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)
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 % |
- 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
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 |
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 |
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.