St. Pete’s office market is shrinking — here’s why that matters

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St. Pete’s office market is shrinking — here’s why that matters

As residential and mixed-use towers continue to reshape downtown St. Petersburg, a quieter yet equally significant transformation is underway: a sharp contraction in the city’s office market.

While St. Pete is performing better than the national average on paper, the amount of available office space is shrinking, a trend that could complicate efforts to attract new businesses and corporate relocations.

Nationally, office space is disappearing at a record pace. According to a recent CBRE report, the United States will see a net loss of approximately 10.6 million square feet of office space by the end of 2025, representing the first year of true nationwide office space contraction in over a generation.

While many cities are grappling with declining demand, St. Petersburg faces a unique dilemma: its office market isn’t struggling due to oversupply. It’s struggling because viable office space is being demolished or repurposed in favor of housing and retail development.

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Steakhouse and martini bar The Blu Halo opens in north St. Pete

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Steakhouse and martini bar The Blu Halo opens in north St. Pete

A stylish new steakhouse has opened in North St. Pete.

The Blu Halo officially debuted on Monday June 30th at 221 Main Street North on the ground floor of Park & Main, a new 17-story luxury apartment tower at the growing Echelon City Center development in the Carillon Office Park.

Originally founded in Tallahassee, The Blu Halo is a steakhouse and martini bar known for its modern take on classic American fare.

The team behind The Blu Halo chose St. Pete for its second location due to the city’s growing reputation as a dining destination. In April, the Michelin Guide recognized three restaurants in St. Pete.

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West Coast cult-favorite Dutch Bros Coffee files plans for first Pinellas County location

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West Coast cult-favorite Dutch Bros Coffee files plans for first Pinellas County location

West Coast cult-favorite coffee chain Dutch Bros Coffee is planning to open its first Pinellas County location in Largo.

The new location will be built from the ground up at 2250 East Bay Drive, just west of Starkey Road.

The 967-square-foot building will include a double drive-thru and a walk-up window, designed for speed and convenience. There will be no indoor seating or customer access to the interior.

Founded in Oregon in 1992, Dutch Bros has grown to over 900 locations across the U.S.

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10-unit townhome community breaks ground in St. Pete's Central Oak Park neighborhood

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10-unit townhome community breaks ground in St. Pete's Central Oak Park neighborhood

A new 10-unit townhome development is coming to St. Pete’s Central Oak Park neighborhood, located just west of the Grand Central District.

Seattle-based development firm Heron Properties has broken ground on the project, called The Junction Townhomes, located at 3601 1st Avenue North. This marks the company’s first development outside of Seattle.

The community will include four buildings situated around a landscaped central courtyard.

Heron Properties purchased the 0.42-acre property in 2022 for $770,000.

“We’ve started site work and expect to begin vertical construction in August,” said Grace Johnson, Principal at Heron Properties, in a conversation with St. Pete Rising.

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Churned Ice Cream opens new St. Pete shop with grab-and-go treats

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Churned Ice Cream opens new St. Pete shop with grab-and-go treats

Churned Ice Cream, the small-batch ice cream company known for serving handcrafted frozen treats out of a retro 1970s Volkswagen van, now has a permanent home in St. Pete.

The local favorite has quietly opened a production facility and grab-and-go storefront at 5504 Haines Road North in a space previously occupied by The Shop & Coffee House.

The 1,200-square-foot location houses Churned’s main production operations and a freezer-stocked retail section where customers can pick up pre-packaged goodies Monday through Friday from 9 a.m. to 5 p.m.

“This isn't your traditional ice cream shop where you can order at the counter and dine in,” said managing partner Steve Tishman in a conversation with St. Pete Rising. “But we do plan to add counter service with over 20 flavors later this year.”

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Duckweed Urban Grocery opens first St. Pete location in the Grand Central District

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Duckweed Urban Grocery opens first St. Pete location in the Grand Central District

Downtown St. Pete has a new neighborhood grocery store offering everyday essentials and conveniences, with a focus on locally sourced products and organic options.

Duckweed Urban Grocery quietly opened its first St. Pete location Friday morning on the ground floor of the Tru by Hilton hotel at 1670 Central Avenue in the Grand Central District.

The Tampa-based grocery store has become known for its curated selection of products that cater to a variety of diets—including vegan and keto. 

“The Duckweed team has spent the last several months curating the St. Pete space to ensure it's a safe and inviting place to shop for everyday essentials as well as fun and unique products that aren't typically carried in chain retailers,” the Duckweed team said.

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Historically St. Pete: The 96-year-old Saint Mary’s Church and its amusing connection to a bathroom at the St. Pete Pier

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Historically St. Pete: The 96-year-old Saint Mary’s Church and its amusing connection to a bathroom at the St. Pete Pier

At St. Pete Rising, we are constantly providing comprehensive coverage on everything new and coming soon to the Sunshine City, but we think it’s also important to take a look back at our city's rich history.

Historically St. Pete, a monthly column on St. Pete Rising written by Executive Director of the St. Petersburg Museum of History Rui Farias, covers everything from the legend of underground mobster tunnels to the buildings and people that created the Sunshine City.

Follow us each month as we explore how these projects shaped St. Pete into the city we know and love today.

This month we explore the history of the 96-year-old Saint Mary Our Lady of Grace Catholic Church and its amusing connection to a downtown bathroom nicknamed Little St. Mary’s.

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Multi-tenant retail building planned for the west end of Grand Central District

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Multi-tenant retail building planned for the west end of Grand Central District

A 6,079-square-foot retail building has been proposed for the west end of the Grand Central District.

The property is located at 2730 Central Avenue, just steps from the corner of Central Avenue and 27th Street, an area known for popular neighborhood restaurants like Wild Child, Baba, Casita Taqueria, and Bandit Coffee.

The site, which is owned by local real estate investor Rossi Bonugli, was previously occupied by two single-family homes that had been converted for retail use. They were demolished a few months ago to make way for the new development.

Bonugli had rented out the spaces for years but envisioned a greater use for the property.

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Treasure Island’s iconic Thunderbird Beach Resort could be rebuilt bigger than before

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Treasure Island’s iconic Thunderbird Beach Resort could be rebuilt bigger than before

After suffering major hurricane damage last year, Treasure Island’s iconic Thunderbird Beach Resort will be completely demolished and rebuilt, potentially larger than before, while preserving its nostalgic charm.

The city’s Planning and Zoning Board unanimously approved a site plan last Thursday for a new four-story resort that will replace the 68-year-old property at 10700 Gulf Boulevard.

As first reported by St. Pete Rising, the rebuild calls for one single U-shaped building to house all 106 hotel rooms—the same number as before—on three levels above a 124-space surface parking lot beneath the structure, along with a 1,750-square-foot lobby and office space.

The resort’s appearance is expected to change significantly, but the Thunderbird name and its historic neon sign will remain.

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Dynasty Financial Partners to move headquarters to 400 Central Avenue in downtown St. Pete

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Dynasty Financial Partners to move headquarters to 400 Central Avenue in downtown St. Pete

The 46-story 400 Central condo tower under construction in downtown St. Petersburg has landed a major tenant to anchor its office space.

Financial services firm Dynasty Financial Partners will move from the 15th floor of 200 Central Avenue to 400 Central, which is the tallest building in St. Petersburg.

Dynasty has signed a 15-year lease to occupy all of 400 Central’s 45,000 square feet of Class A office space, according to a joint announcement from developer Red Apple Group and Dynasty.

The new headquarters will include a private entrance and lobby, a 15,000-square-foot rooftop terrace for special events, and several other custom amenities. Construction is underway, with Dynasty's move slated for November 2026.

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