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The tri-county area commercial market began the year trending positive with strong market fundamentals for all property types. Looking back at the quarter, one of the largest commercial sales in the market involved a downtown Sarasota retail property. New York Life Real Estate Investors acquired The Shoppes at Sarasota Row, a 59,341-square foot fully leased shopping center, for $24.6 million. The 3.9-acre property is anchored by Whole Foods and includes the only Starbucks in downtown. As we move into the second 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 |
| 5045 Fruitville Rd, Sarasota | Sale | 32,314 SF | Retail/Investment |
| 2044 79th St NW, Bradenton | Sale | 1 Acre | Vacant Land |
| 3303 Bahia Vista Street, Sarasota | Sale | 8,180 SF | Office |
| 20 North Lemon Ave, Sarasota | Lease | 1,600 SF | Retail |
| 435 Commercial Court, Suite #300, Venice | Lease | 5,554 SF | Medial Office |
| 1560 East 12th Street, Palmetto | Lease | 9,940 SF | Industrial |
| 7201 East 15th Street, Sarasota | Sale | 7.52 +/- Acres | Industrial |
| 1878 Mayo Drive, Tavares Lake | Sale | 6,515 SF | Medial Office |
| 4204 West 20th Street, Suite #4022 & #4026 | Lease | 1,400 SF | Office |
| 2811 Tamiami Trail, Units D, E, and F, Port Charlotte | Lease | 2,824 SF | Office |
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- Dowtown Sarasota’s Only Brewery, T.O.M.B., to Open in November
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:
$4.29 Per Land SF/$186,681 Per Acre
Industrial Land:
$3.13 Per Land SF/$136,333 Per Acre
Residential Land:
$1.16 Per Land SF/$54,525 Per Acre
Multi-Family
The tri-county area is currently undergoing an unprecedented supply wave. Over 6,000 units have been delivered over the past five years. 2,000+ units are under construction.
Occupancy Rate:
93.8%
YTD Net Absorption:
326 Units
Average Effective Rent Per Unit:
$1,240
Economy
The labor force in the tri-county area continued to grow by adding 3,500 jobs over the year.
| Economic Indicators | Q1 2018 | Q1 2019 |
| Tri-County Total Non-farm Employment | 358,600 | 362,100 |
| Tri-County Unemployment Rate | 3.5% | 3.4% |
| Florida Unemployment Rate | 3.8% | 3.4% |
| U.S. Unemployment Rate | 4.4% | 4.1% |