Commercial Real Estate Quarterly Update
Average Vacancy and Rental Rates** in Pinellas County
3rd Quarter 2024 (as of 10/21/2024)
| Office Space | Vacancy Rate | Rental Rate (f/s) |
|---|---|---|
| Class A | 13.5% (-1%) | $26.35 psf (+$0.33) |
| Class B | 7.0% (-1%) | $25.39 psf (+$0.39) |
| Class C | 2.9%(+0.3%) | $27.95 psf ( -$0.51) |
| Total Office | 7.0%(-0.5%) | $26.17 psf (+$0.30) |
Historical Values- Office (Year in Review)
| Period | Vacancy Rate | Rental Rate (f/s) |
|---|---|---|
| 2024 3Q | 7.0% | $26.17 psf |
| 2024 2Q | 7.5% | $25.87 psf |
| 2024 1Q | 7.2% | $24.88 psf |
| 2023 4Q | 7.4% | $25.01 psf |
| 2023 3Q | 7.3% | $24.76 psf |
| 2023 2 Q | 8.1% | $24.56 psf |
Industrial: Warehouse & Flex Space
| Period | Vacancy Rate | Rental Rate (nnn) |
|---|---|---|
| Warehouse Space | 3.3%(-0.4%) | $11.51 psf (+$0.15) |
| Flex Space | 5.4%(-0.1%) | $14.90 psf (-$0.75) |
| Total Industrial | 3.6% (-0.3%) | $11.79 psf (+$0.05) |
Historical Values- Industrial (Year in Review)
| Period | Vacancy Rate | Rental Rate (nnn) |
|---|---|---|
| 2024 3Q | 3.6% | $11.79 psf |
| 2024 2Q | 3.9% | $11.74 psf |
| 2024 1Q | 3.4% | $11.85 psf |
| 2023 4Q | 2.6% | $11.76 psf |
| 2023 3Q | 2.6% | $12.00 psf |
| 2023 2Q | 2.7% | $13.28 psf |
| 2023 1Q | 2.5% | $12.95 psf |
** Source: CoStar Commercial Real Estate Database
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For more detailed Submarket Information, contact:
Daniel Dorian, Business Development Specialist.
