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  • Mike Cliggitt, CCIM, MAI

Saint Petersburg, FL - 2017-2018 Large Office Transaction Summary (15,000 SF+)

Saint Petersburg, FL – 2017 Office Transaction Summary (15,000 SF +)

We have analyzed sales office properties 15,000 SF and up from the Saint Petersburg market for 2017. 13 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Sales transactions showed a positive trend in 2017 until the fourth quarter. There was a drop off in the 4th quarter with only 1 large office transaction. Total transaction volume for the year for this size segment of the office market totaled nearly $129 Million and the average price per square foot for all transactions for 2017 was $142.52/SF with an average building size of 69,563 SF. On a quarterly basis the price per square foot analysis is as follows:

· 1st Quarter 2017 – 3 Office Sales: Average Price per SF = $216.01

· 2nd Quarter 2017 – 4 Office Sales: Average Price per SF = $184.45

· 3rd Quarter 2017 – 5 Office Sales: Average Price per SF = $78.93

· 4th Quarter 2017 – 1 Office Sale: Average Price per SF = $113.88

· Full Year 2017 – 13 Office Sales: Average Price per SF = $142.52


Saint Petersburg, FL – 2018 Office Transaction Summary (15,000 SF +)

We have analyzed office sales data from the Saint Petersburg market for 2018. Under 10 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Transactions of offices in this size segment showed a low but positive trend for the year, starting with 2 total sales in the first half of the year. The second half of the year showed 5 total sales. Total transaction volume for this office market segment totaled over $74 Million for 2018 and the average price per square foot for all transactions for 2018 was $144.71/SF with an average building size of 73,137 SF. On a quarterly basis the price per square foot analysis is as follows:

· 1st Quarter 2018 – 1 Office Sale: Average Price per SF = $59.05

· 2nd Quarter 2018 – 1 Office Sale: Average Price per SF = $351.39

· 3rd Quarter 2018 – 2 Office Sales: Average Price per SF = $168.82

· 4th Quarter 2018 – 3 Office Sales: Average Price per SF = $128.28

· Full Year 2018 – 11 Office Sales: Average Price per SF = $144.71


Saint Petersburg Office Market (15,000 SF +) - Year over Year Changes (2017 to 2018)

Average Size Building Sold – 5% increase in the avg. building size sold from 69,563 SF to 73,137 SF

Price per Square Foot – 1.5% increase in average $/SF from 2017 to 2018

Number of Transactions – 46% increase in the # of transactions from 2017 to 2018

Dollar Volume of Transactions – 42.5% increase in the total $ volume for transactions from 2017 to 2018


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



Saint Petersburg Office Real Estate Advisor



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