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Mike Cliggitt, CCIM, MAI

Clearwater, FL - 2017-2018 Large Office Transaction Summary (15,000 SF +)

Clearwater, FL – 2018 Large Office Transaction Summary (15,000 SF +)

We have analyzed office sales data from the Clearwater market for 2018. Precisely 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 were highest in the 1st quarter of the year with 6 sales. Average price per square foot was relatively consistent for the year besides an outlier in the 2nd quarter, which was over double the price of each of the other quarters. Total transaction volume for this office market segment totaled approximately $60 Million for 2018 and the average price per square foot for all transactions for 2018 was $78.75/SF with an average building size 61,140 SF. On a quarterly basis the price per square foot analysis is as follows:

· 1st Quarter 2018 – 6 Office Sales: Average Price per SF = $67.39

· 2nd Quarter 2018 – 2 Office Sales: Average Price per SF = $166.37

· 3rd Quarter 2018 – 2 Office Sales: Average Price per SF = $55.84

· 4th Quarter 2018 – 5 Office Sales: Average Price per SF = $47.15

· Full Year 2018 – 15 Office Sales: Average Price per SF = $78.75


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 Sales: Average Price per SF = $89.32

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

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

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

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


Clearwater Office Market (15,000 SF +) - Year over Year Changes (2017 to 2018)

Average Size Building Sold – 45.5% decrease in the avg. building size sold from 112,285 SF to 61,140 SF

Price per Square Foot – 32.6% decrease in average $/SF from 2017 to 2018

Number of Transactions – 50% increase in the # of transactions from 2017 to 2018

Dollar Volume of Transactions – 47.9% decrease in the total $ volume for transactions from 2017 to 2018


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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