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Clearwater, FL - 2016-2017 Medium to Large Office Transaction Summary (5,000 SF to 15,000 SF)

Updated: Sep 20

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 – 2017 Office Transaction Summary (5,000 SF to 15,000 SF)

We have analyzed office sales data from the Clearwater market for 2017. Just under 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. Transactions were well dispersed throughout the year with the most transactions occurring in the 2nd and 4th quarters of the year. Average price per square foot varied throughout the year and showed a surge in price in the 3rd quarter, which correlates to the lowest number of transactions for the year. Total transaction volume for the year for this size segment of the office market totaled approximately $13.7 Million and the average price per square foot for all transactions for 2017 was $107.84/SF with an average building size of 8,143 SF. On a quarterly basis the price per square foot analysis is as follows:

· 1st Quarter 2017 – 4 Office Sales: Average Price per SF = $95.29

· 2nd Quarter 2017 – 6 Office Sales: Average Price per SF = $103.41

· 3rd Quarter 2017 – 3 Office Sales: Average Price per SF = $146.01

· 4th Quarter 2017 – 6 Office Sales: Average Price per SF = $106.37

· Full Year 2017 – 19 Office Sales: Average Price per SF = $107.84


Clearwater Office Market (5,000 SF to 15,000 SF) - Year over Year Changes (2016 to 2017)

Average Size Building Sold – 5.6% decrease in the average building size sold from 8,629 SF to 8,143 SF

Price per Square Foot – 36.3% increase in average $/SF from 2016 to 2017

Number of Transactions – 24% decrease in the # of transactions from 2016 to 2017

Dollar Volume of Transactions – 35.5% 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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