Clearwater, FL – 2019 Large Office Transaction Summary (15,000 SF +)
We have analyzed sales office properties 15,000 SF and up from the Clearwater market for 2019. Precisely 10 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Sales transactions were most prominent in the 2nd half of the year, with 60% of the total transactions occurring in just the 4th quarter. The average price per square foot for the year revealed an inverse relationship with the number transactions for the year. Total transaction volume for the year for this size segment of the office market totaled just over $42 Million and the average price per square foot for office transactions for 2019 was $91.33/SF with an average building size of 46,029 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2019 – 1 Office Sale: Average Price per SF = $129.68
· 2nd Quarter 2019 – 1 Office Sale: Average Price per SF = $130.27
· 3rd Quarter 2019 – 2 Office Sales: Average Price per SF = $96.95
· 4th Quarter 2019 – 6 Office Sales: Average Price per SF = $80.84
· Full Year 2019 – 10 Office Sales: Average Price per SF = $91.33
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 Office Market (15,000 SF +) - Year over Year Changes (2018 to 2019)
Average Size Building Sold – 24.7% decrease in the avg. building size sold from 61,140 SF to 46,029 SF
Price per Square Foot – 16% increase in average $/SF from 2018 to 2019
Number of Transactions – 33.3% decrease in the # of transactions from 2018 to 2019
Dollar Volume of Transactions – 30% decrease in the total $ volume for transactions from 2018 to 2019
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