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MARKET SPOTLIGHT | Sarasota/Manatee Industrial Market

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  • | 11:00 a.m. March 3, 2017
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Although not typically considered a viable distribution hub -- especially as compared to the Interstate 4 corridor, between Tampa and Orlando — Sarasota and Manatee counties contain many of the same attributes that make Central Florida desirable for logistics firms. The two counties have easy highway access to Interstate 75, solid population growth rates and a central location on the west coast from which millions of Sunshine State residents can be reached within a day's drive.

Total amount of industrial space in the Sarasota and Manatee submarket, which is composed of 2,741 buildings in all.

Square footage of the largest industrial building under construction in Sarasota and Manatee counties. The building, at 7525 Commerce Court, in Manatee County, is slated for completion in the third quarter of this year. Developer Zirkelbach Construction began the project, which is being leased by VanDerNoord Realty LLC, late in 2016.

Industrial vacancy rate in Sarasota and Manatee counties as of the end of 2016. By comparison, the vacancy rate in the entire Tampa-St. Petersburg market — defined as Hillsborough, Hernando, Pinellas, Polk, Sarasota and Manatee counties — stood at 5.5% as of Dec. 31.

Average price per square foot for leased “flex,” distribution and manufacturing industrial space in Sarasota and Manatee counties as of the end of the fourth quarter of last year. The average rental rate for the Tampa-St. Petersburg market as a whole ended 2016 at $5.65.

Amount of industrial square feet absorbed in Sarasota and Manatee counties in 2016. The Tampa-St. Petersburg market in all had positive net absorption for the year of 7.67 million square feet.

Largest industrial lease signed in 2016 in Sarasota and Manatee counties. United Natural Foods Inc.'s commitment to the Meridian Distribution Center, in Sarasota County, also ranked as the top industrial lease deal in the entire Tampa-St. Petersburg market for the year. The second-largest deal occurred in Pinellas County, when FedEx took down 236,976 square feet for a distribution center.

Size of the largest new industrial building completed in 2016 in Sarasota and Manatee counties. The building, at 5009 Lena Road, in Bradenton, is occupied by R.T. Moore Co., an Indiana-based plumbing, HVAC and sewer and water contractor.

Source: CoStar Group


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