As of the second quarter of 2026, the Manatee Outlying office submarket is characterized by exceptionally tight conditions, with a vacancy rate of just 0.7%. Over the past 12 months, vacancy has declined by 2.9%, driven by approximately 48,000 square feet of net absorption and no new space delivered to the market.
This current vacancy level sits well below the submarket’s historical benchmarks, including a five-year average of 1.9% and a 10-year average of 2.6%. Vacancy is expected to remain at 0.7% through the end of 2026.
Available space remains limited, with roughly 19,000 square feet on the market, representing an availability rate of 1.2%. There is currently no office space under construction, compared to a 10-year historical average of 24,000 square feet of active development.
The submarket includes approximately 1.6 million square feet of total inventory, a small share relative to the broader metro area’s 27.4 million square feet.
On the pricing side, average asking rents are approximately $34.00 per square foot, exceeding the Sarasota market average of $31.00 per square foot. Rents in the Manatee Outlying submarket have grown 2.6% year over year, slightly below the metro-wide growth rate of 2.8%.
While recent rent growth is below longer-term averages—4.8% over five years and 3.9% over ten years—annual rent growth is projected to reach 1.5% by the end of 2026, in line with the broader Sarasota market forecast.
Overall, the Manatee Outlying office submarket remains defined by low vacancy, limited available space, and a lack of new development, with net absorption contributing to tightening conditions over the past year. Rent levels continue to exceed the broader market average, while future rent growth is expected to align with regional trends.
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