2019-07-10_DTZ戴德梁行_Office_Q4_2018_Pinellas_County_4页_730kb
报告摘要
Pinellas County Office Market Summary (Q4 2018)
Core Content
The Pinellas County office market experienced positive trends in 2018, with notable improvements in employment, vacancy rates, and rental prices. The economy showed strong growth, and the office market fundamentals remained resilient despite challenges in sales activity.
Economic Indicators
- Tampa Bay MSA Employment: Increased from 1.34M in Q4 17 to 1.36M in Q4 18.
- Pinellas County Unemployment: Declined from 3.4% in Q4 17 to 2.8% in Q4 18, marking a -60 bps drop.
- U.S. Unemployment: Decreased from 4.1% to 3.7%, indicating a national economic improvement.
Market Indicators
- Vacancy Rate: Overall vacancy rate fell by -120 bps YOY to 11.9%, the lowest in 18 years.
- Net Absorption: Reached +205,842 sf for the year, with Class A driving the market.
- Average Asking Rent: Increased to $22.99 psf, the highest in Pinellas County history.
- Class A Asking Rent: Rose by +5.8% to $25.95 psf, setting a new record.
- CBD Asking Rent: Reached $30.04 psf, the first time a Class A rent has averaged over $30.00.
- Gateway/Mid-Pinellas Submarket: Led the county with +12.0% and +13.6% increases in overall and Class A rents, respectively.
Market Highlights
- The office market fundamentals closed out 2018 in a positive trend.
- Tenant interest from expanding technology and business services firms is expected to remain high.
- Rising rents could potentially stimulate new construction, although current levels have not reached that threshold.
- The market experienced a three-year low in sales activity, with only 775,030 sf sold in 2018.
Key Lease Transactions (2018)
| Property | SF | Tenant | Transaction Type | Submarket |
|---|---|---|---|---|
| 490 First Ave. | 59,973 | L3 | New | St. Petersburg CBD |
| 9455 Koger Blvd. | 28,090 | Modern Business Associates | Renewal | Gateway/Mid-Pinellas |
| 3201 South 34th St. | 26,636 | Newport Retirement Services | Renewal | South St. Petersburg |
| 9620 Executive Center Dr. | 23,034 | Community Brands | Renewal | Gateway/Mid-Pinellas |
Key Sales Transactions (2018)
| Property | SF | Seller/Buyer | Price / $PSF | Submarket |
|---|---|---|---|---|
| 490 First Ave. | 239,585 | Denholtz/Lincoln Property Company | $39,350,000/$164 | St. Petersburg CBD |
| 311 Park Place Blvd. | 118,945 | Apollo Global/Hart Realty Advisors | $19,800,000/$166 | Bayside |
| 10101 Dr. MLK Jr. St. | 87,258 | Cardinal Point Real Estate/The Feil Organization | $17,150,000/$196 | Gateway/Mid-Pinellas |
| 3491 Gandy Blvd. | 49,655 | Gandy Associates/Mad-Flo Investments | $4,875,000/$98 | Gateway/Mid-Pinellas |
Submarket Analysis
| Submarket | Inventory (SF) | Sublet Vacant (SF) | Direct Vacant (SF) | Overall Vacancy Rate | Current Qtr Net Absorption (SF) | YTD Net Absorption (SF) | YTD Leasing Activity (SF) | Under CNSTR (SF) | Overall Average Asking Rent (All Classes) | Overall Average Asking Rent (Class A) |
|---|---|---|---|---|---|---|---|---|---|---|
| St. Petersburg CBD | 2,038,717 | 9,281 | 228,355 | 11.7% | 2,325 | 65,189 | 177,480 | 0 | $29.44 | $30.04 |
| Gateway/Mid-Pinellas | 4,686,427 | 9,426 | 676,883 | 14.6% | -1,310 | 17,258 | 106,226 | 0 | $23.64 | $26.74 |
| Bayside | 1,393,433 | 5,611 | 128,432 | 9.6% | 4,779 | 34,149 | 83,376 | 0 | $23.08 | $24.34 |
| Countryside | 1,187,937 | 0 | 154,074 | 13.0% | 12,659 | 22,490 | 60,873 | 0 | $20.01 | $21.33 |
| North Pinellas | 1,170,336 | 900 | 78,955 | 6.8% | 19,505 | 11,992 | 50,213 | 0 | $19.07 | $21.93 |
| Clearwater Downtown | 688,070 | 0 | 63,528 | 9.2% | -2,898 | 33,027 | 26,347 | 0 | $18.07 | $18.00 |
| South St. Petersburg | 822,983 | 150 | 73,919 | 9.0% | 8,463 | 21,737 | 50,117 | 0 | $16.55 | N/A |
| Non CBD | 9,949,186 | 16,087 | 1,175,791 | 12.0% | 41,198 | 140,653 | 377,152 | 0 | $22.13 | $24.85 |
| PINELLAS COUNTY TOTALS | 11,987,903 | 25,368 | 1,404,146 | 11.9% | 43,523 | 205,842 | 554,632 | 0 | $22.99 | $25.95 |
Class A and B Analysis
| Class | Inventory (SF) | Sublet Vacant (SF) | Direct Vacant (SF) | Overall Vacancy Rate | Current Qtr Net Absorption (SF) | YTD Net Absorption (SF) | YTD Leasing Activity (SF) | Direct Average Asking Rent |
|---|---|---|---|---|---|---|---|---|
| Class A | 6,028,127 | 22,484 | 752,903 | 12.9% | 867 | 89,637 | 339,290 | $26.04 |
| Class B | 5,091,851 | 2,884 | 619,211 | 12.2% | 24,530 | 97,651 | 174,501 | $19.96 |
| Class C | 867,925 | 0 | 32,032 | 3.7% | 18,126 | 18,554 | 40,841 | $17.47 |
Opportunity Zones
Pinellas County has 16 designated opportunity zones, with 7 located near the St. Petersburg CBD. These zones offer tax incentives to encourage investment in low-income communities, potentially stimulating economic growth.
Conclusion
The Pinellas County office market demonstrated resilience and positive trends in 2018, with decreasing vacancy rates, rising rents, and strong tenant demand. While sales activity declined, the market remains attractive for smaller and mid-sized firms due to competitive rental rates and high amenity factors. The future outlook suggests continued positive sentiment and potential for new developments driven by increasing rents and demand.
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