SARASOTA, FL-The commercial office market in Southwest Florida is definitely in recovery mode. The second quarter office vacancy rate for Sarasota and Manatee counties fell slightly from the beginning of this year and is now below post recessionary lows.
According to data compiled by the economic development agencies of Sarasota and Manatee counties, the vacancy rate for the 10.5 million square feet of office space in Sarasota and Manatee counties was 19.4%, down from the 19.6% rate at the start of the year. The vacancy rate for the two counties was 20.3% in the second quarter of 2012.
"Everyone is a lot more positive and willing to put money out there,” says Stan Rutstein, a commercial broker with the Re/Max Alliance Group. “The commercial business is good right now.”
Lakewood Ranch posted the region's lowest second quarter vacancy rate of 8.4%. Downtown Sarasota was at 13.8%, according to the Herald Tribune. Manatee County sported a 22.2% vacancy rate, while Unincorporated Sarasota County had 26.2% of its space empty at the end of June 2013. See story in the Herald Tribune.
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