St. Petersburg Office Market Trends

Office Rental Market

  • $22.88 2019 Avg. Asking Rent
  • 5.82 % 2019 Avg. Vacancy Rate
  • 0 2019 Office Completions (Sqft)
  • 40,000 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in St. Petersburg was $22.88 per square foot, and the office vacancy rate across the market averaged 5.82 %. During 2019, developers added 0 square feet of new office space to the St. Petersburg market inventory. Office developments estimated for delivery during 2020 total 40,000 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • St. Petersburg Class A Office Buildings$26.07
  • St. Petersburg Class B Office Buildings$20.62
  • St. Petersburg Class C Office Buildings$15.88
  • FL Class A Office Buildings$37.07
  • FL Class B Office Buildings$23.53
  • FL Class C Office Buildings$18.02

St. Petersburg, FL Office Asking Rents by Class

Office asking rents vary across the St. Petersburg office market depending on several factors, one of which is property class. While rents for Class A office buildings in St. Petersburg averaged $26.07 per square foot in 2019, Class B office properties garnered average rental rates of $20.62 per square foot. Rental rates for Class C office property in St. Petersburg averaged $15.88 per square foot. On a statewide level, Class B office space rents averaged $23.53 per square foot, while rents for Class A office space across Florida averaged $37.07 per square foot. On average, Class C office properties in Florida commanded rents of $18.02 per square foot.

2019 OFFICE VACANCY RATES

Submarket Asking Rents Vacancy Rates
St Petersburg $25.35 3.59 %
Gateway $22.31 7.55 %
Data provided by Commercial Edge
  • The lowest office vacancy rate in 2019 in St. Petersburg was 3.59 % in the St Petersburg submarket, where asking rents averaged $25.35.
  • The highest office vacancy rate in 2019 in St. Petersburg was 7.55 % in the Gateway submarket, where asking rents averaged $22.31.

OFFICE CONSTRUCTION IN St. Petersburg, FL

  • St. Petersburg, FL Total Sqft completed in 2019 0
  • St. Petersburg, FL Total Sqft under construction in 2020 40,000
10 Largest Office Buildings in St. Petersburg
Building name Address Total Sqft Year built
Baypoint Commerce Center 805 Executive Center Drive West, 33702 699,411 1975
2501 118th Avenue North 2501 118th Avenue North, 33716 478,564 1986
The Raymond James Financial Center - Towers 1 & 2 880 Carillon Pkwy, 33716 311,000 1987
Franklin Templeton Center I 140 Fountain Pkwy North, 33716 306,621 2000
1 & 2 ASI Way North 1 ASI Way North, 33702 302,588 2014
200 Central 200 Central Avenue, 33701 295,200 1990
Franklin Templeton Center II 100 Fountain Pkwy North, 33716 280,000 1997
Johns Hopkins All Children's Outpatient Care Center 601 5th Street South, 33701 256,598 2010
First Central Tower 360 Central Avenue, 33701 252,214 1984
Carillon Park - 570 Carillon Pkwy 570 Carillon Pkwy, 33716 250,000 1998
Largest Office Properties Recently Completed in St. Petersburg
Office building Address Sqft Completed
Jabil Circuits Corporate HQ 10800 Roosevelt Blvd, 33716 190,000 2021
The Factory 2630 Fairfield Avenue South, 33712 91,000 2021
2500 34th Street 2500 34th Street North, 33713 40,000 2020
Johns Hopkins All Children's Research and Development Building 501 6th Avenue South, 33701 225,000 2018
1 & 2 ASI Way North 1 ASI Way North, 33702 302,588 2014
Suncoast Medical Clinic 620 10th Street North, 33705 106,573 2012
136 4th Street North 136 4th Street North, 33701 40,769 2011
Johns Hopkins All Children's Outpatient Care Center 601 5th Street South, 33701 256,598 2010
Carillon Point 970 Lake Carillon Drive, 33716 124,187 2008
Bayboro 625 Sixth Building 625 6th Avenue South, 33701 96,626 2008
Data provided by Commercial Edge

Office Spaces for Rent in Florida

See trends for nearby markets

The St. Petersburg office market contains an inventory of 10,469,340 square feet of office space, in 141 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive 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.