Real Estate - 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 – 2017 Small Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Saint Petersburg market for 2017. Over 20 sales were reviewed and summarized. These were smaller office properties in the 2,000 SF to 5,000 SF size range. The number of transactions over the 2017 period remained relatively consistent, with 11 transactions in both the 1st and 2nd half of the year. Total transaction volume for this small office market segment totaled under $12 Million for 2017 and the average price per square foot for all transactions for 2017 was $181.01/SF with an average building size of 3,375 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2017 – 7 Office Sales: Average Price per SF = $171.94
· 2nd Quarter 2017 – 4 Office Sales: Average Price per SF = $117.06
· 3rd Quarter 2017 – 7 Office Sales: Average Price per SF = $272.67
· 4th Quarter 2017 – 6 Office Sales: Average Price per SF = $151.60
· Full Year 2017 – 22 Office Sales: Average Price per SF = $181.01
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