Latest Office Vacancy Report, Sarasota County

The numbers are in for December. Downtown vacancy edged up, University Parkway vacancy is down and the rest appear stagnant. Overall vacancy is 19.15%.

Herewith the numbers:

Downtown Sarasota: 13.74% +
University Parkway Area: 18.22% -
I-75 Fruitville South to Clark: 21.27% (N/C)
Venice: 22.03% (N/C)
North Port: 37.28% (N/C)
Suburban & South Trail: 27.84% (N/C)

Source: Sarasota EDC

Latest Office Vacancy Report (November)

The numbers are in for 11/09. They are as follows**:

Downtown Sarasota: 13.74% (+)
University Parkway: 18.22% (-)
I-75 Fruitville S to Clark: 21.27% (n/c)
Venice: 22.03% (n/c)
North Port: 37.28% (n/c)
Suburban & South Trail: 27.84%

** = does not include sublet space.

Latest Office Vacancy Report (October)

Numbers are in. Most areas with the exception of I-75 Fruitville (down) have edged up. No change in Venice. North Port is edging near 40% vacancy and this does not include sublet space. Herewith the numbers:

Downtown Sarasota: 13.41% +
University Parkway Area: 20.31% +
I-75 Fruitville South to Clark: 21.27% -
Venice: 22.03% (N/C)
North Port: 37.28% +
Suburban & South Trail: 27.84% -

Leased Another One

We want to welcome Starr Title Insurance to their new home at 100 Wallace Avenue, Suite 250. Starr has signed a 3 year lease with the landlord. We wish them all the best. The location is excellent, almost directly across the street from the Sarasota courthouse.

Took a little less than six months to find a tenant. Not bad, considering the climate. Aggressive marketing + motivated landlord + motivated tenant = another deal in an ailing economy!

June Office Vacancy Report (Sarasota County)

Vacancies inched up once again. We have about another percentage point of empty office space than we did a few months ago with the I-75/Fruitville, south to Clark corridor seeing a negative 40,651SF of absorption this year. Ouch!

Down and dirty numbers:

Countywide: 18.82%
University Parkway: 18%
Downtown: 13%
I-75/Fruitville S to Clark: 23%
Venice: 22%
North Port still sucking wind at: 35%
Suburban and South Trail: 26%

Office Tenants in Driver's Seat

Office Tenants Now in the Driver's Seat

Jun 26, 2009
By: Dees Stribling, Contributing Editor

Even before the financial meltdown last fall, most U.S. office markets were going noticeably soft. In particular, vacancies were rising as businesses downsized, reorganized or otherwise felt skittish about committing to any new use of office space. Now that the worst recession in at least a generation is under way, what was once only a worrisome trend for U.S. office landlords is full-blown reality.

Few dispute that current conditions in almost every office market could be called a “tenants' market.” Tenants have the edge now, provided they themselves aren't beaten up so badly by the economy that they can't take advantage of that fact.

Though each major metro market has its own distinct features, the overall numbers are telling. According to Reis Inc., the overall U.S. office vacancy rate climbed to 15.2 percent by the end of the first quarter of 2009, compared to 14.5 percent at year's end 2008 and 12.8 percent during 1Q08. Office-space users vacated nearly 25 million square feet during 1Q09, moving in tandem with the spike in the U.S. unemployment rate during that period. People go, then the space goes, and people are still going.

Moreover, since commercial real estate tends to be a lagging indicator, even if the economy starts to grow again later this year--something of a tall assumption--office landlords might not feel the benefit for quite a while longer than that.

In some ways, this office downturn is like previous ones, Bill Lichwala, president and CEO of Plante Moran Cresa told CPN. “Financially solid tenants are now able to negotiate with a lot of strength,” he said. “At first, landlords resisted lowering rents, and offered more concessions, because lower rents affect the building valuation a lot more.”

But now rents are going down. According to Reis, office rents were an average of 3.2 percent lower in the first quarter of 2009 than a year earlier.

“Landlords simply can't compete anymore without competing on rents,” said Lichwala, whose Southfield, Mich.-based firm specializes in tenant rep. “They can only offer so much in the way of incentives, and that's reached its limit.”

Lichwala pointed out that in one way, however, this office market isn't like previous slumps in space usage. “Previously, landlords needed to be sure that a tenant was creditworthy before a deal would be inked,” he said. “That's normal due diligence, and it hasn't changed. But now tenants need to be as sure of the solvency of the landlords as much as the other way around. It isn't any good to negotiate a sweet concession package if the landlord goes into receivership and can't afford it.”

LINK

Vacancy Report (2/1/09)

The Sarasota EDC numbers are in (as of 2/1) and they are as follows:

Downtown: 11.06%
University Parkway Area (includes Lakewood Ranch): 17.96%
I-75 Fruitville S to Clark: 21.32%
Venice: 22.03%
North Port: 35.13% (!!)
Suburban & South Trail: 26.65%

Area Average: 17.82%

Download Full Report Here (58kb)

1,323 SF Goes to Juvenile Diabetes Research in Lakewood Ranch

7-AUG-08: Juvenile Diabetes Research Foundation (JDRF) leased 1,323 SF of office space in the Lakewood Ranch Tech Park at 7341 Professional Parkway for three years. Based out of New York City, JDRF has 100 locations and is the leading charitable funder and advocate of type 1 (juvenile) diabetes research worldwide. Since its founding in 1970 by parents of children with type 1 diabetes, JDRF has awarded more than $1.16 billion to diabetes research, including more than $137 million in FY2007.

Anthony V. Migliore, P.A. of Coldwell Banker Commercial NRT represented the landlord, GOP I, LLC, and Diane Lawson of Abbey Realty represented the tenant.

Comm-Ex Story on The Deal

Just Listed the Binz Building

Just a note: I am not intending to write about my listings here as that's not the point of the blog, but this one is worth a mention. I took this listing over from another agent in my office and, quite frankly, it's one of the coolest buildings I've had the pleasure of marketing. I've been driving by it for years and always thought the place would make a great loft to both live and work in. It's not zoned for that kind of use, but I could envision someone putting their business in the downstairs and (wink, wink) living upstairs.

Since so in many in town seem willing to tear the bulk of our historical landmarks down to make way for shiny new glass and steel buildings, you really don't see this type of commercial property in Sarasota anymore. FWIW, the last time I was in a vintage freight elevator was when I was in Brooklyn several years ago.

Check out the video below.