Clearwater, FL – 2018 Office Transaction Summary (5,000 SF to 15,000 SF)
We have analyzed office sales data from the Clearwater market for 2018. Just under 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 greatest in the 1st quarter of the year with 8 total sales, followed by the lowest number of transactions in the 2nd quarter. Average price per square foot had a well dispersed distribution for the year and had a spread of $51.95. Total transaction volume for this office market segment totaled nearly $24 Million for 2018 and the average price per square foot for all transactions for 2018 was $100.07/SF with an average building size of 9,989 SF. On a quarterly basis the price per square foot analysis is as follows:
• 1st Quarter 2018 – 8 Office Sales: Average Price per SF = $86.85
• 2nd Quarter 2018 – 3 Office Sales: Average Price per SF = $113.31
• 3rd Quarter 2018 – 7 Office Sales: Average Price per SF = $92.02
• 4th Quarter 2018 – 6 Office Sales: Average Price per SF = $138.80
• Full Year 2018 – 24 Office Sales: Average Price per SF = $100.07
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:
Clearwater Office Market (5,000 SF to 15,000 SF) - Year over Year Changes (2017 to 2018)
Average Size Building Sold – 22.7% increase in the average building size sold from 8,143 SF to 9,989 SF
Price per Square Foot – 7.2% decrease in average $/SF from 2017 to 2018
Number of Transactions – 26.3% increase in the # of transactions from 2017 to 2018
Dollar Volume of Transactions – 73.1% increase 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
Tampa Office Real Estate Advisor