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  • Mike Cliggitt, CCIM, MAI

Sarasota, FL - 2015-2016 Medium to Large Office Transaction Summary (5,000-15,000 SF)

Sarasota, FL – 2015 Office Transaction Summary (5,000 SF to 15,000 SF)


We have analyzed office sales data from the Sarasota market for 2015. Precisely 22 sales were reviewed and summarized. These sales were of medium to large office properties in the 5,000 SF to 15,000 SF size range. Transactions were well dispersed throughout the year with the most sales occurring in the 4th quarter at 9 total transactions. Average price per square foot varied significantly throughout the year and was the greatest in the 1st quarter. Total transaction volume for the year for this size segment of the office market totaled over $28.5 Million and the average price per square foot for all transactions for 2015 was $135.31/SF with an average building size of 10,069 SF. On a quarterly basis the price per square foot analysis is as follows:


· 1st Quarter 2015 – 4 Office Sales: Average Price per SF = $200.52

· 2nd Quarter 2015 – 6 Office Sales: Average Price per SF = $45.89

· 3rd Quarter 2015 – 3 Office Sales: Average Price per SF = $92.19

· 4th Quarter 2015 – 9 Office Sales: Average Price per SF = $155.29

· Full Year 2015 – 22 Office Sales: Average Price per SF = $135.31


Sarasota, FL – 2016 Office Transaction Summary (5,000 SF to 15,000 SF)

We have analyzed office sales data from the Sarasota market for 2016. Exactly 21 sales were reviewed and summarized. These sales were of medium to large office properties in the 5,000 SF to 15,000 SF size range. Transactions of offices in this size segment were strongest in the 4th quarter of the year with 8 total sales. Average price per square foot was relatively consistent throughout the year with a spike in average price per square foot in the 3rd quarter. Total transaction volume for this office market segment totaled nearly $30 Million for 2016 and the average price per square foot for 2016 was $168.76/SF with an average building size of 8,373 SF. On a quarterly basis the price per square foot analysis is as follows:


· 1st Quarter 2016 – 3 Office Sales: Average Price per SF = $166.59

· 2nd Quarter 2016 – 6 Office Sales: Average Price per SF = $164.32

· 3rd Quarter 2016 – 4 Office Sales: Average Price per SF = $179.56

· 4th Quarter 2016 – 8 Office Sales: Average Price per SF = $167.74

· Full Year 2016 – 21 Office Sales: Average Price per SF = $168.76


Sarasota Office Market (5,000 SF to 15,000 SF) - Year over Year Changes (2015 to 2016)

Average Size Building Sold – 16.8% decrease in the average building size sold from 10,069 SF to 8,373 SF

Price per Square Foot – 24.7% increase in average $/SF from 2015 to 2016

Number of Transactions – 4.5% decrease in the # of transactions from 2015 to 2016

Dollar Volume of Transactions – 3.6% increase in the total $ volume for transactions from 2015 to 2016


Thank you for your interest. For more information on the Sarasota 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



Sarasota Office Real Estate Advisor



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