A confluence of market factors makes it difficult to finance new office space in the urban core despite a documented need from expanding St. Pete businesses and relocating companies. The Partnership will work with public and private sector leaders to prioritize new office development, remove zoning obstacles, and find creative funding strategies for new office inventory.
Developing new office space is critical to attracting and retaining employers who provide sustainable, high-wage jobs and keep our economy growing. Recent downtown development has focused largely on residential projects, not office space. The availability of office space has remained stagnant, while the demand has steadily increased. New businesses want to relocate to St. Petersburg’s dynamic downtown. Creative entrepreneurs and young professionals want to work for companies that are located in dynamic, urban centers. Companies that want to attract the best and brightest employees are choosing downtown St. Petersburg as a competitive advantage in workforce development. The challenge of financing new office space and the time it takes to construct new buildings makes it difficult to get shovels in the ground. The St. Petersburg Downtown Partnership is working in conjunction with private developers and city leaders to facilitate and promote the development of new office space.