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Commercial Real Estate Quarterly Update

Average Vacancy and Rental Rates** in Pinellas County

1st Quarter 2023 (as of 04/26/2023)

Office SpaceVacancy RateRental Rate (f/s)
Class A12.8%$25.74 psf
Class B9.7%$23.62 psf
Class C3.6%$21.55 psf
Total Office8.1%$24.41 psf

Historical Values- Office (Year in Review)

PeriodVacancy RateRental Rate (f/s)
2023 1Q8.1%$24.41 psf
2022 4 Q8.1%$24.75 psf
2022 3Q7.7%$24.82 psf
2022 2Q7.7%$24.47 psf
2022 1Q7.5%$24.30 psf

Warehouse & Flex Space

Type of SpaceVacancy RateRental Rate (f/s)
Warehouse Space2.5%$12.69 psf
Flex Space2.9%$15.66 psf
Total Industrial2.5%$12.95 psf

Historical Values- Industrial (Year in Review)

PeriodVacancy RateRental Rate (nnn)
2023 1Q2.5%$12.95 psf
2022 4Q2.7%$11.87 psf
2022 3Q2.8%$11.65 psf
2022 2Q2.4%$8.66 psf
2022 1Q2.4%$7.12 psf
2021 4Q2.3%$6.69 psf

** Source: CoStar Commercial Real Estate Database

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For more detailed Submarket Information, contact:

Dede Haggerty, Sr. Business Development Specialist.