Clearwater Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $24.46 2023 Avg. Asking Rent
  • -0.19% Y-o-Y Avg. Asking Rent Change
  • 13.12% 2023 Office Vacancy Rate
  • $72M2023 Total Office Sales
  • $110.28Avg. Sale Price/SF

Clearwater office price per square foot in 2023 was $24.46 on average. This marked a -0.19% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.12% across all asset classes combined. The 10 transactions that closed here throughout 2023 amounted to a total sale volume of $72M. Clearwater office space commanded an average sale price per square foot of $110.28.

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

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Clearwater Class A & A+ Office Space$24.93
  • Clearwater Class B Office Space$23.26
  • Florida Class A & A+ Office Space$36.87
  • Florida Class B Office Space$27.52
  • Florida Class C Office Space$32.32

Clearwater, FL Office Asking Rents by Class

2023 Office Vacancy Rates in Clearwater

Submarket Asking Rents Vacancy Rates
Gateway $25.37 13.29%
Clearwater $25.00 9.11%
Bayside $24.61 19.80%
North Pinellas County $23.91 13.26%
Mid-Pinellas County $20.83 6.41%
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 Clearwater market was 13.12% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Clearwater was 6.41% in the Mid-Pinellas County submarket, while the highest office vacancy in the market was 19.80%, recorded in Bayside.

Office Spaces for Rent in Florida

Clearwater Office Sale Price per SF

  • $110.282023 Avg. Price per SF
  • -36.08%Y-o-Y Avg. PpSF Change
  • $72M2023 Office Sales Volume
  • 102023 Number of Transactions

Clearwater, FL Sale Price per SF Trend

  • Clearwater Avg. Sale Price per SF in 2023$110.28
  • Florida Avg. Sale Price per SF in 2023$213.92
Clearwater office space cost in 2023 marked a -36.08% change compared to the previous year. The sale price for office space in Clearwater averaged $110.28 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $213.92 per square foot.

2023 Office Sales Volume

  • Clearwater, FL Total Office Sales Volume in 2023 $72M
  • Clearwater, FL Total Number of Office Sales Closed in 2023 10
A total of 10 deals closed on the Clearwater office market in 2023, adding up to a yearly sales volume of $72M. Notably, the largest transaction on the market saw 1901 Ulmerton Road change hands for $19,600,000 on 4/4/2023.
Data provided by Commercial Edge

Coworking Spaces in Florida

2023 Office Construction in Clearwater, FL

Largest Office Properties Recently Completed in Clearwater
Office building Address SF Completed
2340 Drew St 2340 Drew St, 33765 25,958 2008
900 Drew St 900 Drew St, 33755 8,702 2001
2963 Gulf to Bay Blvd 2963 Gulf to Bay Blvd, 33759 36,449 1992
Harbourside 18167 US Highway 19 North, 33764 146,894 1987
Corporate Square 28050 US Hwy 19 N, 33761 69,709 1987
26750 US Route 19 North 26750 US Route 19 North, 33761 53,723 1987
Northside Square - 29399 US Highway 19 North 29399 US Highway 19 North, 33761 49,994 1986
Northside Square - 29245 US Highway 19 North 29245 US Highway 19 North, 33761 35,986 1986
Park Place 311 Park Place Blvd, 33759 118,447 1985
Northwood Medical Center - 3001 Eastland Blvd 3001 Eastland Blvd, 33761 14,658 1985

Worth noting among recent office completions on the Clearwater market is 2340 Drew St, which is currently the largest new office development in the city, at 25,958 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 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 Clearwater 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.