Office Leasing Stalled; Sales Steady - Spring 2002

Low interest rates have kept many buyers in the commercial real estate market, but the true industry barometer is leasing activity. Sarasota County’s office market is still slow; vacancy rates are stalled at about 7% downtown and 17% along I-75.  Conversely, while not matching the blistering pace of 1999, sales have remained steady. Land sales on Fruitville Road in the city limits are inching up to $16 per square foot in some cases.