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  • Mike Cliggitt, CCIM, MAI

Saint Petersburg, FL - 2015-2016 Small Office Transaction Summary (2,000 SF to 5,000 SF)

Saint Petersburg, FL – 2016 Small Office Transaction Summary (2,000 SF to 5,000 SF)

We have analyzed office sales data from the Saint Petersburg market for 2016. Over 35 sales were reviewed and summarized. These were smaller office properties in the 2,000 SF to 5,000 SF size range. The trend of transactions was generally positive and showed an inverse relationship to average price per square foot. After the second quarter low, the year continued strong with a substantial increase of transactions in the 4th quarter. Total transaction volume for this small office market segment totaled around $9.3 Million for 2016 and the average price per square foot for all transactions for 2016 was $127.52/SF with an average building size of 3,382 SF. On a quarterly basis the price per square foot analysis is as follows:

· 1st Quarter 2016 – 6 Office Sales: Average Price per SF = $119.60

· 2nd Quarter 2016 – 3 Office Sales: Average Price per SF = $187.92

· 3rd Quarter 2016 – 10 Office Sales: Average Price per SF = $130.96

· 4th Quarter 2016 – 17 Office Sales: Average Price per SF = $116.18

· Full Year 2016 – 36 Office Sales: Average Price per SF = $127.52


Real Estate - Saint Petersburg, FL – 2015 Small Office Transaction Summary (2,000 SF to 5,000 SF)

We have analyzed office sales data from the Saint Petersburg market for 2015. Just under 20 sales were reviewed and summarized. These were smaller office properties in the 2,000 SF to 5,000 SF size range. Well over half of the 18 sales occurred in the first two quarters of the year with a drop to 7 total transactions for the 3rd and 4th quarters of 2015, showing a negative trend in transactions. Total transaction volume for this small office market segment totaled over $5 Million for 2015 and the average price per square foot for all transactions for 2015 was $105.87/SF with an average building size of 3,392 SF. On a quarterly basis the price per square foot analysis is as follows:

· 1st Quarter 2015 – 6 Office Sales: Average Price per SF = $59.91

· 2nd Quarter 2015 – 5 Office Sales: Average Price per SF = $145.61

· 3rd Quarter 2015 – 4 Office Sales: Average Price per SF = $135.41

· 4th Quarter 2015 – 3 Office Sales: Average Price per SF = $161.87

· Full Year 2015 – 18 Office Sales: Average Price per SF = $105.87


Saint Petersburg Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2015 to 2016)

Average Size Building Sold – 0.03% increase in the average building size sold from 3,392 SF to 3,382 SF

Price per Square Foot – 20.4% decrease in average $/SF from 2015 to 2016

Number of Transactions – 100% increase in the # of transactions from 2015 to 2016

Dollar Volume of Transactions – 75.4% 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


mike@cliggitt.com


Tampa Office Real Estate Advisor


www.cliggittrealty.com


www.cliggitt.com

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