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Commercial Real Estate Quarterly Update

Average Vacancy and Rental Rates** in Pinellas County

4th Quarter 2023 (as of 01/05/2024)

Office SpaceVacancy RateRental Rate (f/s)
Class A14.8% (+1.3%)$26.06 psf (+$0.14)
Class B7.6% (-0.6%)$24.26 psf (+$0.64)
Class C2.6% (+0.1%)$22.95 psf (+$1.79)
Total Office7.4% (+0.1%)$25.01 psf (+$0.25)

Historical Values- Office (Year in Review)

PeriodVacancy RateRental Rate (f/s)
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
2022 4Q8.1%$24.75 psf
2022 3Q7.7%$24.82 psf

Industrial: Warehouse & Flex Space

PeriodVacancy RateRental Rate (nnn)
Warehouse Space2.3% (+0.1%)$11.21 psf (-$0.14)
Flex Space4.5% (-0.3%)$16.18 psf (-$0.18)
Total Industrial2.6%$11.76 psf (-$0.24)

Historical Values- Industrial (Year in Review)

PeriodVacancy RateRental Rate (nnn)
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.