Market Report

2020 Q1 | State of the Market (MS&C Commercial, Sarasota)

State of the Market

Sarasota, Manatee & Charlotte Counties

The effects of the coronavirus outbreak on the tri-county area commercial market remain unclear. Prior to the coronavirus outbreak, the tri-county area had strong economic momentum, and the current report largely reflects the environment before the pandemic. It is too early to provide a quantitative assessment or forecast of the ultimate market impact of COVID-19. As with previous reports, our analysis focuses on the market activity reflected in current quarterly statistics. The overnight halt to the tourism industry will likely have repercussions for the local economy. In a year of evident political and economic uncertainty, we expect to see additional tempering in metrics — including asking rent growth and construction starts — as companies look for additional signals of where their businesses are headed this year.

MSC Commercial is committed to the goals of our clients and those of the commercial real estate industry. We will continue to monitor market movements as this situation evolves. Though the way we operate has changed, our team continues to work as an essential business remotely, supporting all our clients. Please feel free to contact us at any time. For questions concerning your specific sector or business, please reach out to one of our highly skilled advisors.