Real Estate - Clearwater, FL – 2018 Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Clearwater market for 2018. Just under 20 sales were reviewed and summarized. These were smaller to medium office properties in the 2,000 SF to 5,000 SF size range. There was a positive trend of transactions throughout the year, with the most transactions reported in the 4th quarter. Average price per square foot varied throughout the year and peaked in the 4th quarter at over $140 per square foot. Total transaction volume for this small office market segment totaled around $3.4 Million for 2018 and the average price per square foot for all transactions for 2018 was $115.06/SF with an average building size of 3,234 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2018 – 2 Office Sales: Average Price per SF = Data Not Available
· 2nd Quarter 2018 – 4 Office Sales: Average Price per SF = $108.55
· 3rd Quarter 2018 – 5 Office Sales: Average Price per SF = $93.19
· 4th Quarter 2018 – 7 Office Sales: Average Price per SF = $142.39
· Full Year 2018 – 18 Office Sales: Average Price per SF = $115.06
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
Clearwater Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2017 to 2018)
Average Size Building Sold – 1.1% increase in the average building size sold from 3,199 SF to 3,234 SF
Price per Square Foot – 19.3% decrease in average $/SF from 2017 to 2018
Number of Transactions – 20% increase in the # of transactions from 2017 to 2018
Dollar Volume of Transactions – 37.7% 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