Clearwater, FL – 2016 Office Transaction Summary (5,000 SF to 15,000 SF)
We have analyzed office sales data from the Clearwater market for 2016. Exactly 25 sales were reviewed and summarized. These sales were of medium to large office properties in the 5,000 SF to 15,000 SF size range. Transactions of offices in this size segment were strongest in the 1st quarter of the year with 10 total sales. Average price per square foot remained consistent during the first three quarters of the year around $70 per square foot. We saw a rise in average price per square foot in the 4th quarter, which also exhibited the lowest number of transactions. Total transaction volume for this office market segment totaled just over $10 Million for 2016 and the average price per square foot for all transactions for 2016 was $79.13/SF with an average building size of 8,629 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 10 Office Sales: Average Price per SF = $70.97
· 2nd Quarter 2016 – 5 Office Sales: Average Price per SF = $68.69
· 3rd Quarter 2016 – 6 Office Sales: Average Price per SF = $67.73
· 4th Quarter 2016 – 4 Office Sales: Average Price per SF = $105.86
· Full Year 2016 – 25 Office Sales: Average Price per SF = $79.13
Clearwater, FL – 2015 Office Transaction Summary (5,000 SF to 15,000 SF)
We have analyzed office sales data from the Clearwater market for 2015. Precisely 20 sales were reviewed and summarized. These sales were of medium to large office properties in the 5,000 SF to 15,000 SF size range. We observe an upward trend in the number of transactions throughout the year. Average price per square foot varied throughout the year and was the greatest in the 2nd quarter. Total transaction volume for the year for this size segment of the office market totaled over $15 Million and the average price per square foot for all transactions for 2015 was $131.77/SF with an average building size of 8,457 SF. On a quarterly basis the price per square foot analysis is as follows:
• 1st Quarter 2015 – 4 Office Sales: Average Price per SF = $76.33
• 2nd Quarter 2015 – 5 Office Sales: Average Price per SF = $179.45
• 3rd Quarter 2015 – 5 Office Sales: Average Price per SF = $136.96
• 4th Quarter 2015 – 6 Office Sales: Average Price per SF = $62.25
• Full Year 2015 – 20 Office Sales: Average Price per SF = $131.77
Clearwater Office Market (5,000 SF to 15,000 SF) - Year over Year Changes (2015 to 2016)
Average Size Building Sold – 2% increase in the average building size sold from 8,457 SF to 8,629 SF
Price per Square Foot – 39.9% decrease in average $/SF from 2015 to 2016
Number of Transactions – 25% increase in the # of transactions from 2015 to 2016
Dollar Volume of Transactions – 34.2% decrease in the total $ volume for transactions from 2015 to 2016
Thank you for your interest. For more information on the Clearwater Office Market or to discuss your property valuation needs feel free to contact:
Mike Cliggitt, CCIM, MAI, MRICS
Commercial Realtor
813.810.1615 Direct Line
Tampa Office Real Estate Advisor