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Southwest Florida Office Market Report 2021 Q3

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Executive Summary

The region’s financial activities sector had the fastest annual job growth rate compared to all the metro areas, increasing by 9.0% over the last year. This growth is excellent news for the region that continued to peak while undergoing a pandemic crisis. Fort Myers, the largest submarket, saw vacancy return back to the pre-pandemic level of 6.6% after topping out at 7.6% during the height of the pandemic. Class A asking rental rates continued to rise, increasing almost 20% in three years. Class B/C rental rates climbed 27.1% during the same period. Market fundamentals remained positive year-over-year, proving the resiliency of the market. After taking a wait-and-see approach, investors completed more than half the number of transactions compared to previous third quarter averages. As a result, investment sale velocity should stay steady through the remainder of the year, with several buildings on the market, under contract, or in preparation for sale.

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Southwest Florida Office Market Report 2021 Q3

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