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FIRST QUARTER 2024

Commercial Quarterly State of the Market

Our wide reach and deep knowledge in all areas of commercial real estate, as well as meaningful relationships across the US, lead to success in every space.

St. Petersburg

The St. Petersburg market has three unique submarkets, which we will be reporting on, Downtown St. Petersburg, Gateway/Mid-Pinellas, and the South Pinellas area. In reviewing the first quarter of the year, the largest commercial sales in the market were in industrial and multifamily transactions.

For all your commercial real estate needs — Think MS&C Commercial.

SALES | LEASING | TENANT REPRESENTATION Christina Gustafson, Division Administrator Andrew Bakker Spencer Brannen Lee DeLieto, Jr., P.A., Broker-Associate Lee DeLieto, Sr., MBA, Broker-Associate Jennifer Dobreff Terry Eastman, Broker-Associate Kim Eger Melinda Garrett Susan Goldstein, MBA, CCIM Daniela Kaskey Roberta Kolton Cera Will Martin Eric Massey, Broker-Associate Kevin McQuaid Daniel J. Page, CCIM Larry Schaper, CCIM, Broker-Associate Tammy Shaw, Broker-Associate Alexander Stele

Bradenton Office

Palmer Ranch Office

The St. Petersburg retail sector posted a range of vacancy rate changes this quarter, however, in every submarket, Power Centers and Malls consistently had the highest vacancy rates. Downtown St. Petersburg and South Pinellas have retail projects underway, which total 16,800 square feet.

Downtown Sarasota | Main Office

Punta Gorda Office

The industrial market, in the St. Petersburg area, continues to post strong fundamentals. As in previous quarters, the vacancy rates remain below 4%, and this sector had a strong performance in transactions. Pinellas Industrial market is the second most heavily traded submarket in the Tampa Bay area. There is currently 290,000 square feet of industrial space under construction in the South Pinellas area.

4400 Manatee Avenue West, Bradenton, FL 34209 Phone: 941.748.6300 | Fax: 941.749.5001

1605 Main Street, Sarasota, FL 34236 Phone: 941.957.3730 | Fax: 941.552.5216

Englewood Office

1200 S. McCall Road, Englewood, FL 34223 Phone: 941.473.7750 | Fax: 941.473.7751

Lakewood Ranch Office

8325 Lakewood Ranch Blvd., Bradenton, FL 34202 Phone: 941.907.9595 | Fax: 941.907.8802

PROPERTY MANAGEMENT Property Management Team

Bob Smith, Director of Commercial Property Management Diane Conte, Administration Manager Tony Fus, In-House Facility Technician

101 Taylor Street, Punta Gorda, FL 33950 Phone: 941.639.0000 | Fax: 941.639.0101

Since February 2022, the Federal Reserve began increasing interest rates with eleven consecutive rate increases to date. At the Federal Reserve’s last four meetings, held in the last half of 2023 and March 2024, the committee left the current interest rates unchanged. It is unclear how the increase will influence investors and trading in Commercial Real Estate in our area. However, MS&C Commercial will continue to track the market and trends as interest rates are expected to climb throughout 2024. For questions concerning your specific sector or business, please reach out to one of our highly skilled advisors.

Commercial Property Management

1605 Main Street, Suite 500, Sarasota, FL 34236 Phone: 941.208.3965 Fax: 941.951.6667

Drayton Saunders President

8660 S. Tamiami Trail, Sarasota, FL 34238 Phone: 941.966.800 | Fax: 941.918.9392

Our expert resources give you and your property the advantage With leasing and management services provided by MS&C Commercial Property Management, you are assured a seamless process focusing heavily on tenant retention and aggressive marketing of vacant space. We utilize a variety of resources to retain your current tenants, fill vacant space and keep your properties operating in the black. • Comprehensive sales and leasing program • Active property feed to the most prominent search engines • Experienced agents negotiating your sale or lease • Monthly prospect and marketing reports

Sales by Property Type

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Please give Bob Smith at MSC Commercial Property Management a call today at 941.208.3965. You will be glad you did!

$180 $160 $140

Millions

Commercial Team

The office sector of each submarket, except for South Pinellas, experienced slight increases in the vacancy rate year over year. Additionally, in all of the submarkets, no new office developments are currently under construction. The increased vacancy rate has yet to affect the rent prices, as they increased approximately 2.5% in the St. Petersburg area since this quarter last year.

Manage your property with absolute confidence.

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Offi ce

Mult i-Family

Retail

Industrial