Clearwater, FL – 2019 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Clearwater market for 2019. Specifically, 35 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The sales were relatively consistent throughout the year with an outlier in the 2nd quarter. The peak number of transactions and greatest average price per square foot occurred in the 2nd quarter at 21 transactions and an average price per square foot over $130. Total transaction volume for this small office market segment totaled just under $3 Million for 2019 and the average price per square foot for all transactions for 2019 was $121.02/SF with an average building size of 1,226 SF. On a quarterly basis the price per square foot analysis is as follows:
1st Quarter 2019 - 4 Office Sales: Average Price per SF = $115.86
2nd Quarter 2019- 21 Office Sales: Average Price per SF = $130.85
3rd Quarter 2019 - 5 Office Sales: Average Price per SF = $124.74
4th Quarter 2019 - 5 Office Sales: Average Price per SF = $102.06
Full Year 2019- 35 Office Sales: Average Price per SF = $121.02
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 Office Market (up to 2,000 SF) - Year over Year Changes (2018 to 2019)
Average Size Building Sold – 7.2% decrease in average size building sold from 1,321 SF to 1,226 SF
Price per Square Foot – 2.8% decrease in average $/SF from 2018 to 2019
Number of Transactions – 40% increase in the # of transactions from 2018 to 2019
Dollar Volume of Transactions – 19.7% increase 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