MARKET SPOTLIGHT | Collier County Office Market

Like most of the Gulf Coast, the Collier County office market has experienced shrinking vacancies and increased rental rates in the years since the end of the last economic recession, and the first half of 2016 continued that trend. Overall, vacancy in the market — which contains 727 buildings containing 9.2 million square feet — stood at 8.6% as of June 30, aided by 7,855 square feet of net absorption so far this year. Strikingly, vacancy was highest in the county's 29 Class A buildings, at just under 11%, versus Class C availability of 6.2% at the end of the second quarter.

$21.59
Average per square foot rental rate for Collier County's office market as of June 30. For the three counties comprising Southwest Florida — Collier, Lee and Charlotte — the rental rate was $16.32 per square foot.

530
The amount, in basis points, that the office vacancy rate in Collier County has shrunk since the third quarter of 2012.

3
Number of new office buildings under construction in Collier in the second quarter. In all, 46,711 square feet is being built, of which 59% has been pre-leased.

17,200
Square footage of the largest lease deal of the second quarter in Collier. Surgery Center of Naples LLC's lease took down space at 11161 Healthpark Blvd., in North Naples.

9.3%
Average office vacancy rate for the three-county Southwest Florida region, which comprises Collier as well as Lee and Charlotte counties. A year ago, by comparison, the rate stood at 10.8%.