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 $5.7 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, FL – 2017 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Saint Petersburg market for 2017. Over 30 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 first three quarters of the year with five office sales in this size segment occurring in the 4th Quarter of 2017. Total transaction volume for this small office market segment totaled over $5.5 Million for 2017 and the average price per square foot for all transactions for 2017 was $156.93/SF with an average building size of 1,429 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2017 – 10 Office Sales: Average Price per SF = $120.76
· 2nd Quarter 2017 – 10 Office Sales: Average Price per SF = $185.92
· 3rd Quarter 2017 – 9 Office Sales: Average Price per SF = $168.09
· 4th Quarter 2017 – 5 Office Sales: Average Price per SF = $163.20
· Full Year 2017 – 34 Office Sales: Average Price per SF = $156.93
Saint Petersburg Office Market (up to 2,000 SF) - Year over Year Changes (2016 to 2017)
Average Size Building Sold – Stayed consistent year over year
Price per Square Foot – 5.5% decrease in average $/SF from 2016 to 2017
Number of Transactions – 26% increase in the # of transactions from 2016 to 2017
Dollar Volume of Transactions – 3% decrease 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
Tampa Office Real Estate Advisor
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