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May, 24

Tampa Commercial Real Estate News Roundup Q1

tampa florida commercial real estate news roundup

The Central Florida commercial real estate market has been a standard bearer for many years across multiple CRE sectors. Despite the current pandemic and the challenges that have 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.

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. 

central florida commercial real estate news roundup

Tampa, Florida Commercial Real Estate News 

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

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2021 Commercial Real Estate News in Tampa

Q4 

Scannell Properties Sells Tampa Bay Warehouse for $95M

Scannell has sold a 236,976-square-foot distribution center in St. Petersburg, Florida, for $94.5 million. FedEx Ground has been the property’s single tenant since its completion in 2017. Read more

Office park in St. Pete’s Skyway Marina District sells for $40M to South Florida developer

Altis Cardinal closed the city’s largest land purchase in decades, a $40 million deal on an office park in St. Petersburg’s Skyway Marina District. The property is set to be developed into a mixed-use project including commercial, multi-family and retail space. Read more

Tampa Bay Rents increased by 24% in 2021

Driven by demand courtesy of a surge of new residents from out of state seeking a cheaper cost of living, warmer climate and fewer pandemic restrictions, as well as a  supply of rental units that has not caught up with the nation’s housing shortage, rents in Tampa Bay made up the highest spike in the country. Read more

Old West Tampa building to be restored as coworking space

Thanks to an Ohio-based coworking company, a 117 year old West Tampa building will soon be getting a makeover. Read more

Cousins Closes on $145M Tampa Office Property

With the acquisition of Heights Union, a 294,000-square-foot office property in downtown Tampa, Cousins Properties adds to its portfolio, and pays $144.8 million for the Class A asset. Read more

8 Essential Questions to Ask When Considering Commercial Real Estate Investment in Florida

Here are 8 questions all prospective buyers of commercial real estate in Florida should ask before taking the plunge. Read more

Dynasty Financial to develop city-owned block in downtown St. Petersburg

Dynasty Financial, which moved their headquarters from NYC to St. Pete in 2019, offered $6.25 million for the lot on Second Avenue, which has been proposed for mixed-use development including workforce housing and Class A office space. Read more

Q2 & Q3 2021

Tampa – the New Austin?

A $3.5 billion development project in Tampa by Bill Gates and Jeff Vinik is leading the way for the transformation of Tampa. It is starting to attract new tech companies and other successes in the area are bringing an evolving dynamic to the city similar to that of Austin, Texas. Read More

Amazon Buys Property for New Location in Riviera Beach, FL

As part of its massive expansion plan across the nation, e-commerce behemoth Amazon purchased land for industrial real estate purposes in Riviera Beach, FL. Read More

23-story condo tower moves forward in downtown St. Petersburg 

The developers behind The Nolen, a 23-story residential tower planned for 146 4th Avenue Northeast in downtown St. Pete, have revealed additional information about the $28 million project as it moves closer to reality. Read More

Tampa Bay’s office space market sees upswing

With growing inventory and big tenants like Pfizer moving into the area, real estate analysts say Tampa Bay is outperforming other markets. About 900,000 square feet of new commercial space hit Tampa Bay in 2021 which has kept the market’s vacancy rate fairly high. Yet demand has remained strong enough that, from April to June, Tampa Bay still saw positive absorption for the first time since the summer of 2020.  Read More

First Trophy Office Tower Opens at Water Street Tampa 

The first trophy office tower to be built in downtown Tampa in nearly 30 years has opened in the $3.5 billion, 56-acre Water Street Tampa mixed-use district with the completion of Thousand & One. Read More 

Cortland Paying $504K Per Unit In Florida’s Largest Multifamily Transaction Of 2021

A multifamily property in Boca Raton traded for $230M, marking Florida’s largest multifamily deal in 2021 and the highest ever price per SF for a garden-style product in Florida. Read More

Miami-Dade to Audit Older Buildings After Collapse of Major Apartment Complex

The national news around the collapse of an apartment complex in Miami has led industry experts to look into the older buildings in the area in order to mitigate such a tragic event from occurring again. Read More

Tampa Among North American Tech Hubs with Most Millennial Population Growth

Tampa stands out for its strong millennial population growth according to CBRE’s 2021 Scoring Tech Talent Report. Tampa ranks tenth among the 50 largest tech talent markets with its millennial population increasing by 14.5 percent (84,525 people) since 2014. Read More

Investors buy Palm Beach office building for $38M

A Palm Beach-based investor and a New Yorker heading a real estate investment firm bought a Bankers Row office building for $37.8 million. Read More

Kforce moving its headquarters to Midtown Tampa

Kforce, which sold its Ybor headquarters earlier this year, says it will operate on an “office occasional” basis in its new HQ. Read More

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Are you interested in buying, selling, or leasing commercial property in Florida? Contact the Bounat team today to start the conversation.