2019-07-10_DTZ戴德梁行_Office_Q3_2018_Pinellas_County_2页_362kb
报告摘要
Pinellas County Office Market Summary
Core Content
This report provides an overview of the economic and office market conditions in Pinellas County as of Q3 2018. It includes key indicators such as employment, unemployment, vacancy rates, net absorption, and average asking rents, highlighting both the current state and future outlook of the market.
Economic Indicators
- Tampa Bay MSA Employment: Increased from 1.32M in Q3 17 to 1.35M in Q3 18, showing a growth rate of 2.5%.
- Pinellas County Unemployment: Declined by 40 basis points (bps) to 3.4% in August 2018.
- U.S. Unemployment: Decreased from 4.4% in Q3 17 to 3.9% in Q3 18.
The Financial Activities sector experienced the highest annual job growth rate in Florida, with an increase of 7.7% or 4,900 jobs.
Market Indicators
- Vacancy Rate: Overall vacancy fell by 240 bps yoy to 12.7%, but increased by 100 bps compared to the previous quarter due to Transamerica vacating 132,100 sf in the Gateway/Mid-Pinellas submarket.
- Net Absorption (YTD): Overall net absorption reached 126,000 sf, with the third quarter marking the first negative absorption in over a year.
- Leasing Activity (YTD): Total leasing activity was 361,133 sf, representing 55% of the previous year's activity.
- Average Asking Rent: Increased by 7.0% yoy to $22.97 psf, with Class A rents rising to $25.63 psf.
Submarket Performance
| Submarket | Overall Vacancy Rate | YTD Net Absorption (SF) | YTD Leasing Activity (SF) | Overall Asking Rent (All Classes) | Overall Asking Rent (Class A) |
|---|---|---|---|---|---|
| St. Petersburg CBD | 11.8% | 47,498 | 81,051 | $29.13 | $29.50 |
| Gateway/Mid-Pinellas | 14.8% | 13,042 | 78,269 | $23.53 | $26.87 |
| Bayside | 9.2% | 30,425 | 72,002 | $23.48 | $24.52 |
| Countryside | 14.3% | 12,399 | 43,194 | $19.78 | $20.70 |
| North Pinellas | 8.0% | -5,893 | 38,250 | $19.31 | $21.61 |
| Clearwater Downtown | 15.1% | 15,263 | 17,690 | $18.01 | $18.00 |
| South St. Petersburg | 11.3% | 13,274 | 30,677 | $17.30 | N/A |
| Non CBD | 12.9% | 78,510 | 280,082 | $21.68 | $24.13 |
Key Observations
- Class A Assets: Showed the strongest performance with the highest rental gains and lowest vacancy rates.
- CBD Outperformance: CBD rents increased by 7.4% to $29.13 psf, with Class A CBD rents reaching a cycle and historic high of $29.50 psf.
- Gateway/Mid-Pinellas: Led the county in rental gains, with overall rents up 11.4% and Class A rents up 14.3%.
- Vacancy Trends: While the overall vacancy rate decreased, some submarkets saw increases, notably Clearwater Downtown at 15.1%.
- Absorption: The third quarter saw negative absorption (-76,096 sf), but YTD absorption was positive at 126,008 sf.
- Leasing Activity: Driven primarily by Class A product, with over 201,000 sf leased year-to-date.
Key Lease Transactions (Q3 2018)
- 17755 N US Hwy 19 (Bayside): 5,100 sf leased to United Development Systems.
- 28050 N US Hwy 19 (Countryside): 2,106 sf leased to Amerilife.
Key Sales Transactions (Q3 2018)
- 10101 Dr. MLK Street (Gateway/Mid-Pinellas): Sold for $17,150,000, or $196 psf, by Cardinal Point Real Estate to The Feil Organization.
Outlook
- Market Fundamentals: Mixed, with vacancy rates rising quarter-to-quarter and rents reaching historic highs.
- Tenant Interest: High demand from expanding technology and business services firms is expected to drive growth in the office market through the end of 2018 and into 2019.
- Construction: Elevated construction costs have not yet prompted new developments, but rising rents may encourage future construction.
About Cushman & Wakefield
- A leading global real estate services firm with 48,000 employees in 400 offices across 70 countries.
- In 2017, the firm generated $6.9 billion in revenue from core services such as property management, leasing, and capital markets.
- The report is provided by Cushman & Wakefield of Florida, LLC, with contact details available for further inquiries.
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