Commercial Real Estate Quarterly Update
Average Vacancy and Rental Rates** in Pinellas County
3RD Quarter 2026 (as of 10/20/2026)
| Office Space | Vacancy Rate | Rental Rate (f/s) |
|---|---|---|
| Class A | 11.7% (-2.1%) | $34.87 psf (+$2.94) |
| Class B | 9.8% (+0.4%) | $27.36 psf (+$2.08) |
| Class C | 2.8% (- 0.2%) | $29.76 psf (+$0.12) |
| Total Office | 7.5%(-0.5%) | $29.81 psf (+$1.26) |
Historical Values- Office (Year in Review)
| Period | Vacancy Rate | Rental Rate (f/s) |
|---|---|---|
| 2026 3Q | 7.5% | $29.81 psf |
| 2026 2Q | 8.0% | $28.55 psf |
| 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 |
Industrial: Warehouse & Flex Space
| Period | Vacancy Rate | Rental Rate (NNN) |
|---|---|---|
| Warehouse Space | 5.5% (+0.4%) | $11.28 psf (-$0.04) |
| Flex Space | 5.5% (-1.0%) | $14.22 psf (+$0.64) |
| Total Industrial | 5.5% (+0.3%) | $11.77 psf (+$0.20) |
Historical Values- Industrial (Year in Review)
| Period | Vacancy Rate | Rental Rate (NNN) |
|---|---|---|
| 2026 3Q | 5.5% | $11.77 psf |
| 2026 2Q | 5.3% | $11.57 psf |
| 2026 1Q | 4.8% | $10.70 psf |
| 2025 4Q | 4.5% | $10.88 psf |
| 2025 3Q | 5.2% | $10.93 psf |
| 2025 2Q | 4.9% | $11.11 psf |
** Source: CoStar Commercial Real Estate Database
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For more detailed Submarket Information, contact:
Daniel Dorian, Business Development Specialist.
