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

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%

CPI up 5.6% in the past year, biggest increase in 17 years

More lousy news today as the Labor Department released figures stating the CPI grew 0.8% in July alone. Tenants with CPI escalations are definitely going to feel this at renewal time, possibly driving more to default or raise prices to their customers.

The only real saving grace here might be that commodity prices have come down noticeably in August. Either way, it hurts.

WASHINGTON (MarketWatch) -- U.S. consumer prices jumped a greater-than-expected 0.8% in July, marked by big increases in energy, food, clothing and cigarettes, the Labor Department reported Thursday.

The core consumer price index, which measures retail-level inflation after excluding volatile food and energy inputs, rose 0.3% for the second straight month. Read the full report.

Coming in much worse than anticipated, the pair of red-hot inflation readings seem certain to swell the chorus of critics urging the Federal Reserve to raise interest rates to quell inflation.

Economists had predicted that the seasonally adjusted CPI would rise 0.5% and that the core CPI would increase 0.2%, according to a survey by MarketWatch. See Economic Calendar.

Consumer prices are up 5.6% in the past year, the biggest year-over-year increase since January 1991. The CPI has surged at a 10.6% annualized rate in the past three months.

The core CPI has risen 2.5% in the past year, the biggest gain since January. The core rate's rising at a 3.5% annual rate in the past three months.

The CPI rose 1.1% in June, with the core rate up 0.3%.

So far, Fed officials, with a few vocal exceptions, have stuck to their forecast calling for inflationary pressures to moderate as the economy stagnates. Wages, a key linkage in any inflation spiral, have stagnant.

CPI for August should be much cooler, as petroleum and gasoline prices have fallen significantly since mid-July.

As far as July overall goes, the picture was undoubtedly ugly, with just a few bright spots on the inflation front.

Owners' equivalent rent, which accounts for nearly a quarter of the CPI, rose just 0.1%.

Medical-care prices nosed up 0.1%, including a 0.2% drop in medical commodities.

New car prices increased 0.2%.

But elsewhere, inflation raged.

Energy prices rose 4% in July, led by increases of 4.1% for gasoline and 7.4% for natural gas.

Food prices increased 0.9%, with the price of food at home jumping 1.2%. Prices rose by 1.8% for cereals and bakery goods, by 1.6% for dairy products, and by 1% for meat, poultry and eggs.

Apparel prices rose 1.2%, the most in 10 years.

Tobacco prices also increased at a 1.2% clip.

Housing costs increased 0.6%, boosted by a 3.8% increase in energy costs. Rents rose 0.3%, while the price of lodging away from home was up 0.7%.

With prices for urban wage earners up 0.9%, wages flat and hours worked falling, real weekly wages (adjusted for inflation) fell 0.8% in July. In the past year, real weekly earnings have fallen 3.1%.

In a separate report, the Labor Department said the trend of new applications for unemployment benefits rose to a six-year high, while the number of continuing claims hit the highest mark since late 2003.

Every Hour a Store Closes

Click the photo for a full list (courtesy of CEO Economic Update). Here's the short roster:

Ann Taylor closing 117 stores nationwide.

Lane Bryant, Fashion Bug, Catherines closing 150 stores nationwide

Talbots will close all 78 of its kids and men’s stores plus another 22 underperforming stores.

Gap Inc. closing 85 stores

Foot Locker to close 140 stores

Wickes Furniture is going out of business and closing all of its stores. The 37-year-old retailer that targets middle-income customers, filed for bankruptcy protection last month.

Levitz - the furniture retailer, announced it was going out of business and closing all 76 of its stores in December. The retailer dates back to 1910.

Home Depot store closings 15 of them amid a slumping US economy and housing market. The move will affect 1,300 employees. It is the first time the world’s largest home improvement store chain has ever closed a flagship store.

Movie Gallery – video rental company plans to close 400 of 3,500 Movie Gallery and Hollywood Video stores in addition to the 520 locations the video rental chain closed last fall as part of bankruptcy.

Sprint Nextel - 125 retail locations to close with 4,000 employees following 5,000 layoffs last year.

Wilsons the Leather Experts – closing 158 stores

Bombay Company: to close all 384 U.S.-based Bombay Company stores.

KB Toys closing 356 stores around the United States as part of its bankruptcy reorganization.

CompUSA (CLOSED).

Info courtesy of CEO Economic Update.

Visit the CEO Economic Story Here.

Related Link, BUSINESSWEEK: Bankrupt Retailers: Pushed to the Brink. Changes in the law have sharply reduced retailers' ability to reorganize, driving many to liquidate quickly

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.