The tri-county area commercial market posted strong market fundamentals through the third quarter of 2019 for all property types. Looking back at the quarter, the largest commercial sales in the market involved multi-family properties. Becovic Management Group acquired the Preserve at Riverwalk in Downtown Bradenton, a 252-unit apartment building built in 2018, for $46.4 million or $184,167 per unit. Insula Companies acquired Summer Cove in the University Parkway Corridor submarket, a 224-unit apartment building built in 1997, for $43 million or $191,964 per unit. Cohen-Esrey Apartment Investors acquired Lakes at North Port in South Sarasota, a 312-unit apartment building built in 2000, for $43 million or $137,820 per unit. Another notable transaction during the quarter was the sale of the Gateway Professional Centre Office Complex in the I-75 Corridor submarket for $45.2 million. The 246,941 SF office complex was 95.1% occupied at the time of sale with a reported cap rate of 7.4%. As we move into the final quarter of 2019, the continued expansion of the area driven by the steady population growth will see an influx of new hotels, retail stores, and condominiums materialize.
Read on for more of the latest in the region’s commercial real estate market and reach out to one of our highly-qualified commercial agents to learn more about your local market.
|7216 E 21 St, Sarasota||Lease||3,200 SF||Industrial|
|640 S Washington Blvd, Sarasota||Sale||34,665 SF||Office|
|2811 Tamiami Trl – Unit N, Port Charlotte||Lease||900 SF||Office|
|1201 6th Ave W – Unit 500, Bradenton||Lease||1,050 SF||Office|
|505 S Orange Ave – Suites C1 & C2, Sarasota||Lease||3,863 SF||Office|
|14497 N Dale Mabry Hwy – Unit 120N, Tampa||Lease||5,255 SF||Office|
|1500 Main St, Sarasota||Sale||30,650 SF||Retail|
|Palmer Blvd, Sarasota||Sale||50.70 +/- acres||Vacant Land|
- Iconic Sarasota “Vault” building is purchased by investor – DeLieto Team of MSC Commercial in the news
- Office building in Lakewood Ranch sells for $6.35 million
- Large Sarasota office complex fetches $45.2 million
- New developers breathing new life into Pineapple Square project in Sarasota – DeLieto Team of MSC Commercial in the news
- Former South Trail PPG Paints Building Sells – Eric Massey of MSC Commercial in the news
- Grant assists employers with advanced manufacturing skills training
- Food Network filming episode of restaurant impossible in downtown Bradenton
- Nation’s largest inflatable adventure park opens in Sarasota
- Shore waterfront restaurant on Longboat Key now open
The median price per square foot/acre of sold parcels for Commercial, Industrial, and Residential zoned land from the past four quarters are below:
$5.84 Per Land SF / $254,543 Per Acre
$2.50 Per Land SF / $108,824 Per Acre
$2.36 Per Land SF / $102,620 Per Acre
The tri-county area remains in the midst of a supply boom. Over 6,000 units have been delivered over the past five years. 2,500+ units are currently under construction.
YTD Net Absorption:
Average Effective Rent Per Unit:
The labor force in the tri-county area continued to grow by adding 2,700 jobs over the year.
|Economic Indicators||Q3 2018||Q3 2019|
|Tri-County Total Non-farm Employment||354,300||357,000|
|Tri-County Unemployment Rate||3.6%||3.6%|
|Florida Unemployment Rate||3.7%||3.5%|
|U.S. Unemployment Rate||3.9%||3.8%|