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MS&C Commercial Market Report: Q2 2019

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The tri-county area commercial market posted strong fundamentals through the first half of 2019 for all property types. Looking back at the quarter, one of the largest commercial sales in the market involved a downtown Sarasota multi-family property. Bluerock Real Estate acquired The Desota, a 10-story luxury apartment building built in 2017, for $80.3 million. The building consists of 180 residences plus 15,350 square feet of ground-floor commercial space, which was designed to appeal to downtown Sarasota’s discerning and affluent residents. Another notable transaction during the quarter was the sale of Bradenton Financial Center in Downtown Bradenton for $14.95 million. The 116,839 SF office building was 90% occupied at the time of sale with a reported cap rate of 7.75%. As we move into the second half 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
1912 E 44th Ave, Unit 1, Bradenton Lease 6,600 SF Industrial
6009 Business Blvd, Sarasota Sale 11,364 SF Office
378 St. Armands Circle, Sarasota Lease 1,805 SF Retail
7357 Merchant Ct, Lakewood Ranch Sale  8,351 SF Office
3145 Lakewood Ranch Blvd, Unit 102, Lakewood Ranch Lease 26,225 SF Industrial
5045 Fruitville Rd, Unit 123, Sarasota Lease 1,875 SF Retail
607 5th St, Miami Beach Lease 2,200 SF Retail
101 Riverfront Blvd, Bradenton Lease 4,955 SF Office
2811 Tamiami Trail, Unit S, Port Charlotte Lease 960 SF Retail

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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:

$5.06 Per Land SF / $220,429 Per Acre

Industrial Land:

$2.89 Per Land SF / $126,000 Per Acre

Residential Land:

$3.73 Per Land SF / $162,546 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. 2,000+ units are currently under construction.

Occupancy Rate:

93.0%

YTD Net Absorption:

1,028 Units

Average Effective Rent Per Unit:

$1,260

Economy

The labor force in the tri-county area continued to grow by adding 5,200 jobs over the year.

Economic Indicators Q2 2018 Q2 2019
Tri-County Total Non-farm Employment 357,700 362,900
Tri-County Unemployment Rate 3.3% 3.0%
Florida Unemployment Rate 3.4% 3.1%
U.S. Unemployment Rate 3.6% 3.4%

MS&C Commercial Market Report: Q2 2019 was last modified: July 29th, 2019 by Samantha Emelock

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