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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A St. Pete native and former USF basketball star is preparing to open what he calls a love letter to his hometown.
Love Language 727 Restaurant & Lounge will open in October at 3063 Central Avenue in the Grand Central District.
The space was previously home to 31 Grand, a sports bar that closed in late 2024 following back-to-back hurricanes. Before that, it housed Punky’s Bar and Grill, an LGBTQ-friendly establishment that closed in 2022 after nearly seven years in business.
Owner Jimmy Devon Baxter is returning to St. Pete after nearly two decades in Atlanta, where he said he was inspired by the city’s experience-driven restaurant and lounge scene.
After graduating from Boca Ciega High School, he played basketball for the University of South Florida from 2000 to 2004.
During his senior year, Baxter received the NCAA Award of Valor for helping rescue two men trapped inside a vehicle following a violent crash. The City of Tampa also presented him with a key to the city for his efforts.