SARASOTA, Fla. (WWSB) – Since 1980, Art Uptown Gallery has drawn in art enthusiasts to downtown Sarasota.
But the gallery is shutting down, after the family who served as landlords since the gallery first opened recently sold the property.
“When we knew that things were going to be final, it was like we were all grieving together,” says gallery secretary Liz Cole.
The family kept the rent low to support local artists, but the new buying is bumping the rent up to market rate, which is a price the gallery says isn’t feasible for them.
“It was just kind of stunning how much it was. That tells you a little about downtown Sarasota, that the prices are going anywhere from $8,000 to $10,000 for a store front,” says Cole.
Local commercial real estate advisor Rachel Goldman said that it’s now harder than ever to find commercial space in the area.
She said that right now, the available commercial space in the county is the lowest it’s ever been, at just 3.5%, which is much lower than the 8 to 9% it was at a few years ago.
This is driving up the cost of commercial rent, as the average price has increased locally by about 5% in the last year, which is 2% higher than the national average, according to Goldman.
“For a lower end product in retail in downtown Sarasota, today it’s $30 per square foot. Pre-Covid in 2019, it probably would have been around $19 to $25,” says Goldman.
Putting that in perspective, a 2,000 square foot space going up $11 per square foot means a yearly cost increase of $22,000.
Goldman added that she doesn’t see commercial rent decreasing or slowing down for another 18 months to two years.
As for the art studio, they officially close their doors this Saturday at 5 p.m.