Commercial Quarterly
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Q3 2024 | State of the Market Pinellas County This quarter, MS&C Commercial expanded our coverage area for Pinellas County. The Pinellas market now includes six unique submarkets, which we will be reporting on, Downtown St. Petersburg, Gateway/Mid-Pinellas, South Pinellas, Downtown Clearwater, Bayside, and North Pinellas. In reviewing the third quarter of the year, the largest commercial sales in the market were in retail and multi-family transactions.
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Although each area is unique due to its location, all six submarket retail sectors experienced a 3-4% increase in asking rents in the year-over-year comparison. The largest rent increases were posted in Power Centers. The North Pinellas and Downtown St. Petersburg submarkets have new construction projects which will total 28,000 square feet of new space.
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Like the retail sector, the Pinellas submarkets are experiencing roughly a 3% rise in rents across the board. This quarter, Downtown St. Petersburg boasts an office vacancy rate of 7.9%, one of the lowest in the Tampa area. Notably, Downtown St. Petersburg is the sole submarket with new office space on the horizon, including a 12-story office tower called The Halcyon at The Central. This new office space will be greatly needed since over 200,000 square feet of leased office space, in the Central Business District, is now offline due to damage from Hurricane Milton. MS&C Commercial will continue to track how these changes affect the office sector in this submarket. Since February 2022, the Federal Reserve began increasing interest rates with eleven consecutive rate increases. At the Federal Reserve’s last meeting, September 18, 2024, the committee lowered the interest rate by 50 basis points. It is unclear how the decrease will influence investors and trading in Commercial Real Estate in our area. However, MS&C Commercial will continue to track the market and trends throughout 2024 and into 2025. For questions concerning your specific sector or business, please reach out to one of our highly skilled advisors. Sales by Property Type
• Comprehensive sales and leasing program • Active property feed to the most prominent search engines • Experienced agents negotiating your sale or lease • Monthly prospect and marketing reports Please give Bob Smith at MSC Commercial Property Management a call today at 941.208.3965. You will be glad you did!
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With leasing and management services provided by MS&C Commercial Property Management, you are assured a seamless process focusing heavily on tenant retention and aggressive marketing of vacant space. We utilize a variety of resources to retain your current tenants, fill vacant space and keep your properties operating in the black.
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Mult i-Family
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