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 |
Related News:
- Sarasota tech firm with 175 employees buys new HQ for $10.5M
- Dilweg Cos. selling Sarasota City Center office building
- One Sarasota Tower continues to age gracefully
Related News:
- Amazon building Sarasota County distribution center
- North Port commission approves master plan for light industrial complex
- Manufacturer adds business line with $92M deal
Related News:
- Permit filed for Ulta Beauty in Bradenton
- Sarasota restaurant Siegfried’s featured on German show ‘Goodbye Deutschland’
- Kurtos Chimney Cake Opens in Downtown Sarasota
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