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MSC Commercial market report: Q4 market report

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State of the Market

The tri-county area commercial market posted strong market fundamentals through 2019 for all property types. Looking back at the year and similar to 2017 and 2018, the largest commercial sales in the market involved multi-family properties. Overall office rents increased throughout the year. New industrial/flex construction provided additional space options and supported further increases in leasing activity. The retail market will continue to be supported by residential development. As we move into 2020, the continued expansion of the area driven by the steady population growth, will see an influx of new hotels, retail stores and apartments.

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.

Location Sale/Lease SF/Acreage Property Type
Interstate Drive, Lakeland, FL Sale 4.12 acres Vacant Land
Lorraine Corners, Lot #3, Lakewood Ranch, FL Sale 1.38 acres Vacant Land
905 & 915 Manatee Avenue East, Bradenton, FL Sale 13,096 SF Office
11455 North US-301, Parrish, FL Sale 13 +/- acres Vacant Land
1926 18th St, Sarasota, FL Sale 9,397 SF Industrial Building
18215 Paulson Dr, Port Charlotte, FL Sale 8,000 SF Industrial Building
5310 Clark Rd – Unit 204, Sarasota, FL Lease 1,700 SF Medical Office
57 S Blvd of the Presidents, Sarasota, FL 34236 Lease 1,079 SF Retail
2811 Tamiami Trail, Unit S, Port Charlotte Lease 960 SF Retail
6230 University Parkway #201 & 203,
Lakewood Ranch, FL
Lease 8,919 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:

$6.22 Per Land SF / $271,076 Per Acre

Industrial Land:

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

Residential Land:

$1.99 Per Land SF / $86,617 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:

91.7%

YTD Net Absorption:

1,680 Units

Average Effective Rent Per Unit:

$1,255

Economy

The labor force in the tri-county area continued to grow by adding 10,000 jobs over the year.

Economic Indicators Q4 2018 Q4 2019
Tri-County Total Non-farm Employment 360,200 370,200
Tri-County Unemployment Rate 3.3% 2.8%
Florida Unemployment Rate 3.3% 2.7%
U.S. Unemployment Rate 3.5% 3.3%

MSC Commercial market report: Q4 market report was last modified: January 28th, 2020 by Samantha Emelock

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