Clearwater, FL – 2017 Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Clearwater market for 2017. Precisely 15 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 transactions were well dispersed throughout the year, with the most transactions occurring in the 2nd quarter. Average price per square foot varied throughout the year and peaked at nearly $220 per square foot. Total transaction volume for this small office market segment totaled around $2.4 Million for 2017 and the average price per square foot for all transactions for 2017 was $142.49/SF with an average building size of 3,199 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2017 – 1 Office Sales: Average Price per SF = $140.00
· 2nd Quarter 2017 – 8 Office Sales: Average Price per SF = $114.66
· 3rd Quarter 2017 – 2 Office Sales: Average Price per SF = $215.72
· 4th Quarter 2017 – 4 Office Sales: Average Price per SF = $47.07
· Full Year 2017 – 15 Office Sales: Average Price per SF = $142.49
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 Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2016 to 2017)
Average Size Building Sold – 5.3% decrease in the average building size sold from 3,380 SF to 3,199 SF
Price per Square Foot – 51.1% 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 – 45% decrease in the total $ volume for transactions from 2016 to 2017
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
mike@cliggitt.com
Tampa Office Real Estate Advisor
www.cliggittrealty.com