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The tri-county area commercial market posted strong fundamentals through the first half of 2019 for all property types. Looking back at the quarter, one of the largest commercial sales in the market involved a downtown Sarasota multi-family property. Bluerock Real Estate acquired The Desota, a 10-story luxury apartment building built in 2017, for $80.3 million. The building consists of 180 residences plus 15,350 square feet of ground-floor commercial space, which was designed to appeal to downtown Sarasota’s discerning and affluent residents. Another notable transaction during the quarter was the sale of Bradenton Financial Center in Downtown Bradenton for $14.95 million. The 116,839 SF office building was 90% occupied at the time of sale with a reported cap rate of 7.75%. As we move into the second half of 2019, the continued expansion of the area driven by the steady population growth will see an influx of new hotels, retail stores and condominiums materialize. 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.
| Location | Sale/Lease | SF/Acreage | Property Type |
| 1912 E 44th Ave, Unit 1, Bradenton | Lease | 6,600 SF | Industrial |
| 6009 Business Blvd, Sarasota | Sale | 11,364 SF | Office |
| 378 St. Armands Circle, Sarasota | Lease | 1,805 SF | Retail |
| 7357 Merchant Ct, Lakewood Ranch | Sale | 8,351 SF | Office |
| 3145 Lakewood Ranch Blvd, Unit 102, Lakewood Ranch | Lease | 26,225 SF | Industrial |
| 5045 Fruitville Rd, Unit 123, Sarasota | Lease | 1,875 SF | Retail |
| 607 5th St, Miami Beach | Lease | 2,200 SF | Retail |
| 101 Riverfront Blvd, Bradenton | Lease | 4,955 SF | Office |
| 2811 Tamiami Trail, Unit S, Port Charlotte | Lease | 960 SF | Retail |
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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: $5.06 Per Land SF / $220,429 Per Acre
Industrial Land: $2.89 Per Land SF / $126,000 Per Acre
Residential Land: $3.73 Per Land SF / $162,546 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. 2,000+ units are currently under construction.
Occupancy Rate: 93.0%
YTD Net Absorption: 1,028 Units
Average Effective Rent Per Unit: $1,260
Economy The labor force in the tri-county area continued to grow by adding 5,200 jobs over the year.
| Economic Indicators | Q2 2018 | Q2 2019 |
| Tri-County Total Non-farm Employment | 357,700 | 362,900 |
| Tri-County Unemployment Rate | 3.3% | 3.0% |
| Florida Unemployment Rate | 3.4% | 3.1% |
| U.S. Unemployment Rate | 3.6% | 3.4% |
