Commercial Real Estate Quarterly Update

Average Vacancy and Rental Rates** in Pinellas County

2nd Quarter 2024 (as of 07/05/2024)

Office SpaceVacancy RateRental Rate (f/s)
Class A14.5%(+0.1%)$25.94 psf (+$0.20)
Class B8.0% (+0.3%)$24.92 psf (-$0.79)
Class C2.6%(-0.2%)$21.82 psf (+$1.43)
Total Office7.5%(+0.3%)$25.87 psf (+$0.99)

Historical Values- Office (Year in Review)

PeriodVacancy RateRental Rate (f/s)
2024 2Q3.9%$25.87 psf
2024 1Q3.4%$24.88 psf
2023 4Q7.4%$25.01 psf
2023 3Q7.3%$24.76 psf
2023 2 Q8.1%$24.56 psf
2023 1Q8.1%$24.41 psf

Industrial: Warehouse & Flex Space

PeriodVacancy RateRental Rate (nnn)
Warehouse Space3.7%(+0.8%)$11.36 psf (-$0.12)
Flex Space5.5%(+0.2%)$15.65 psf (-$0.53)
Total Industrial3.9% (+0.5%)$11.74 psf (-$0.09)

Historical Values- Industrial (Year in Review)

PeriodVacancy RateRental Rate (nnn)
2024 2Q3.9%$11.74 psf
2024 1Q3.4%$11.85 psf
2023 4Q2.6%$11.76 psf
2023 3Q2.6%$12.00 psf
2023 2Q2.7%$13.28 psf
2023 1Q2.5%$12.95 psf
2022 4Q2.7%$11.87 psf

** Source: CoStar Commercial Real Estate Database

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For more detailed Submarket Information, contact:

Daniel Dorian, Business Development Specialist.