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MS&C Commercial Market Report: Q1 2019

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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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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%

MS&C Commercial Market Report: Q1 2019 was last modified: May 2nd, 2019 by Samantha Emelock

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