Sarasota, Manatee Office Market Demand Down

This was a national story. Interestingly enough, my newest lease deal (which went to Juvenile Diabetes btw) is mentioned in paragraph 2.

Sarasota, Manatee office market demand down
Tampa Bay Business Journal

It's a good time for businesses to rent Class A office space in Sarasota or Manatee counties: Rents are down and vacancy rates are up.

That means extra incentives are being offered to would-be tenants. One Lakewood Ranch building owner recently enticed a new tenant with 12 months free rent.

The second-quarter overall Class A vacancy rate rose to 17 percent, up from 13.7 percent the previous quarter, a report by Colliers Arnold Commercial Real Estate Services says.

That vacancy spike resulted in lower rental rates for Class A space. The average asking rate was $24.22 a square foot, down from $26.32 in the first quarter.

The overall office market, however, fared better. Overall asking rental rates remained steady at $22.17 a square foot. About 9.4 percent of the 16.3 million-square-foot office market was vacant.

Click here for the story on TBBJ.