State Of The Commercial Office Space Market In St Petersburg, Florida

Downtown St. Petersburg is currently undergoing extensive and rapid development of cultural arts venues, restaurants, retail shops, high-rise residential housing, and office spaces. The investments are intended to revitalize its urban atmosphere and provide amenitiesfor the city's increasing population of downtown office and housing residents.

St. Petersburg Office Space Currently Available For Lease

Regus, Plaza, Loopnet, Coldwell Banker, 42Floors, OfficeSpace, OfficeList, just to name some of of prominently advertised St. Petersburg regional real estate firms, are all currently advertising an abundance of office spaces for lease in the St. Petersburg metro office market.

200 Central — 14 spaces available, 12,443 SF, $29 PSF/Yr.

1700 66th Street N — 16 spaces available, 51,351 SF available, $16 PSF/Yr.

11101 Roosevelt Blvd N — 56,390 SF available, the entire building.

140 Fountain Pkwy N — 3 spaces available ranging from 5,960 to 37,900 SF.

12425 28th St N — 4 spaces available, 675 - 9,149 SF, $19 PSF/Yr.

9700 15th St N — 63,090 SF available, the entire building.

111 2nd Ave NE — 10 spaces available, 1,058 - 11,146 SF, $19.00 - $23.00 /SF/Yr

805 Executive Center Dr W — Space available, 7,900 SF, $20-$22 PSF/Yr.

1499 Beach Front Drive SE — 3 spaces available, 4,160 - 15,840 SF total, $15.00 - $17.00 /SF/Yr

625 6th Ave S — 5 spaces available, 2,000 - 5,311 SF, $19.00 /SF/Yr.

9700 15th St N — 63,090 SF available, the entire building.

601-603 7th St S — 9 spaces available, 1,794 - 26,004 SF, rent not disclosed.

Hundreds of modern high-rise buildings offering one to three spaces with large square footage, within the price range of the above listed properties are currently available, and within the St. Petersburg downtown and metro-sphere nearest the downtown area. The picture is one of currently abundant available updated modern office space in the St. Pete market. And, much additional Office Space for Lease in St Petersburg is found available in smaller office buildings throughout the market area as well.

St. Petersburg New Office Development Projects

Echelon City Center — A $600 - $700 million mixed-use development spanning 2.8 million SF proposed to break ground in December 2017 at 300 Carillon Parkway. The complex will include multi-family residential units, retail store stores, and 500,000 SF of office space. Office space is planned to lease for $33 PSF per year.

490 First Building 240,000 SF of remodeled high-end office space across the three-building property is situated with convenient access to three downtown arteries at the St. Petersburg city center. The attractive and conveniently located property offers office tenants numerous nearby restaurant, retail, and entertainment alternatives, and a walking trail adjacent to the property. The Tampa Tribune occupies several floors of office space on the property. Currently, at least 25 office spaces are listed as available for lease, ranging from 1,860 to 23,270 SF, priced from $26 - $28 PSF per year.

St. Petersburg 2017 Office Rental Market Condition

Office space for lease in St. Petersburg is either in a shortage or a surplus situation, depending upon which argument from local authorities on the subject that you accept. The St. Petersburg city government has asserted that downtown needs creation of a large amount of new office space.

However, opponents of the city's view of downtown office space development needs point to high vacancy rates (14.5%), per Cushman & Wakefield (Q2 2017). Adding the large number of additional vacancies to be added through downtown office construction currently in progress to the already significant vacancy rates is viewed by some as an office market condition that appears clearly contradictory to the city's position that the downtown area is in severe need of office space.

The 400 Central Ave site provides a sample case emphasizing the confusion about the actual extent of need for downtown office space. The St. Petersburg city government has pitched its preference to New York developer Red Apple for inclusion of an abundant number of offices spaces in its upcoming 400 Central Ave project. But, Red Apple decision-makers have taken the matter of occupancy types on the property under advisement. Red Apple's noncommittal position appears well-considered, in view of the controversial question of just what the area's needs actually are.