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SECOND QUARTER 2024

Commercial Quarterly State of the Market Sarasota, Manatee & Charlotte Counties The tri-county commercial market posted consistent market fundamentals in the second quarter of 2024. During this quarter, Office and MultiFamily sales had the most sales volume by dollar amount for all the core commercial sectors in the area. Office sector rental rates have risen annually across all three counties, with Charlotte County showing the most significant increase. Additionally, leasing activity has slightly increased in the area with both renewals and new leases for substantial office spaces. There is still very little new construction planned for this sector. Both the retail and industrial markets have a significant pipeline of new deliverables. However, most of the retail spaces have already been leased in advance, while a substantial portion of the industrial space was dedicated to a build-to-suit project exceeding 1 million square feet. The retail sector continues to post strong fundamentals as the vacancy rate has been at or below 4% for the past 24 months. Similar to the office sector, retail rents have increased in every county in the last 12 months. 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 the first half 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. MS&C Commercial is committed to the goals of our clients and those of the commercial real estate industry. For questions concerning your specific sector or business, please reach out to one of our highly skilled advisors. SIGNIFICANT TRANSACTIONS

Manage your property with absolute confidence. 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 Please give Bob Smith at MSC Commercial Property Management a call today at 941.208.3965. You will be glad you did!

MS&C COMMERCIAL

Location

Sale/Lease

SF/Acreage

Type

1442 9th Street, Sarasota

Sale

7,174 SF

Land

1434 9th Street, Sarasota

Sale

7,174 SF

Land

3976 Destination Drive, Unit 201, Osprey

Sale

2,191 SF

Office

2207 51st Ave , Unit 108, Palmetto

Lease

45,778 SF

Industrial

4230 S Tamiami Trail, Venice

Lease

17,745 SF

Retail

6100 Palmer Blvd, Sarasota

Sale

3,937 SF

Industrial