The commercial real estate experts at Bounat pulled the top highlights of CRE news in Tampa and Florida for 2021.
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