Saint Petersburg, FL – 2015 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Saint Petersburg market for 2015. Over 20 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The sales occurred in relatively equal distribution over the year with 5 office sales in this size segment occurring in both the 1st and 2nd Quarter of 2015 and 6 office sales in this size segment occurring in both the 3rd and 4th Quarter of 2015. Total transaction volume for this small office market segment totaled over $3 Million for 2015 and the average price per square foot for all transactions for 2015 was $137.08/SF with an average building size of 1,331 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2015 – 5 Office Sales: Average Price per SF = $99.57
· 2nd Quarter 2015 – 5 Office Sales: Average Price per SF = $404.17
· 3rd Quarter 2015 – 6 Office Sales: Average Price per SF = $112.32
· 4th Quarter 2015 – 6 Office Sales: Average Price per SF = $116.46
· Full Year 2015 – 22 Office Sales: Average Price per SF = $137.08
Saint Petersburg, FL – 2016 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Saint Petersburg market for 2016. Over 25 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The first quarter of 2016 started out slow with only 2 transactions, then experienced growth in the 2nd quarter with 10 transactions. Sales dropped in the 3rd quarter to 6 transactions and rose to 9 transactions in the 4th quarter. Total transaction volume for this small office market segment totaled over $5.5 Million for 2016 and the average price per square foot for all transactions in the size segment for 2016 was $166.04/SF with an average building size of 1,425 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 2 Office Sales: Average Price per SF = $161.47
· 2nd Quarter 2016 – 10 Office Sales: Average Price per SF = $199.09
· 3rd Quarter 2016 – 6 Office Sales: Average Price per SF = $110.08
· 4th Quarter 2016 – 9 Office Sales: Average Price per SF = $158.34
· Full Year 2016 – 27 Office Sales: Average Price per SF = $166.04
Saint Petersburg Office Market (up to 2,000 SF) - Year over Year Changes (2015 to 2016)
Average Size Building Sold – 7% increase in average size building sold from 1,331 SF to 1,425 SF
Price per Square Foot – 21% decrease in average $/SF from 2015 to 2016
Number of Transactions – 22.7% increase in the # of transactions from 2015 to 2016
Dollar Volume of Transactions – 69% 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
Tampa Office Real Estate Advisor