The Sarasota office market continues to be characterized by steady sales activity, diverse ownership, and a strong presence of local investors and owner-users. Transaction activity remains concentrated in smaller properties, with healthcare providers, professional service firms, and private investors accounting for much of the market’s demand.
Sarasota’s office market features a diverse ownership base that includes private investors, local institutions, and government entities. Property ownership is concentrated in smaller buildings, reflecting strong demand from owner-users, medical practices, and professional service firms rather than large corporate occupiers.
Office sales activity has remained steady over the past five years, though below historical peak levels achieved during and immediately after the COVID-19 pandemic. Most transactions are driven by private buyers and local investors, with individual property sales accounting for the majority of activity. Portfolio transactions remain uncommon, reflecting the market’s fragmented ownership structure.
Owner-user acquisitions continue to be a consistent component of market activity, particularly among healthcare and professional service operators. Pricing has shown incremental growth, while cap rates have remained near historical averages.
Over the past 12 months:
• 179 office properties traded
• 1.2 million square feet changed hands
• Office sales volume totaled $219 million
Sarasota Office Market Activity (as of 5/28/26) | Data Source: CoStar Sarasota Office Market Report | Q2 2026 as of 5/28/26
Average annual inventory turnover has been approximately 340,000 square feet over the past five years and 360,000 square feet over the past ten years.
Average annual office sales volume has been $236 million over the past five years and $209 million over the past ten years.
Estimated office pricing in Sarasota is $205 per square foot, compared to the national average of $271 per square foot. By asset class, estimated pricing averages:
• $222/SF for 4 & 5 Star properties
• $205/SF for 3 Star properties
• $199/SF for 1 & 2 Star properties
The estimated office market cap rate in Sarasota is 8.8%, compared to the national average of 9.0%.
Source: CoStar Sarasota Office Market Report | Q2 2026 as of 5/28/26