St. Petersburg Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $40.06 2024 Avg. Asking Rent
  • 19.99% 2024 Office Vacancy Rate
  • $35.8M2024 Total Office Sales
  • $142.40Avg. Sale Price/SF

St. Petersburg office price per square foot in 2024 was $40.06 on average. The local office market recorded an average vacancy rate of 19.99% across all asset classes combined. The 4 transactions that closed here throughout 2024 amounted to a total sale volume of $35.8M. St. Petersburg office space commanded an average sale price per square foot of $142.40.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • St. Petersburg Class A & A+ Office Space$56.77
  • St. Petersburg Class B Office Space$26.52
  • St. Petersburg Class C Office Space$20.76
  • Florida Class A & A+ Office Space$40.20
  • Florida Class B Office Space$27.71
  • Florida Class C Office Space$22.62

St. Petersburg, FL Office Asking Rents by Class

Average office rent in St. Petersburg rested at $40.06 per square foot in 2024. 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 St. Petersburg averaged $56.77 per square foot. Across all submarkets, class B office space recorded an average asking rent of $26.52 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.76 per square foot, on average. Comparably, statewide Florida average office rents by class in 2024 were: $40.20 per square foot for class A office space; $27.71 per square foot for class B office space; $22.62 per square foot for class C office space.

2024 Office Vacancy Rates in St. Petersburg

Submarket Asking Rents Vacancy Rates
St Petersburg $50.23 14.56%
Gateway $23.65 22.76%
Mid-Pinellas County $17.17 8.51%
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 St. Petersburg market was 19.99% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in St. Petersburg was 8.51% in the Mid-Pinellas County submarket, while the highest office vacancy in the market was 22.76%, recorded in Gateway.

Office Spaces for Rent in Florida

St. Petersburg Office Sale Price per SF

  • $142.402024 Avg. Price per SF
  • -8.83%Y-o-Y Avg. PpSF Change
  • $35.8M2024 Office Sales Volume
  • 42024 Number of Transactions

St. Petersburg, FL Sale Price per SF Trend

  • St. Petersburg Avg. Sale Price per SF in 2024$142.40
  • Florida Avg. Sale Price per SF in 2024$221.95
St. Petersburg office space cost in 2024 marked a -8.83% change compared to the previous year. The sale price for office space in St. Petersburg averaged $142.40 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $221.95 per square foot.

2024 Office Sales Volume

  • St. Petersburg, FL Total Office Sales Volume in 2024 $35.8M
  • St. Petersburg, FL Total Number of Office Sales Closed in 2024 4
A total of 4 deals closed on the St. Petersburg office market in 2024, adding up to a yearly sales volume of $35.8M. Notably, the largest transaction on the market saw Dedicated Senior Medical Center change hands for $4,455,300 on 10/3/2024.
Data provided by Commercial Edge

Coworking Spaces in Florida

2024 Office Construction in St. Petersburg, FL

  • St. Petersburg, FL Total SF under construction in 2025 120,000
Largest Office Properties Recently Completed in St. Petersburg
Office building Address SF Completed
Roosevelt III 11101 Roosevelt Blvd North, 33716 167,581 2003
Medical/Professional Office 7855 38th Ave N, 33710 1,517 2003
Webull Financial 200 Carillon Pkwy, 33716 157,755 2000
Castille at Carillon 400 Carillon Pkwy, 33716 138,799 1999
570 Carillon Parkway 570 Carillon Parkway, 33716 234,709 1998
11399 16th Ct N 11399 16th Ct N, 33716 110,750 1998
5450 4th St N 5450 4th St N St. Petersburg, 33703 4,250 1998
Edward White - Medical Arts II 2191 9th Avenue North, 33713 38,580 1994
Gateway Medical Suite 8695 4th St N, 33702 3,897 1993
200 Central 200 Central Avenue, 33701 295,200 1990

Worth noting among recent office completions on the St. Petersburg market is Roosevelt III, which is currently the largest new office development in the city, at 167,581 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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all St. Petersburg 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.