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MSC Commercial market report: Q1 market report

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The effects of the coronavirus outbreak on the tri-county area commercial market remain unclear. Prior to the coronavirus outbreak, the tri-county area had strong economic momentum, and the current report largely reflects the environment before the pandemic. It is too early to provide a quantitative assessment or forecast of the ultimate market impact of COVID-19. As with previous reports, our analysis focuses on the market activity reflected in current quarterly statistics. The overnight halt to the tourism industry will likely have repercussions for the local economy. In a year of evident political and economic uncertainty, we expect to see additional tempering in metrics — including asking rent growth and construction starts — as companies look for additional signals of where their businesses are headed this year.

MSC Commercial is committed to the goals of our clients and those of the commercial real estate industry. We will continue to monitor market movements as this situation evolves. Though the way we operate has changed, our team continues to work as an essential business remotely, supporting all our clients. Please feel free to contact us at any time. For questions concerning your specific sector or business, please reach out to one of our highly skilled advisors.

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. View and download the full report below.

Significant sales

Location Sale/Lease SF/Acreage Property Type
1021 6th Ave W, Bradenton, FL Sale 50,000 SF Office
6301 Porter Rd – Unit 3, Sarasota, FL Sale 2,650 SF Industrial condo
1905 Cortez Rd W, Bradenton, FL Sale 5,115 SF Retail
409 & 461 Ramsey Rd, Venice, FL Sale 15 Acres Vacant land
6230 University Pkwy, Sarasota, FL Lease 4,740 SF Office
218 S Harbor Dr, Venice, FL Lease 3,017 SF Office
2840 Worth Ave – Unit 3/4, Englewood, FL Lease 2,250 SF Industrial
5704 Manatee Ave W, Bradenton, FL Lease 4,000 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:

$6.23 Per Land SF / $271,386 Per Acre

Industrial land:

$4.99 Per Land SF / $217,248 Per Acre

Residential land:

$2.07 Per Land SF / $90,000 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:

90.2%

YTD Net absorption:

589 Units

Average effective rent per unit:

$1,261

MSC Commercial market report: Q1 market report was last modified: April 28th, 2020 by Samantha Emelock

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