Saint Petersburg, FL – 2016 Office Transaction Summary (5,000 SF to 15,000 SF)
We have analyzed office sales data from the Saint Petersburg market for 2016. Just under 15 sales were reviewed and summarized. These sales were of office properties in the 5,000 SF to 15,000 SF size range. Transactions of offices in this size segment were well dispersed throughout the year with 4 office sales in the 1st Quarter, 3 office sales in the 2nd Quarter, 2 office sales in the 3rd Quarter and 5 sales in the 4th Quarter. Average price per square foot rose steadily throughout the first half of the year, falling slightly in the 3rd quarter and falling to the year’s lowest average price per square foot in the 4th quarter. Total transaction volume for this office market segment totaled over $11 Million for 2016 and the average price per square foot for all transactions for 2016 was $116.84/SF with an average building size of 7,884 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 4 Office Sales: Average Price per SF = $114.30
· 2nd Quarter 2016 – 3 Office Sales: Average Price per SF = $135.90
· 3rd Quarter 2016 – 2 Office Sales: Average Price per SF = $133.07
· 4th Quarter 2016 – 5 Office Sales: Average Price per SF = $103.82
· Full Year 2016 – 14 Office Sales: Average Price per SF = $116.84
Saint Petersburg, FL – 2017 Office Transaction Summary (5,000 SF to 15,000 SF)
We have analyzed office sales data from the Saint Petersburg market for 2017. Just under 20 sales were reviewed and summarized. These sales were of office properties in the 5,000 SF to 15,000 SF size range. Quarter 2 of 2017 was the strongest with regard to number of transactions and average price per square foot. Sales and average price per square foot dropped off in the 3rd quarter with 3 sales, the 4th quarter posted 4 transactions within this size segment. Total transaction volume for the year for this size segment of the office market totaled over $18 Million and the average price per square foot for all transactions for 2017 was $150.03/SF with an average building size of 9,216 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2017 – 5 Office Sales: Average Price per SF = $121.41
· 2nd Quarter 2017 – 6 Office Sales: Average Price per SF = $238.50
· 3rd Quarter 2017 – 3 Office Sales: Average Price per SF = $54.27
· 4th Quarter 2017 – 4 Office Sales: Average Price per SF = $181.74
· Full Year 2017 – 18 Office Sales: Average Price per SF = $150.03
Saint Petersburg Office Market (5,000 SF to 15,000 SF) - Year over Year Changes (2016 to 2017)
Average Size Building Sold – 16.9% increase in the average building size sold from 7,884 SF to 9,216 SF
Price per Square Foot – 28% increase in average $/SF from 2016 to 2017
Number of Transactions – 28.5% increase in the # of transactions from 2016 to 2017
Dollar Volume of Transactions – 63.7% increase in the total $ volume for transactions from 2016 to 2017
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