Although this post relates more to improvements in the residential market, there is a direct correlation to the medical office space market. Home sales in Sarasota in July and August were up 16% and 30% respectively from a year ago. This is certainly good news for the area and we have seen this pattern continuing for a number of months now. Average prices have risen almost 7% from a year ago as well. We are seeing fewer homes on the market and the ones that are have been selling in shorter timeframes.
This is good news for physicians in the area! Less vacant homes and more people coming to the area means more patients. It is typical that commercial real estate lags residential both in a declining market and in an improving market. When the market took a turn for the worse around 2007 it took some time to feel the effects on the commercial side. Developers of new product were still committed to finishing their construction and existing leases took time to expire and/or renegotiate. Now with an improving housing market, so will the commercial market follow.
Now is the time, as a tenant or buyer, to act on securing your space. Rental rates are already starting to creep upwards as absorption in the market continues. This is good news for struggling landlords and the right time for your practice to still negotiate a favorable deal to help ensure the continued success of your practice.
About CNK Realty:
CNK Realty is a full service provider of healthcare real estate solutions. We work with physicians, hospital systems, multi-specialty groups, ACO’s and investors in medical real estate throughout the West Coast of Florida. Our primary lines of service are to medical healthcare providers looking to lease or purchase medical office space in Sarasota, Bradenton, Venice and surrounding areas, as well as professionally representing the leasing of medical office buildings. Additionally, CNK Realty offers professional property management services in Sarasota, Bradenton and Venice.
If you are a physician, hospital, medical group or investor involved in healthcare real estate and are looking to lease, acquire, sell or need professional management of your property, please contact us at (941) 741-9600 or visit us at www.cnkrealty.com to discuss your medical office needs.