We have analyzed office sales data from the Saint Petersburg market for 2015 through 2019. There were 114 small offices which were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The sales had an irregular distribution over the 5-year period, with a high volume of office sales in this size segment occurring in the 2nd quarter of 2016, the 1st quarter of 2017, the 3rd quarter of 2017, and the 2nd and 3rd quarters of 2019. The average price per square foot from 2015-2019 showed a relatively consistent positive trend from 2015-2019 except a few outliers throughout the year. Total transaction volume for this small office market segment totaled just under $22 Million from 2015-2019. The average price per square foot for office transactions in 2015-2019 was $154.98/SF with an average building size of 1,442 SF. On a yearly basis the price per square foot analysis is as follows:
· 2015 – 18 Office Sales: Average Price per SF = $137.08
· 2016 – 22 Office Sales: Average Price per SF = $166.04
· 2017 – 26 Office Sales: Average Price per SF = $156.93
· 2018 – 23 Office Sales: Average Price per SF = $149.14
· 2019 – 25 Office Sales: Average Price per SF = $181.36
· 5 Year Totals – 114 Office Sales: Average Price per SF = $154.98
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