Sarasota, FL – 2015 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Sarasota market for 2015. Just under 30 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The sales were well dispersed over the year, with the peak number of transactions occurring in the 3rd quarter at 9 transactions. The average price per square foot was fairly consistent throughout the first three quarters of the year and experienced a considerable increase in the 4th quarter. Total transaction volume for this small office market segment totaled approximately $4.24 Million for 2015 and the average price per square foot for all transactions for 2015 was $145.07/SF with an average building size of 1,383 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2015 – 5 Office Sales: Average Price per SF = $133.77
· 2nd Quarter 2015 – 7 Office Sales: Average Price per SF = $127.59
· 3rd Quarter 2015 – 9 Office Sales: Average Price per SF = $136.46
· 4th Quarter 2015 – 8 Office Sales: Average Price per SF = $179.13
· Full Year 2015 – 29 Office Sales: Average Price per SF = $145.07
Sarasota, FL – 2016 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Sarasota market for 2016. Precisely 36 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. We observe a direct correlation between number of transactions and average price per square foot in 2016. The 2nd quarter of 2016 experienced substantially more transactions than the other quarters and the highest average price per square foot. Total transaction volume for this small office market segment totaled nearly $5.7 million for 2016 and the average price per square foot for all transactions in the size segment for 2016 was $175.39/SF with an average building size of 1,351 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 8 Office Sales: Average Price per SF = $159.42
· 2nd Quarter 2016 – 16 Office Sales: Average Price per SF = $211.12
· 3rd Quarter 2016 – 8 Office Sales: Average Price per SF = $161.52
· 4th Quarter 2016 – 4 Office Sales: Average Price per SF = $154.47
· Full Year 2016 – 36 Office Sales: Average Price per SF = $175.39
Sarasota Office Market (up to 2,000 SF) - Year over Year Changes (2015 to 2016)
Average Size Building Sold – 2.3% decrease in average size building sold from 1,383 SF to 1,351 SF
Price per Square Foot – 20.9% increase in average $/SF from 2015 to 2016
Number of Transactions – 24.1% increase in the # of transactions from 2015 to 2016
Dollar Volume of Transactions – 34% 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