Commercial Real Estate Quarterly Update
Average Vacancy and Rental Rates** in Pinellas County
1st Quarter 2023 (as of 04/26/2023)
| Office Space | Vacancy Rate | Rental Rate (f/s) |
|---|---|---|
| Class A | 12.8% | $25.74 psf |
| Class B | 9.7% | $23.62 psf |
| Class C | 3.6% | $21.55 psf |
| Total Office | 8.1% | $24.41 psf |
Historical Values- Office (Year in Review)
| Period | Vacancy Rate | Rental Rate (f/s) |
|---|---|---|
| 2023 1Q | 8.1% | $24.41 psf |
| 2022 4 Q | 8.1% | $24.75 psf |
| 2022 3Q | 7.7% | $24.82 psf |
| 2022 2Q | 7.7% | $24.47 psf |
| 2022 1Q | 7.5% | $24.30 psf |
Warehouse & Flex Space
| Type of Space | Vacancy Rate | Rental Rate (f/s) |
|---|---|---|
| Warehouse Space | 2.5% | $12.69 psf |
| Flex Space | 2.9% | $15.66 psf |
| Total Industrial | 2.5% | $12.95 psf |
Historical Values- Industrial (Year in Review)
| Period | Vacancy Rate | Rental Rate (nnn) |
|---|---|---|
| 2023 1Q | 2.5% | $12.95 psf |
| 2022 4Q | 2.7% | $11.87 psf |
| 2022 3Q | 2.8% | $11.65 psf |
| 2022 2Q | 2.4% | $8.66 psf |
| 2022 1Q | 2.4% | $7.12 psf |
| 2021 4Q | 2.3% | $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.
