Commercial Real Estate Quarterly Update
Average Vacancy and Rental Rates** in Pinellas County
2nd Quarter 2024 (as of 07/05/2024)
| Office Space | Vacancy Rate | Rental Rate (f/s) |
|---|---|---|
| Class A | 14.5%(+0.1%) | $25.94 psf (+$0.20) |
| Class B | 8.0% (+0.3%) | $24.92 psf (-$0.79) |
| Class C | 2.6%(-0.2%) | $21.82 psf (+$1.43) |
| Total Office | 7.5%(+0.3%) | $25.87 psf (+$0.99) |
Historical Values- Office (Year in Review)
| Period | Vacancy Rate | Rental Rate (f/s) |
|---|---|---|
| 2024 2Q | 3.9% | $25.87 psf |
| 2024 1Q | 3.4% | $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 |
| 2023 1Q | 8.1% | $24.41 psf |
Industrial: Warehouse & Flex Space
| Period | Vacancy Rate | Rental Rate (nnn) |
|---|---|---|
| Warehouse Space | 3.7%(+0.8%) | $11.36 psf (-$0.12) |
| Flex Space | 5.5%(+0.2%) | $15.65 psf (-$0.53) |
| Total Industrial | 3.9% (+0.5%) | $11.74 psf (-$0.09) |
Historical Values- Industrial (Year in Review)
| Period | Vacancy Rate | Rental Rate (nnn) |
|---|---|---|
| 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 |
| 2022 4Q | 2.7% | $11.87 psf |
** Source: CoStar Commercial Real Estate Database
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For more detailed Submarket Information, contact:
Daniel Dorian, Business Development Specialist.
