Clearwater, FL – 2018 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Clearwater market for 2018. Precisely 25 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The first three quarters of the year displayed a negative trend in number of transactions. There was a substantial increase in transactions in the 4th quarter. The average price per square foot revealed an inverse trend to the trend in number of transactions. Total transaction volume for this small office market segment totaled nearly $2.5 million for 2018, and the average price per square foot for all transactions in the size segment for 2018 was $124.54/SF with an average building size of 1,321 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2018 – 7 Office Sales: Average Price per SF = $122.81
· 2nd Quarter 2018 – 5 Office Sales: Average Price per SF = $129.72
· 3rd Quarter 2018 – 2 Office Sales: Average Price per SF = $139.83
· 4th Quarter 2018 – 11 Office Sales: Average Price per SF = $121.48
. Full year 2018- 25 Office Sales: Average Price per SF = $124.54
Clearwater, FL – 2017 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Clearwater market for 2017. Specifically, 17 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The sales were one-sided with most of the sales occurring in the first half of the year. The peak number of transactions and greatest average price per square foot occurred in the 2nd quarter at 8 transactions. Total transaction volume for this small office market segment totaled nearly $2.75 Million for 2017 and the average price per square foot for all transactions for 2017 was $213.99/SF with an average building size of 1,372 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2017 – 5 Office Sales: Average Price per SF = $121.86
· 2nd Quarter 2017 – 8 Office Sales: Average Price per SF = $302.69
· 3rd Quarter 2017 – 2 Office Sales: Average Price per SF = $192.50
· 4th Quarter 2017 – 2 Office Sales: Average Price per SF = Data Unavailable
. Full Year 2017 - 17 Office Sales: Average Price Per SF = $213.99
Clearwater Office Market (up to 2,000 SF) - Year over Year Changes (2017 to 2018)
Average Size Building Sold – 3.7% decrease in average size building sold from 1,372 SF to 1,321 SF
Price per Square Foot – 41.8% decrease in average $/SF from 2017 to 2018
Number of Transactions – 47.1% increase in the # of transactions from 2017 to 2018
Dollar Volume of Transactions – 9.1% 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