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MS&C Commercial Market Report: Q3 2019

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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.

Location Sale/Lease SF/Acreage Property Type
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

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Land

The median price per square foot/acre of sold parcels for Commercial, Industrial, and Residential zoned land from the past four quarters are below:

Commercial Land:

$5.84 Per Land SF / $254,543 Per Acre

Industrial Land:

$2.50 Per Land SF / $108,824 Per Acre

Residential Land:

$2.36 Per Land SF / $102,620 Per Acre

 

Multi-Family

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.

Occupancy Rate:

91.9%

YTD Net Absorption:

880 Units

Average Effective Rent Per Unit:

$1,255

Economy

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%

MS&C Commercial Market Report: Q3 2019 was last modified: November 6th, 2019 by Samantha Emelock

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