We have analyzed office sales data from the Clearwater market for 2015 through 2019. There were 48 large offices which were reviewed and summarized. These large office properties over 15,000 SF in size. The sales had an irregular distribution over the 5-year period, with the highest volume of office sales in this size segment occurring in the 1st quarter of 2016 at 7 sales. The average price per square foot from 2015-2019 showed an unpredictable trend from 2015-2019, with the highest average price per square foot occurring in the 3rd quarter of 2018. Total transaction volume for this small office market segment totaled approximately $303 Million from 2015-2019. The average price per square foot for office transactions in 2015-2019 was $97.67/SF with an average building size of 55,653 SF. On a yearly basis the price per square foot analysis is as follows:
· 2015 – 11 Office Sales: Average Price per SF = $127.39
· 2016 – 16 Office Sales: Average Price per SF = $74.81
· 2017 – 10 Office Sales: Average Price per SF = $116.84
· 2018 – 15 Office Sales: Average Price per SF = $78.75
· 2019 – 10 Office Sales: Average Price per SF = $91.33
· 5 Year Totals – 62 Office Sales: Average Price per SF = $97.67
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