2019-07-10_DTZ戴德梁行_Office_Q2_2019_Pinellas_County_4页_541kb

报告摘要

Pinellas County Office Market Summary Q2 2019

Core Content Overview

The document provides a comprehensive analysis of the office market in Pinellas County for Q2 2019, including economic and market indicators, vacancy rates, rental trends, leasing activity, and key transactions. It highlights the overall positive trend in the market, driven by strong tenant demand and improving occupancy levels.

Economic Indicators

Tampa Bay MSA Employment: Increased from 1.34 million in Q2 18 to 1.37 million in Q2 19, showing a growth rate of 2.0%.
Pinellas County Unemployment Rate: Declined by 30 basis points (bps) over the past year to 2.9%, indicating a strong local job market.
U.S. Unemployment Rate: Decreased to 3.6% in Q2 19 from 3.9% in Q2 18.

Market Indicators (Overall, All Classes)

Vacancy Rate: Decreased by 140 bps to 10.3%, the lowest in over 20 years.
YTD Net Absorption: Total of approximately 144,000 square feet (sf), with a notable increase in CBD and suburban markets.
Under Construction: No new construction reported.
Average Asking Rent: Increased by 5.2% year-over-year (YOY) to $23.11 psf, with the highest levels in Class A and Gateway/Mid-Pinellas submarkets.

Market Highlights

Class A Vacancy Rate: Dropped to 10.3%, the lowest in three years.
St. Petersburg CBD: Contributed the most to Class A occupancy gains, decreasing by 720 bps to 9.1%.
Gateway/Mid-Pinellas Submarket: Led in rental gains, with increases of 12.2% and 13.5% in overall and Class A rents, respectively.
CBD Rent Gains: Overall rents increased by 7.0% to $30.84 psf, with Class A rents rising to $31.58 psf, the highest on record for the CBD.
Suburban Markets: Showed strong absorption, with Class A rents increasing by 12.7% to $24.54 psf.
Leasing Activity: Approximately 249,000 sf leased through mid-year 2019, with 179,000 sf in suburban markets and 70,000 sf in the CBD.

Key Lease Transactions Q2 2019

Insurance Administrative Solutions: Expanded/renewed at 17757 North U.S. Highway 19 (64,107 sf) in Bayside.
Reynolds Tobacco Company: Leased new space at 200 Central Avenue (8,911 sf) in St. Petersburg CBD.
ClearChoice Management Services: Leased new space at 805 Executive Center Drive West (7,926 sf) in St. Petersburg CBD.

Key Sales Transactions Q2 2019

No significant sales transactions were reported in the second quarter.

Market Outlook

Tenant Demand: Strong and expected to continue, particularly from expanding technology and business services firms.
Rental Increases: May encourage some developers to consider new speculative office projects, especially as part of mixed-use developments.
Vacancy Trends: Continued decline in vacancy rates, with no new construction, reinforcing the confidence of landlords in raising rents.

Summary of Market Trends

Positive Fundamentals: The office market in Pinellas County closed out Q2 2019 with positive trends in occupancy and rent.
Submarket Performance:
- St. Petersburg CBD: Highest absorption and rent increases.
- Gateway/Mid-Pinellas: Leading in rental gains.
- Suburban Markets: Showed the most significant absorption and rent growth.
Overall Market: Strong leasing activity, decreasing vacancies, and rising rents indicate a healthy and resilient office market.

Contact Information

Cushman & Wakefield of Florida, LLC
One Tampa City Center
Tampa, FL 33602
For more information, contact:
- Chris Owen – Director, Florida Research
  - Tel: +1 407 541 4417
  - Email: chris.owen@cushwake.com
- Michelle McMurray – Senior Analyst
  - Tel: +1 813 204 5373
  - Email: michelle.mcmurray@cushwake.com
- Jason McCormick – Analyst
  - Tel: +1 813 462 4211
  - Email: jason.mccormick@cushwake.com

About Cushman & Wakefield

A leading global real estate services firm with 51,000 employees in 400 offices across 70 countries.
2018 revenue: $8.2 billion.
Offers services in property, facilities, leasing, capital markets, valuation, and more.