St. Petersburg Office Rent Price & Sales Report

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.

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

  • 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

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%
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 14.57% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in St. Petersburg was 6.41% in the Mid-Pinellas County submarket, while the highest office vacancy in the market was 13.78%, recorded in St Petersburg.

Office Spaces for Rent in Florida

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
St. Petersburg office space cost in 2023 marked a -22.74% change compared to the previous year. The sale price for office space in St. Petersburg averaged $156.20 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

  • St. Petersburg, FL Total Office Sales Volume in 2023 $15.7M
  • St. Petersburg, FL Total Number of Office Sales Closed in 2023 5
A total of 5 deals closed on the St. Petersburg office market in 2023, adding up to a yearly sales volume of $15.7M. Notably, the largest transaction on the market saw Gateway Point change hands for $8,750,000 on 9/28/2023.
Data provided by Commercial Edge

Coworking Spaces in Florida

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.

Largest Office Properties Recently Completed in St. Petersburg
Office building Address SF Completed
Medical Office 625 6th Ave S. Suite 455 , 33705 83,364 2007
299 1st Avenue North 299 1st Avenue North, 33701 212,000 2006
Roosevelt III 11101 Roosevelt Blvd North, 33716 169,000 2003
Medical/Professional Office 7855 38th Ave N, 33710 1,517 2003
Castille at Carillon 400 Carillon Pkwy, 33716 138,799 1999
570 Carillon Parkway 570 Carillon Parkway, 33716 234,709 1998
5450 4th St N 5450 4th St N St. Petersburg, 33703 4,250 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

Worth noting among recent office completions on the St. Petersburg market is Medical Office, which is currently the largest new office development in the city, at 83,364 square feet.

Data provided by Commercial Edge

See reports for other markets

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.