Four Signs Pinellas County Office Space Surging

There are four signs pointing to a Pinellas County commercial real estate revival in office space. While remote work continues to influence the market nationwide, local factors have contributed to a resurgence in demand.

Why Is the Pinellas County Office Market Rebounding?

1. Lower Vacancy Rates Indicate Strength

The vacancy rate for Class A office space has dropped to 13.5%, reflecting a 1% decrease from the previous quarter. Class B spaces follow the trend, sitting at a 7% vacancy rate.

2. Businesses Are Expanding

Many companies in financial services, healthcare, and tech are opting for hybrid work models, necessitating high-quality office space for collaboration and client meetings.

3. Competitive Rental Rates Attract Tenants

With an average rental rate of $26.17 per square foot, Pinellas remains more affordable than major Florida markets like Miami and Tampa.

4. Suburban Appeal Grows

Areas outside St. Petersburg are attracting new businesses, thanks to their accessibility, lower costs, and proximity to key workforce hubs.

Looking Ahead for Office Space

As companies settle into hybrid models, demand for office spaces in Pinellas County is expected to remain steady. If you’re considering leasing or investing in commercial office properties, now may be the ideal time.

Interested in securing your next office space? Contact Michael at Klein & Heuchan Inc., Realtors today.