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State of the Market - 3rd Quarter 2020
The uncertain cloud of COVID-19 has settled over commercial real estate in Sarasota and across the globe, which has resulted in a state of suspension. Economic uncertainty has resulted in few businesses looking to move and both sellers and buyers pausing to find some balance amid the ripples of COVID-19. The one notable exception to the overall lack of activity is found in Southwest Florida income producing real estate: Apartments, self-storage facilities and triple-net lease properties are all receiving significant attention and buyers are continuing to scour desired markets like Sarasota for investment-grade real estate that generates steady cash flow. Additionally, we have seen an uptick in the number of investors searching the Sarasota/Manatee market for distressed properties – another potential fallout from the uncertainty that the coronavirus has created. While this is a testament to the long-term attractiveness of the region and the sheer amount of capital that is available to acquire income-producing properties, we at Harshman & Co. have, to date, not witnessed an abundance of distressed properties coming to market, save for a lone exception. This speaks to owners’ confidence that the Sarasota/Manatee market will recover in short order and to the staying power of investors’ holdings here.