2023 Office Space Rent & Sales
- $22.70 2023 Avg. Asking Rent
- 14.57% 2023 Office Vacancy Rate
- $15.7M2023 Total Office Sales
- $156.20Avg. Sale Price/SF
St. Petersburg office price per square foot in 2023 was $22.70 on average. The local office market recorded an average vacancy rate of 14.57% across all asset classes combined. The 5 transactions that closed here throughout 2023 amounted to a total sale volume of $15.7M. St. Petersburg office space commanded an average sale price per square foot of $156.20.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- St. Petersburg Class A & A+ Office Space$29.56
- St. Petersburg Class B Office Space$21.60
- St. Petersburg Class C Office Space$20.80
- Florida Class A & A+ Office Space$36.87
- Florida Class B Office Space$27.52
- Florida Class C Office Space$32.32
St. Petersburg, FL Office Asking Rents by Class
Average office rent in St. Petersburg rested at $22.70 per square foot in 2023. 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 $29.56 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.60 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.80 per square foot, on average. Comparably, statewide Florida average office rents by class in 2023 were: $36.87 per square foot for class A office space; $27.52 per square foot for class B office space; $32.32 per square foot for class C office space.
2023 Office Vacancy Rates in St. Petersburg
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Gateway | $25.37 | 13.29% |
Mid-Pinellas County | $20.83 | 6.41% |
St Petersburg | $19.38 | 13.78% |
St. Petersburg Office Sale Price per SF
- $156.202023 Avg. Price per SF
- -22.74%Y-o-Y Avg. PpSF Change
- $15.7M2023 Office Sales Volume
- 52023 Number of Transactions
St. Petersburg, FL Sale Price per SF Trend
- St. Petersburg Avg. Sale Price per SF in 2023$156.20
- Florida Avg. Sale Price per SF in 2023$213.92
2023 Office Sales Volume
- St. Petersburg, FL Total Office Sales Volume in 2023 $15.7M
- St. Petersburg, FL Total Number of Office Sales Closed in 2023 5
Coworking Spaces in Florida
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2023 Office Construction in St. Petersburg, FL
- St. Petersburg, FL Total SF completed in 2023 43,200
During 2023, 43,200 square feet of new office space were delivered across the market. At the close of 2023, the St. Petersburg office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 43,200 square feet of office space.
Office building | Address | SF | Completed |
---|---|---|---|
299 1st Avenue North | 299 1st Avenue North, 33701 | 212,000 | 2006 |
Roosevelt III | 11101 Roosevelt Blvd North, 33716 | 169,000 | 2003 |
Catalina Marketing Corporation | 200 Carillon Parkway, 33716 | 157,755 | 2000 |
Castille at Carillon | 400 Carillon Pkwy, 33716 | 138,799 | 1999 |
570 Carillon Parkway | 570 Carillon Parkway, 33716 | 234,709 | 1998 |
Edward White - Medical Arts II | 2191 9th Avenue North, 33713 | 38,580 | 1994 |
200 Central | 200 Central Avenue, 33701 | 295,200 | 1990 |
Baypoint | Pasco Building | 805 Executive Center Dr W, 33702 | 83,976 | 1990 |
The Point at Gateway | 10101 Dr Martin Luther King Jr St N, FL 33716 | 88,447 | 1988 |
Baypoint | Glades Building | 877 Executive Center Dr W, 33702 | 69,791 | 1988 |
Worth noting among recent office completions on the St. Petersburg market is 299 1st Avenue North, which is currently the largest new office development in the city, at 212,000 square feet.
See reports for other markets
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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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. 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.