Firm signs 63K square feet of Sarasota office space leases

Sarasota is bucking the national trend of office vacancies, according to two senior partners at commercial real estate firm Robbins Commercial. Together, they have signed leases for more than 50,000 square feet of office space downtown in recent months, for clients ranging from an accounting firm to a wellness center.

“We’re seeing a strong resurgence in demand for office space — not only from businesses returning to in-person operations post-COVID, but also from local companies experiencing growth and seeking to relocate or expand into spaces that better support their trajectory,” Derek Robbins, senior partner and leasing agent for Sarasota-based Robbins Commercial, says in a statement.

One of those growing businesses is Signature Medicare Solutions, which leased about 14,000 square feet in the Offices at Atria, located at 1800 Second St., to accommodate its expanding workforce. The insurance firm has 115 employees and plans to increase its headcount to 150 by next year, the Business Observer previously reported. (Signature Medicare Solutions CEO Brad Hannon was a Business Observer 40 Under 40 winner in October.)

This summer and fall, Robbins Commercial also signed three additional leases at the Offices at Atria totaling 32,500 square feet. The tenants include Jefferson Fit, which leased 14,000 square feet for a high-end gym on the ground floor; Sarasota Memorial, which leased 10,000 square feet to expand its administrative offices; and CPA firm Piper, Hawkins & Co., which will be relocating to a newly built-out modern office space spanning 8,500 square feet.

Robbins Commercial recently leased 17,000 square feet of office space at two other locations downtown as well: 8,000 square feet of office space in Center Pointe at 2033 Main St. was leased by a law firm, while Quantum Wellness Center moved into an approximately 9,000 square-foot-space in Kane Plaza at 1 S. School Ave. Quantum Wellness Center has two locations in Utah, and its entry into the Sarasota market represents its debut on the East Coast.

"This is a lot of activity for this time of year," Kevin Robbins, senior partner and leasing agent for Robbins Commercial, says in an email. Usually, leases signed from June through September are in the 2,000-to-4,000-square-foot range or smaller, he says. "To have several larger (5,000-plus-square-foot) spaces rented in this 3-4 month window is unusual."

Courtesy image

Nationally, the office vacancy rate was 18.6% in October, according to commercial real estate market research site Yardi Matrix. Meanwhile, Sarasota’s office vacancy rate is “less than half that amount,” Robbins Commercial says in a statement.

"Other parts of the country are experiencing significantly lower demand and activity," Kevin Robbins says in the statement. "The Gulf Coast of Florida has been insulated from the negative absorption."

Adds Kevin Robbins: “The office market in downtown Sarasota remains dynamic....Overall, we are bullish about office space in the market.”