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  • Mike Cliggitt, CCIM, MAI

Clearwater, FL - 2016-2017 Large Office Transaction Summary(15,000+ SF)

Clearwater, FL – 2017 Large Office Transaction Summary (15,000 SF +)

We have analyzed sales office properties 15,000 SF and up from the Clearwater market for 2017. Precisely 10 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Sales transactions were well dispersed throughout the year, with the most transactions occurring in the 1st quarter. The average price per square foot peaked in the 3rd quarter at approximately $258 per square foot, which was represented by 1 sale. Total transaction volume for the year for this size segment of the office market totaled just over $115 Million and the average price per square foot for office transactions for 2017 was $116.84/SF with an average building size of 112,285 SF. On a quarterly basis the price per square foot analysis is as follows:

· 1st Quarter 2017 – 4 Office Sale: Average Price per SF = $89.32

· 2nd Quarter 2017 – 2 Office Sale: Average Price per SF = $128.65

· 3rd Quarter 2017 – 1 Office Sales: Average Price per SF = $258.13

· 4th Quarter 2017 – 3 Office Sale: Average Price per SF = $98.33

· Full Year 2017 – 10 Office Sales: Average Price per SF = $116.84


Clearwater, FL – 2016 Large Office Transaction Summary (15,000 SF +)

We have analyzed office sales data from the Clearwater market for 2016. Just over 15 sales were reviewed and summarized. These sales were of large office properties over 15,000 SF in size. Transactions of offices in this size segment started out strong with 7 sales in the 1st quarter of the year. We observe an inverse relationship between the number of transactions and average price per square foot for the year. Total transaction volume for this office market segment totaled approximately $38.8 Million for 2016 and the average price per square foot for all transactions for 2016 was $74.81/SF with an average building size 39,994 SF. On a quarterly basis the price per square foot analysis is as follows:

· 1st Quarter 2016 – 7 Office Sales: Average Price per SF = $66.96

· 2nd Quarter 2016 – 3 Office Sales: Average Price per SF = $89.30

· 3rd Quarter 2016 – 4 Office Sales: Average Price per SF = $80.48

· 4th Quarter 2016 – 2 Office Sales: Average Price per SF = $95.64

· Full Year 2016 – 16 Office Sales: Average Price per SF = $74.81


Clearwater Office Market (15,000 SF +) - Year over Year Changes (2016 to 2017)

Average Size Building Sold – 180.8% increase in the avg. building size sold from 39,994 SF to 112,285 SF

Price per Square Foot – 56.2% increase in average $/SF from 2016 to 2017

Number of Transactions – 37.5% decrease in the # of transactions from 2016 to 2017

Dollar Volume of Transactions – 196.9% increase in the total $ volume for transactions from 2016 to 2017


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



mike@cliggitt.com



Tampa Office Real Estate Advisor



www.cliggittrealty.com



www.cliggitt.com

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