Southwest Florida Boasts Lowest Office Vacancy Among Major Florida Markets

The Southwest Florida markets of Sarasota and Fort Myers have the two lowest office vacancy rates among major Florida markets. Both have vacancy rates below 4.5% as of the second quarter of 2023. The consistently low vacancy continues to prompt office property owners to increase asking rates, with average rents up in both markets by more than 4% from 2022 figures, while the national office rent growth rate is under 1%.