Clearwater, FL – 2019 Office Transaction Summary (5,000 SF to 15,000 SF)
We have analyzed office sales data from the Clearwater market for 2019. Just under 15 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 3rd quarter of the year. The smallest number of transactions occurred in the 4th quarter of the year when the average price per square foot was greatest. Average price per square foot displayed a positive linear trend throughout the year . Total transaction volume for the year for this size segment of the office market totaled approximately $10.7 Million and the average price per square foot for all transactions for 2019 was $124.69/SF with an average building size of 9,966 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2019 – 4 Office Sales: Average Price per SF = $100.33
· 2nd Quarter 2019 – 3 Office Sales: Average Price per SF = $121.46
· 3rd Quarter 2019 – 5 Office Sales: Average Price per SF = $133.48
· 4th Quarter 2019 – 2 Office Sales: Average Price per SF = $155.10
· Full Year 2019 – 14 Office Sales: Average Price per SF = $124.69
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 Office Market (5,000 SF to 15,000 SF) - Year over Year Changes (2018 to 2019)
Average Size Building Sold – 0.02% decrease in the average building size sold from 9,989 SF to 9,966 SF
Price per Square Foot – 24.6% increase in average $/SF from 2018 to 2019
Number of Transactions – 41.7% decrease in the # of transactions from 2018 to 2019
Dollar Volume of Transactions – 54.8% 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
mike@cliggitt.com
Tampa Office Real Estate Advisor
www.cliggittrealty.com
www.cliggitt.com