More
How Covid-19 changed the dynamics for small businesses in Florida
More businesses are forgoing physical footprints as they shift the focus to digital alternatives. Here’s a look at other ways small businesses are evolving in the Covid-19 era. Read More
Boutique National Grows Referral Program for Residential Real Estate Brokers in Florida
Through sister company CREREF, residential brokers in Florida can earn additional income by referring a qualified commercial buyer, seller, tenant, or landlord, no longer having to turn away commercial real estate business opportunities. Read More
Channel district storefronts sell for more than $38 million
The Tampa Bay commercial space, home to Cena, Pour House, City Dog Cantina and more, now has a new owner. Read More
Spanish Fashion Retailer Plans To Open 30 New U.S. Stores By 2025
Spanish fashion retailer Mango plans to open 30 stores in the U.S. within the next three years, bringing its total to 40 by the end of 2024. The fashion giant laid out a three-phase plan for expansion into the U.S in an announcement in May, with the first stage including the opening of its flagship store, located at 711 Fifth Ave. in New York City. Read More
Apartments in Midtown Tampa have sold in record-shattering deal
The sale of Novel Midtown has smashed the record set by Manor Riverwalk in late 2021. Read More
Tampa and Florida Commercial Real Estate News Roundup Q1 2022
Warehouses keep getting bigger – Here’s where the largest US industrial projects are set to deliver in 2022.
Big-box warehouses continue to grow as e-commerce groups, third-party logistics firms and others are on the hunt for the largest distribution and manufacturing facilities they can find or build. Read More
New York firm buys Clearwater Beach Wyndham Grand resort for $170 million
The Wyndham Grand Clearwater Beach hotel, built in 2017, sold for $170 million to a New York City investment firm, JEMB Realty Corporation. It was previously owned by K & P Clearwater Estate LLC, which was run by Tampa entrepreneur and philanthropist Kiran Patel. Read More
Jabil sells $32M in St. Petersburg land for housing and industrial projects
One of Tampa Bay’s biggest public companies has sold more than 93 acres of land in St. Petersburg’s Gateway district for $32 million, clearing the way for a major industrial and residential development. Developers are planning 1 million square feet of industrial space and 500 residences, a fifth of which would be workforce housing. Read More
Tampa Q1 Industrial Market Report Published
Industrial construction starts have been climbing in Tampa on the heels of strong demand and record low vacancies. More than 9 million SF of new starts have been recorded since the start of 2021, including roughly 2.8 million SF in 22Q1 alone. Read More
Bitcoin miner subsidiary set to spend $144M on Mirror Lake tower development
A Las Vegas-based firm has purchased multifamily buildings near St. Petersburg’s Mirror Lake with plans to develop a 301,000-square-foot, 22-story mixed-use tower. Read More
Commercial Real Estate Investment in U.S. to Increase 10 Percent in 2022
A recent survey found that the industrial sector, driven by super-charged e-commerce and rent growth amid the pandemic, saw the most cap rate compression in 2021, regardless of asset class or risk profile. Read More
Tesla Motors plans dealership, regional repair facility in St. Petersburg
Kane’s Furniture liquidation center will find new life as a Tesla facility. Read More
Commercial real estate vacancy rate climbs in Tampa Bay
The vacancy rate on commercial real estate property in Tampa is hovering around 13%-14%, due in part to companies downsizing their physical office spaces, or not returning to office spaces as the economy recovers from the COVID-19 pandemic. Read More
$6 Million Sale of Rosewood Center in Northeast Tampa Arranged by CBRE Capital Markets
CBRE has arranged the $6 million sale of Rosewood Center, a 32,000-square-foot retail and office center in Tampa, Fla., to REIT4, a privately held real estate investment company headquartered in Tampa. Read More
U.S. Enjoys Record Number of Mega Warehouse Leases
According to CBRE, last year was a record year for large warehouse leases, driven by a rebounding economy and strong e-commerce sales. Companies committed to 57 warehouse leases of 1-million-sq.-ft. or larger across the U.S. in 2021, a 19% increase from the previous year. Read More
Tampa and Florida Commercial Real Estate News Roundup 2021
Are you interested in buying, selling, or leasing commercial property in Florida? Contact the Bounat team today to start the conversation.