Real Estate - Clearwater, FL – 2016 Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Clearwater market for 2016. Approximately 24 sales were reviewed and summarized. These were smaller to medium office properties in the 2,000 SF to 5,000 SF size range. The transactions were evenly dispersed between the first and second half of the year, with most of the transactions occurring in the 2nd and 3rd quarters. We observe an inverse trend between average price per square foot and number of transactions for the year. Total transaction volume for this small office market segment totaled just under $4.5 Million for 2016 and the average price per square foot for all transactions for 2016 was $94.32/SF with an average building size of 3,380 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 5 Office Sales: Average Price per SF = $107.40
· 2nd Quarter 2016 – 7 Office Sales: Average Price per SF = $97.83
· 3rd Quarter 2016 – 8 Office Sales: Average Price per SF = $81.89
· 4th Quarter 2016 – 4 Office Sales: Average Price per SF = $96.74
· Full Year 2016 – 24 Office Sales: Average Price per SF = $94.32
Clearwater, FL – 2015 Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Clearwater market for 2015. Just over 20 sales were reviewed and summarized. These were smaller to medium sized office properties in the 2,000 SF to 5,000 SF size range. The 2nd quarter experienced the lowest number of transactions as well as the lowest average price per square foot. The second half of the year was stronger in both total number of transactions and average price per square foot. Total transaction volume for this small office market segment totaled around $4.8 Million for 2015 and the average price per square foot for all transactions for 2015 was $96.82/SF with an average building size of 3,437 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2015 – 4 Office Sales: Average Price per SF = $81.70
· 2nd Quarter 2015 – 2 Office Sales: Average Price per SF = $58.42
· 3rd Quarter 2015 – 8 Office Sales: Average Price per SF = $88.51
· 4th Quarter 2015 – 7 Office Sales: Average Price per SF = $120.29
· Full Year 2015 – 21 Office Sales: Average Price per SF = $96.82
Clearwater Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2015 to 2016)
Average Size Building Sold – 1.7% decrease in the average building size sold from 3,437 SF to 3,380 SF
Price per Square Foot – 2.5% decrease in average $/SF from 2015 to 2016
Number of Transactions – 14.3% increase in the # of transactions from 2015 to 2016
Dollar Volume of Transactions – 8.1% decrease in the total $ volume for transactions from 2015 to 2016
Appraising Office Property and Commercial Real Estate – Tampa, FL
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