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, FL – 2019 Office Transaction Summary (15,000 SF +)
We have analyzed sales office properties 15,000 SF and up from the Saint Petersburg market for 2019. Precisely 8 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Sales transactions showed a relatively consistent distribution in 2019, except for the 0 recorded transactions in the second quarter. The 3rd and 4th quarter gained momentum with 3 large office transactions each. Total transaction volume for the year for this size segment of the office market totaled nearly $75 Million and the average price per square foot for all transactions for 2019 was $161.64/SF with an average building size of 57,962 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2019 – 2 Office Sales: Average Price per SF = $153.33
· 2nd Quarter 2019 – 0 Office Sales:
· 3rd Quarter 2019 – 3 Office Sales: Average Price per SF = $179.80
· 4th Quarter 2019 – 3 Office Sale: Average Price per SF = $164.00
· Full Year 2019 – 8 Office Sales: Average Price per SF = $161.64
Saint Petersburg Office Market (15,000 SF +) - Year over Year Changes (2018 to 2019)
Average Size Building Sold – 20.7% decrease in the avg. building size sold from 73,137 SF to 57,962 SF
Price per Square Foot – 11.7% increase in average $/SF from 2018 to 2019
Number of Transactions – 14% increase in the # of transactions from 2018 to 2019
Dollar Volume of Transactions – 1% increase in the total $ volume for transactions from 2018 to 2019
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 Saint Petersburg Office Real Estate Advisor www.cliggittrealty.com www.cliggitt.com