Sarasota CRE vacancy rate drops under 20%

SARASOTA — The vacancy rate for commercial real estate in Sarasota County improved significantly in the second quarter, according to a new report from CBRE, but specific areas remain depressed.

The market, according to the research, had an 18.8% vacancy rate in the second quarter, down from 24.3% in the 2012 second quarter. The Lakewood Ranch and University Parkway area had the lowest vacancy rate, at 9.9%. In contrast, though, North Port's vacancy rate is 43.3% and in Venice it's 35.3%.

Medical office space has been the big leader in new leases, the report states, “following a trend that is echoing across the Tampa Bay area.” Broadstone Net Lease Inc., for example, purchased a 50,120-square-foot medical office center in the second quarter. And DeAngelis Diamond construction opened a health care facilities division in June.