Clearwater Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $22.67 2021 Avg. Asking Rent
  • 0.81% Y-o-Y Avg. Asking Rent Change
  • 16.20% 2021 Office Vacancy Rate
  • $57M2021 Total Office Sales
  • $81.80Avg. Sale Price/SF

Clearwater office price per square foot in 2021 was $22.67 on average. This marked a +0.81% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.20% across all asset classes combined. The 8 transactions that closed here throughout 2021 amounted to a total sale volume of $57M. Clearwater office space commanded an average sale price per square foot of $81.80.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Clearwater Class A & A+ Office Space$23.42
  • Clearwater Class B Office Space$22.51
  • Clearwater Class C Office Space$20.71
  • Florida Class A & A+ Office Space$37.47
  • Florida Class B Office Space$24.12
  • Florida Class C Office Space$18.87

Clearwater, FL Office Asking Rents by Class

Average office rent in Clearwater rested at $22.67 per square foot in 2021. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Clearwater averaged $23.42 per square foot. Across all submarkets, class B office space recorded an average asking rent of $22.51 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.71 per square foot, on average. Comparably, statewide Florida average office rents by class in 2021 were: $37.47 per square foot for class A office space; $24.12 per square foot for class B office space; $18.87 per square foot for class C office space.

2021 Office Vacancy Rates in Clearwater

Submarket Asking Rents Vacancy Rates
Clearwater $23.94 9.56%
Gateway $22.77 17.07%
Bayside $22.38 22.39%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Clearwater market was 16.20% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Clearwater was 9.56% in the Clearwater submarket, while the highest office vacancy in the market was 22.39%, recorded in Bayside.

Office Spaces for Rent in Florida

Clearwater Office Sale Price per SF

  • $81.802021 Avg. Price per SF
  • -33.60%Y-o-Y Avg. PpSF Change
  • $57M2021 Office Sales Volume
  • 82021 Number of Transactions

Clearwater, FL Sale Price per SF Trend

  • Clearwater Avg. Sale Price per SF in 2021$81.80
  • Florida Avg. Sale Price per SF in 2021$236.19
Clearwater office space cost in 2021 marked a -33.60% change compared to the previous year. The sale price for office space in Clearwater averaged $81.80 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $236.19 per square foot.

2021 Office Sales Volume

  • Clearwater, FL Total Office Sales Volume in 2021 $57M
  • Clearwater, FL Total Number of Office Sales Closed in 2021 8
A total of 8 deals closed on the Clearwater office market in 2021, adding up to a yearly sales volume of $57M. Notably, the largest transaction on the market saw Bay Vista Gardens I & II change hands for $14,600,000 on 3/18/2021.

Largest Clearwater Office Sales in 2021

Property name Address Date Price
Bay Vista Gardens I & II 5500 Rio Vista Drive 3/18/2021 $14,600,000
1280 Cleveland Street 1280 Cleveland Street 10/20/2021 $11,554,700
Executive Center Office Park 25400 US Route 19 North 12/28/2021 $8,500,000
Icot Business Center - Icot Four 13921 Icot Blvd 7/22/2021 $6,624,900
1255 Cleveland Street 1255 Cleveland Street 12/16/2021 $4,600,000
Data provided by Commercial Edge

Coworking Spaces in Florida

2021 Office Construction in Clearwater, FL

Largest Office Properties Recently Completed in Clearwater
Office building Address SF Completed
Seville Landings at Clearwater Mall 2611 Seville BLVD , 34690 3,000 2022
2340 Drew St 2340 Drew St, 33765 25,958 2008
93 Park Place Blvd 93 Park Place Blvd, 33759 25,290 2008
1261 S Fort Harrison Ave 1261 S Fort Harrison Ave, 33756 4,268 2000
2963 Gulf to Bay Blvd 2963 Gulf to Bay Blvd, 33759 36,449 1992
Corporate Square 28050 US Hwy 19 N, 33761 69,709 1987
Northside Square - 29399 US Highway 19 North 29399 US Highway 19 North, 33761 49,994 1986
Countryside Colonial Center 2753 State Road 580, 33761 22,000 1986
Downtown Clearwater Office for Lease 521 S M.L.K. Jr Ave, 33756 0 1986
Park Place 311 Park Place Blvd, 33759 118,447 1985

Worth noting among recent office completions on the Clearwater market is Seville Landings at Clearwater Mall, which is currently the largest new office development in the city, at 3,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Clearwater commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.