Commercial Real Estate Quarterly Update
Average Vacancy and Rental Rates** in Pinellas County
4th Quarter 2023 (as of 01/05/2024)
| Office Space | Vacancy Rate | Rental Rate (f/s) |
|---|---|---|
| Class A | 14.8% (+1.3%) | $26.06 psf (+$0.14) |
| Class B | 7.6% (-0.6%) | $24.26 psf (+$0.64) |
| Class C | 2.6% (+0.1%) | $22.95 psf (+$1.79) |
| Total Office | 7.4% (+0.1%) | $25.01 psf (+$0.25) |
Historical Values- Office (Year in Review)
| Period | Vacancy Rate | Rental Rate (f/s) |
|---|---|---|
| 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 |
| 2022 4Q | 8.1% | $24.75 psf |
| 2022 3Q | 7.7% | $24.82 psf |
Industrial: Warehouse & Flex Space
| Period | Vacancy Rate | Rental Rate (nnn) |
|---|---|---|
| Warehouse Space | 2.3% (+0.1%) | $11.21 psf (-$0.14) |
| Flex Space | 4.5% (-0.3%) | $16.18 psf (-$0.18) |
| Total Industrial | 2.6% | $11.76 psf (-$0.24) |
Historical Values- Industrial (Year in Review)
| Period | Vacancy Rate | Rental Rate (nnn) |
|---|---|---|
| 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.
