Market Spotlight

The retail sector in Sarasota and Manatee counties has evolved over the past three years, amid industrywide changes accelerating online shopping and a demographic influx that is skewing younger than in previous years.

New development, to the extent it has occurred in any concentration, has been centered around University Town Center, the Benderson Development Co. retail node anchored by the $315 million Mall at University Town Center.

Leasing activity through the first three quarters of 2017 has been focused largely on backfilling vacant spaces abandoned by the likes of Sports Authority, department stores like Dillard's and grocers such as SweetBay — a trend that has caused negative absorption. With retail bankruptcies nationwide occurring at a record pace this year, that trend is likely to continue.