We have analyzed office sales data from the Clearwater market for 2015 through 2019. There were 102 medium to large offices which were reviewed and summarized. These office properties were 5,000 SF to 15,000 SF in size. The sales had a well dispersed distribution over the 5-year period, with the highest volume of office sales in this size segment occurring in the 1st quarter of 2016. The trend in average price per square foot from 2015-2019 demonstrated growth with a few outliers. Particularly we note the radical spread in average price per square foot throughout 2015 as well as the swell in the 3rd quarter of 2017. Total transaction volume for this small office market segment totaled approximately $73.8 Million from 2015-2019. The average price per square foot for office transactions in 2015-2019 was $106.12/SF with an average building size of 9,025 SF. On a yearly basis the price per square foot analysis is as follows:
· 2015 – 20 Office Sales: Average Price per SF = $131.77
· 2016 – 25 Office Sales: Average Price per SF = $79.13
· 2017 – 19 Office Sales: Average Price per SF = $107.84
· 2018 – 24 Office Sales: Average Price per SF = $100.7
· 2019 – 14 Office Sales: Average Price per SF = $124.69
· 5 Year Totals – 102 Office Sales: Average Price per SF = $106.12
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