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Jan, 3

Tampa Commercial Real Estate News Roundup

tampa florida commercial real estate news roundup

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.

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, Florida Commercial Real Estate News 

central florida commercial real estate news roundup

Tampa, Florida Commercial Real Estate News Roundup 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, 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 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 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

 

 

2021 Florida Commercial Real Estate News

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

 

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