Commercial Real Estate Quarterly Update
Average Vacancy and Rental Rates** in Pinellas County
1ST Quarter 2026 (as of 04/08/2026)
| Office Space | Vacancy Rate | Rental Rate (f/s) |
|---|---|---|
| Class A | 12.0%(+0.3%) | $30.57 psf (+$0.51) |
| Class B | 9.0% (+0.5%) | $25.22 psf (+$1.12) |
| Class C | 3.0% (+0.1%) | $28.98 psf (-$0.09) |
| Total Office | 7.5%(+0.2%) | $27.93 psf (+$0.28) |
Historical Values- Office (Year in Review)
| Period | Vacancy Rate | Rental Rate (f/s) |
|---|---|---|
| 2026 1Q | 7.5% | $27.93 psf |
| 2025 4Q | 7.3% | $27.65 psf |
| 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 |
Industrial: Warehouse & Flex Space
| Period | Vacancy Rate | Rental Rate (nnn) |
|---|---|---|
| Warehouse Space | 5.1% (+0.4%) | $10.35 psf (-$0.16) |
| Flex Space | 6.3% (N/A) | $13.30 psf (-$0.50) |
| Total Industrial | 5.2% (+0.5%) | $10.67 psf (-$0.21) |
Historical Values- Industrial (Year in Review)
| Period | Vacancy Rate | Rental Rate (nnn) |
|---|---|---|
| 2026 1Q | 5.2% | $10.67 psf |
| 2025 4Q | 4.9% | $10.88 psf |
| 2025 3Q | 5.2% | $10.93 psf |
| 2025 2Q | 4.9% | $11.11 psf |
| 2025 1Q | 4.3% | $11.46 psf |
| 2024 4Q | 3.4% | $11.69 psf |
** Source: CoStar Commercial Real Estate Database
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For more detailed Submarket Information, contact:
Daniel Dorian, Business Development Specialist.
