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The Sarasota commercial asset Corridor extends north from Venice to Bradenton, which is just north of Sarasota. Its beaches, art, great restaurants, sports, affordable housing, and healing facilities combine to make it one of the best places to vacation and live in the country, but the area also includes a good range of commercial asset investment options.
This description summarizes some of the factors from published sources that influence Sarasota investment asset decisions. It should not however, be interpreted as investment advice.
At the time of this writing (1stQ 2012), the national cheaper is just beginning to show some signs of recovery, and economic factors for the state of Florida reflect this. Florida's citizen continues to grow, on track to come to be the third most populous state behind California and Texas by 2016.
Florida's unemployment rate decreased in 2011 - a trend that continues in 2012, and like the rest of the country, it is not a rapid growth in employment gains, but an upward trend nonetheless. commercial building is also trending upwards after several years of decline.
That's the state's good news. On the downside, the housing accident is still not over, and there there is quite a bit of housing and commercial foreclosure operation still to come, over the state.
In Sarasota, there are also safe bet signs. The Herald Tribune reports that total sales - a good portion of economic growth - grew by 7.5% in 2011 over 2010. citizen growth, unemployment, commercial building are in sync with the state's progress, and combined with the growth in the economy, signal a turnaround, only moderated by the "housing thing" and slow employment growth. Banks are unloading some of their Reo properties and getting rid of distressed properties, putting pressure on asset prices in many areas.
Just to the north of Sarasota is the Port of Manatee, one of 15 deep water ports in Florida, and it's a growing economic advantage to the area. It not only has the potential to offload containers, and move them via rail and highway, but it is surrounded by 5000 tax advantaged acres of "encouragement zone" for sustain businesses serving the port. It is the closest Florida deep water port to the Panama Canal and its expansion, and it is positioned well to take advantage of a inherent trade thaw with Cuba. These are a set of advantages that none of the other 14 Florida ports have and it bodes well for the region's economy.
Sarasota's choice as having the no. 1 beach in the country, and being voted by many - along with Money Magazine - as one of the top ten places to live and retire in the country, will continue to drive tourism and economic growth.
So what are the specific Sarasota commercial asset factors? From the current Reis carrying out reports, here's some further data:
Apartments - Sarasota's apartment vacancy rates have been falling steadily since 2009. Today it has the third bottom vacancy rates (6.1%) in the state behind Miami and Ft. Lauderdale. Asking rents are trending up and is on pace with the rest of the South Atlantic but behind the Us national median vacancy rates.
Office space in Sarasota has some of the top vacancies in the South Atlantic Region. The 2011 vacancy rate of 21.5% was also higher than the Us median of 17.5%. Absorption rates are slow. Sarasota rent increases were flat in 2011, compared with modest gains in both the South Atlantic Region, and in the Us. This is by all means; of course a buyer's store in Sarasota as well as the rest of the country.
Sarasota retail has struggled straight through the housing crisis/recession. Its vacancy rates (13%) are higher than the South Atlantic median and the national median of (11.3%). Oddly, rents are on pace with the rest of the region and slightly behind the Us average.
Industrial - lots of bargains in the M- M range as banks get rid of distressed properties and the opening for deep discounts are plentiful for investors.
Medical buildings - a twofold story here as the growing and aging citizen demands more healing facilities, and financially stretched doctors with lower repayment rates may be forced to put up their properties for sale. It's hard to see how this sector will turn out, but more healing buildings dumped on the store could lower prices and originate deal basement deals in the near future.
Hospitality - Large conventions are beginning to return to the area. In addition, Sarasota's new publicity is making it even more of a vacation destination. One assessment was that the choice of Sarasota as the no. 1 beach by Dr. Beach was worth an further 0M to the local economy. These factors will drive growth and quiz, for hotels, restaurants, transportation, and B&B's.
The next two years should be growthful for Sarasota commercial property, as well as the cheaper in general. Overall, investors have an challenging play in Sarasota with opportunities being apartments, healing buildings, industrial, and hospitality properties.
So, is Sarasota commercial asset a good investment? The write back is: it depends on what you your goals, time frame, and risk tolerance are as an investor. Anything they are, Sarasota is worth a good long look, particularly since in other areas of the country with commonly higher operation markets like New York, downward pressure on cap rates is causing investors to look elsewhere. To get a free full copy of the quarterly Florida investment Monitor. Click the link at the bottom of the article.
Did I mention it's a great place to vacation and live?
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