After commercial vacancy rates across Southwest Florida dipped to post-recession lows in June, landlords gained the confidence to raise rents and invest new capital in their properties.
The strengthening economy has resulted in companies starting to expand their workspaces and merchants to fill storefronts across the Gulf Coast of Florida.
Recent progress in the region's commercial real estate sector comes as a thriving housing market and improved confidence among consumers have combined to help bolster businesses throughout Southwest Florida.
There is now signs that a steady absorption of distressed commercial space vacated during the economic downturn is happening. While the sector's rise has failed to match the buoyant housing recovery, many industry observers believe it could reach the same pace in 2014.
The vacancy rate in combined Sarasota and Manatee counties was 19.4 percent in June, representing a slight dip from the 19.6 percent rate at the start of the year.
The June occupancy rate was also higher than that of the same time in 2012 (by 1.8 percent), though the available space is still higher than what is considered a healthy market.
That influx of tenants has translated into increased profits for landlords for the first time in years, while also making investments in commercial deals more attractive and prompting new development.
Source: Sarasota Herald-Tribune
There is now signs that a steady absorption of distressed commercial space vacated during the economic downturn is happening. While the sector's rise has failed to match the buoyant housing recovery, many industry observers believe it could reach the same pace in 2014.
The vacancy rate in combined Sarasota and Manatee counties was 19.4 percent in June, representing a slight dip from the 19.6 percent rate at the start of the year.
The June occupancy rate was also higher than that of the same time in 2012 (by 1.8 percent), though the available space is still higher than what is considered a healthy market.
That influx of tenants has translated into increased profits for landlords for the first time in years, while also making investments in commercial deals more attractive and prompting new development.
Source: Sarasota Herald-Tribune
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