The Sarasota office market continued to post solid fundamentals during the second quarter of 2026, supported by low vacancy, positive absorption, and ongoing rent growth.
According to the latest market data, Sarasota’s office market contains approximately 27.4 million square feet of inventory and recorded a vacancy rate of 5.0% as of Q2 2026. Over the past 12 months, the market delivered 53,400 square feet of new office space while absorbing approximately 144,000 square feet, resulting in a 0.4% decline in vacancy year over year.
Sarasota’s office market benefits from a growing population, an expanding healthcare sector, and proximity to sought-after amenities, including beaches, cultural destinations, and major retail hubs such as University Town Center. Office inventory is predominantly comprised of low- to mid-rise buildings serving local businesses, professional service providers, and medical users.
Vacancy Remains Below Historical Levels
The current vacancy rate of 5.0% remains relatively stable compared to long-term market performance. Sarasota’s five-year average vacancy rate is 4.6%, while its 10-year average is 4.9%.
The market currently has approximately 1.8 million square feet of available office space, representing an availability rate of 6.5%.
Positive Absorption Outpaces New Deliveries
Over the past year, the Sarasota office market recorded 144,000 square feet of net absorption compared to 53,400 square feet of new deliveries.
As of the second quarter, approximately 220,000 square feet of office space was under construction. This exceeds the market’s 10-year average of 180,000 square feet of office space under construction.
Market Rents Continue to Increase
Average asking rents across the Sarasota office market reached $31.00 per square foot, representing annual growth of +2.5%, compared to a national rent growth rate of +1.5%.
Annual rent growth was strongest among 4 & 5 Star properties, which recorded a 5.3% increase year over year. Rents increased 1.1% among 3 Star properties and 3.3% among 1 & 2 Star buildings.
Rent levels vary by property class:
• 4 & 5 Star Buildings: $39.00 per square foot
• 3 Star Buildings: $31.00 per square foot
• 1 & 2 Star Buildings: $29.00 per square foot
Over the longer term, Sarasota’s office market has averaged annual rent growth of +5.0% over the past five years and +4.0% over the past 10 years.
Inventory Composition
The Sarasota office market consists primarily of low- and mid-rise office buildings and includes a mix of traditional office and medical office properties.
The market’s 27.4 million square feet of inventory is comprised of:
• 3.0 million square feet of 4 & 5 Star office space
• 14.0 million square feet of 3 Star office space
• 10.4 million square feet of 1 & 2 Star office space
Key Takeaways
The Sarasota office market entered the second quarter of 2026 with:
• 5.0% vacancy
• 6.5% availability
• 144,000 SF of annual net absorption
• 53,400 SF of annual deliveries
• 220,000 SF under construction
• Average asking rents of $31.00/SF
• Annual rent growth of 2.5%
Positive absorption, low vacancy, and continued rent growth remain key indicators of the market’s performance through the second quarter of 2026.
Data Source: CoStar Sarasota Office Market Report (5/28/26)