Saint Petersburg, FL – 2015 Office Transaction Summary (15,000 SF +)
We have analyzed sales office properties 15,000 SF and up from the Saint Petersburg market for 2015. Precisely 10 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Sales transactions were fairly consistent over the year, with 3 transactions in the 1st quarter and 4th quarter and 2 transactions in the 2nd and 3rd quarters. Average price per square foot peaked in the 3rd quarter at nearly $210 per square foot. Total transaction volume for the year for this size segment of the office market totaled over $27 Million and the average price per square foot for all transactions for 2015 was $95.20/SF with an average building size of 46,182 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2015 – 3 Office Sales: Average Price per SF = $41.03
· 2nd Quarter 2015 – 2 Office Sales: Average Price per SF = $83.67
· 3rd Quarter 2015 – 2 Office Sales: Average Price per SF = $209.66
· 4th Quarter 2015 – 3 Office Sale: Average Price per SF = $95.31
· Full Year 2015 – 10 Office Sales: Average Price per SF = $95.20
Saint Petersburg, FL – 2016 Office Transaction Summary (15,000 SF +)
We have analyzed office sales data from the Saint Petersburg market for 2016. Over 10 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Transactions of offices in this size segment started out with no sales in the first quarter of the year followed by 6 transactions in the second quarter of the year. The second half of the year showed the same trend as the first half, with no sales in the third quarter and 5 sales in the fourth quarter. Total transaction volume for this office market segment totaled over $108 Million for 2016 and the average price per square foot for all transactions for 2016 was $126.56/SF with an average building size of 78,161 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 0 Office Sales
· 2nd Quarter 2016 – 6 Office Sales: Average Price per SF = $111.56
· 3rd Quarter 2016 – 0 Office Sales
· 4th Quarter 2016 – 5 Office Sales: Average Price per SF = $147.98
· Full Year 2016 – 11 Office Sales: Average Price per SF = $126.56
Saint Petersburg Office Market (15,000 SF +) - Year over Year Changes (2015 to 2016)
Average Size Building Sold – 69.2% increase in the avg. building size sold from 46,182 SF to 78,161 SF
Price per Square Foot – 32.9% increase in average $/SF from 2015 to 2016
Number of Transactions – 10% increase in the # of transactions from 2015 to 2016
Dollar Volume of Transactions – 294% increase in the total $ volume for transactions from 2015 to 2016
Thank you for your interest. For more information on the Saint Petersburg 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
Saint Petersburg Office Real Estate Advisor