The Office Market - Summer 2008

The downtown Sarasota office market still boasts a respectable vacancy rate of around 8%.  Unfortunately, this vacancy rate is about 4% higher than two years ago, and with only modest demand we may see a point or two higher.  Looking for a lease deal – now is the time.  The high demand office locations near I-75 are feeling the economic crunch reverberating from the slow down in the development industry.  The vacancy rate is reaching 15%, a high not seen in years as many development businesses downsize or vacate.  The good news is that this area will recover quickly as the economy turns around and businesses again will desire to locate along the I-75 corridor with its easy access to employees.