The Commercial Partners Realty team is pleased to announce our recent commercial real estate transactions.
Jim Engelmann represented the seller in the sale of sale of 165 Acres of land that sold in 2 phases during the past 6 months. The property was located on the busy State Rd 54 corridor in Pasco County, FL.
Erik Anderson represented the buyer in the purchase of this 4,360 SF office building in Clearwater.
CPR Team member David Culligan represented the tenant in the sublease of a 2,437 SF Office in Davenport FL.
Recent Transactions from the QA Team
Dan Quarles and Austin Karrick of the QA Team represented the buyer in the purchase of this 20,000 sf flex building on 1.73 Acres in Tampa.
The QA Team represented the landlord in leasing over 10,000 SF of Mid-Pinellas flex space.
Recent Transactions from CPR Broker Scott Clendening
CPR Broker, Scott Clendening represented the buyer in the purchase of a 31,720 SF religious facility on 4.7 acres in Seminole FL.
Scott Clendening represented the sublessor in the sublease of 39,202 SF of Flex Space in Mid Pinellas County
Scott Clendening also represented the tenant in the lease of 5,524 SF of Class A tower office space in downtown St. Petersburg, FL.
He represented the seller of a 17,000 SF Industrial building in St. Petersburg FL.
Commercial Partners Realty, Inc. is pleased to announce that Ceci Tricoli has joined our team as Vice President, Office Specialist. She looks forward to providing our clients with professional guidance, helping them buy, sell or lease office space throughout the Tampa Bay area.
“We are delighted to welcome Ceci to Commercial Partners Realty. She prioritizes exceeding clients’ goals with technical capacity and strong work ethic. She fits very nicely in the CPR team culture.”
Scott Clendening, CPR’s President and Broker.
Ceci graduated from Saint Leo University with a Bachelors of Science in Business Management and a Masters in Business Administration. She began her career in lease administration for Feldman Equities before pursuing her sales associate license and then broker’s license, becoming Feldman’s VP of Leasing handling their entire Tampa Bay portfolio.
Ceci has managed and leased of over 1.9 million square feet of Tampa Bay office space for the past eight years. She continues to grow in this industry and brings her enthusiasm and extensive experience of the Tampa office market to help CPR’s clients successfully sell, invest or lease their office space.
Commercial Partners Realty has launched a property management division operating throughout the Tampa Bay region. Commercial Partners Property Management is committed to providing clients with expertise that comes from years of practice and advanced training in commercial and investment real estate. Our property managers are passionately committed to integrity, quality and service and look forward to partnering with Tampa Bay property owners to help make their investments work for them.
Commercial Partners Property Management leverages over 125 years of commercial real estate experience from our agents and managers to help landlords maximize the potential of their real estate investments. We provide management services that include rent collection, billing and accounts receivable/payable, detailed and customized reporting, maintenance and property improvement, handling new leasing and renewals and marketing available spaces.
Commercial Partners Property Management is a proud member of the George F. Young corporate family. Our parent company is a full-service professional consulting firm offering engineering, planning, landscape architecture, environmental, and surveying services throughout Florida. Established in 1919, George F. Young, Inc. has been serving the Tampa Bay area and beyond for over 100 years.
The Tampa Bay Office Market is currently in a transition period right now. With many employees working from home or in a mixed office/home scenario employers are working to right-size their work space. While some companies are looking to downsize, others are looking to expand, creating a safer environment for their employees. This has led to an increase in “desk hoteling”, which is the rotation of a desk between employees working in a office/home hybrid situation. We have also seen a shift back to more privatized offices versus the latest trend of open office. These are important trends to follow as it directly impacts how vacancies meet or fall short of market demand. The savvy landlords and brokerages will begin to market their spaces accordingly and those that are aggressive and creative will capture a larger share of this transitioning market.
There were as many as 40% fewer office lease transactions last year compared to 2019, and the overall vacancy rate has risen by as much as 11% across the country. Office vacancy has risen in the Tampa Bay area, but not by 11%, and there are some bright spots in our future.
Home sales and prices have been on the rise in Tampa Bay. Homebuyers moving from California and New York have been flocking to Florida to escape the ravages of the Pandemic. This influx of people will of course include traditional office workers, meaning that as we transition to the new normal working environment, there will be more demand for office space than there was before the Pandemic began.
With strong belief the economic downturn would recover quickly once vaccinations began being distributed, landlords have been slow to reduce their asking lease rates. In lieu they have been offering added incentives in order to attract new and keep existing tenants. Free rent, reduced charges for parking, and larger tenant improvement packages are some of the ways landlords have attempted to capture tenants.
We saw a similar trend in 2009 and 2010, and many office tenants were happy they pulled the trigger on longer term leases while the market was weak. This could be a perfect time for an office tenant to take advantage of the market again. As in 2009 and 2010, this current leasing and sales market will not last forever.
Some surveys have shown that up to 56% of employees working from home are experiencing remote burn out. The persistent virtual meetings, lack of productive group collaboration, and the struggle to separate home from work is driving excitement to go back to the office. There they won’t have to worry about the cat jumping on their laptop, or the unlucky angle that captures their significant other in a compromising position, or the noise involved in a home full of pets and family.
Now is the time for office users to take stock of what kind of space they’ll need in a post pandemic atmosphere, and to take advantage of the current office market. It’s time to lock in lease rates and incentives before the world gets back to reality and rates go up while the incentives slip away. For any further questions or if you are looking for guidance, Call Us! Our number is 727-822-4715.
Erik is an office and industrial specialist focusing on St. Petersburg and Mid-Pinellas County. His experience in property management as well as leasing and sales expertise allows Erik to provide a full range of services to our customers.