St. Petersburg Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $23.83 2021 Avg. Asking Rent
  • -1.45% Y-o-Y Avg. Asking Rent Change
  • 23.77% 2021 Office Vacancy Rate
  • $108.1M2021 Total Office Sales
  • $99.56Avg. Sale Price/SF

St. Petersburg office price per square foot in 2021 was $23.83 on average. This marked a -1.45% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 23.77% across all asset classes combined. The 7 transactions that closed here throughout 2021 amounted to a total sale volume of $108.1M. St. Petersburg office space commanded an average sale price per square foot of $99.56.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • St. Petersburg Class A & A+ Office Space$27.25
  • St. Petersburg Class B Office Space$21.10
  • St. Petersburg Class C Office Space$18.67
  • Florida Class A & A+ Office Space$37.47
  • Florida Class B Office Space$24.12
  • Florida Class C Office Space$18.87

St. Petersburg, FL Office Asking Rents by Class

Average office rent in St. Petersburg rested at $23.83 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 St. Petersburg averaged $27.25 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.10 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.67 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 St. Petersburg

Submarket Asking Rents Vacancy Rates
Gateway $24.26 37.21%
St Petersburg $22.89 16.48%
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 23.77% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in St. Petersburg was 16.48% in the St Petersburg submarket, while the highest office vacancy in the market was 37.21%, recorded in Gateway.

Office Spaces for Rent in Florida

St. Petersburg Office Sale Price per SF

  • $99.562021 Avg. Price per SF
  • -24.85%Y-o-Y Avg. PpSF Change
  • $108.1M2021 Office Sales Volume
  • 72021 Number of Transactions

St. Petersburg, FL Sale Price per SF Trend

  • St. Petersburg Avg. Sale Price per SF in 2021$99.56
  • Florida Avg. Sale Price per SF in 2021$236.19
St. Petersburg office space cost in 2021 marked a -24.85% change compared to the previous year. The sale price for office space in St. Petersburg averaged $99.56 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

  • St. Petersburg, FL Total Office Sales Volume in 2021 $108.1M
  • St. Petersburg, FL Total Number of Office Sales Closed in 2021 7
A total of 7 deals closed on the St. Petersburg office market in 2021, adding up to a yearly sales volume of $108.1M. Notably, the largest transaction on the market saw 3201 34th Street South change hands for $40,000,000 on 12/16/2021.

Largest St. Petersburg Office Sales in 2021

Property name Address Date Price
3201 34th Street South 3201 34th Street South 12/16/2021 $40,000,000
Priatek Plaza 200 Central Avenue 12/29/2021 $20,450,000
Carillon Park - 100 Carillon Pkwy 100 Carillon Pkwy 9/29/2021 $19,000,000
Pinellas Business Center - Buildings I & III 11001 Roosevelt Blvd North 5/10/2021 $12,555,200
Pinellas Business Center - Building II 10901 Roosevelt Blvd North 5/10/2021 $7,369,798
Data provided by Commercial Edge

Coworking Spaces in Florida

2021 Office Construction in St. Petersburg, FL

Largest Office Properties Recently Completed in St. Petersburg
Office building Address SF Completed
Ascent Retail 201 1st Ave N, 33701 200,000 2022
Bayboro 625 South 625 6th Avenue South, 33701 96,626 2008
299 1st Avenue North 299 1st Avenue North, 33701 212,000 2006
St. Anthony’s Medical Arts Building 560 Jackson Street North, 33705 50,000 2006
Roosevelt III 11101 Roosevelt Blvd North, 33716 169,000 2003
Blue Heron Technology Center 11208 Blue Heron Blvd. N., 33716 0 2000
Castille at Carillon 400 Carillon Pkwy, 33716 138,799 1999
570 Carillon Parkway 570 Carillon Parkway, 33716 234,709 1998
Roosevelt Technology Center 11399 16th Court N, 33716 0 1998
Roosevelt Technology Center 11399 16th Court North, 33716 108,839 1996

Worth noting among recent office completions on the St. Petersburg market is Ascent Retail, which is currently the largest new office development in the city, at 200,000 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 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.