Commercial Real Estate Quarterly Update
Average Vacancy and Rental Rates** in Pinellas County
3RD Quarter 2025 (as of 10/7/2025)
| Office Space | Vacancy Rate | Rental Rate (f/s) |
|---|---|---|
| Class A | 12.2%(+0.1%) | $27.92 psf (+$1.25) |
| Class B | 7.7% (-0.3%) | $26.02 psf (+$0.01) |
| Class C | 2.9%(+0.3%) | $29.69 psf (+$0.12) |
| Total Office | 7.0% | $29.69 psf (+$0.12) |
Historical Values- Office (Year in Review)
| Period | Vacancy Rate | Rental Rate (f/s) |
|---|---|---|
| 2025 3Q | 7.0% | $27.32 psf |
| 2025 2Q | 7.0% | $27.18 psf |
| 2025 1Q | 6.9% | $26.93 psf |
| 2024 4Q | 6.7% | $26.78 psf |
| 2024 3Q | 7.0% | $26.17 psf |
| 2024 2Q | 7.5% | $25.87 psf |
Industrial: Warehouse & Flex Space
| Period | Vacancy Rate | Rental Rate (nnn) |
|---|---|---|
| Warehouse Space | 5.1%(+0.4%) | $10.39 psf (-$0.38) |
| Flex Space | 5.7%(-0.7%) | $14.76 psf (+$0.65) |
| Total Industrial | 5.1% (+0.3%) | $11.01 psf (-$0.24) |
Historical Values- Industrial (Year in Review)
| Period | Vacancy Rate | Rental Rate (nnn) |
|---|---|---|
| 2025 3Q | 5.1% | $11.01 psf |
| 2025 2Q | 4.9% | $11.25 psf |
| 2025 1Q | 4.5% | $11.55 psf |
| 2024 4Q | 3.4% | $11.76 psf |
| 2024 3Q | 3.6% | $11.79 psf |
| 2024 2Q | 3.9% | $11.74 psf |
| 2024 1Q | 3.4% | $11.85 psf |
** Source: CoStar Commercial Real Estate Database
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For more detailed Submarket Information, contact:
Daniel Dorian, Business Development Specialist.
