We have analyzed office sales data from the Sarasota market for 2015 through 2019. There were 91 medium to large offices which were reviewed and summarized. These office properties were 5,000 SF to 15,000 SF in size. The sales had a well dispersed distribution over the 5-year period, with the highest volume of office sales in this size segment occurring in the 1st quarter of 2019. The trend in average price per square foot from 2015-2019 was consistent throughout the year with several outliers. Particularly we note a strong 1st quarter of 2015 as well as the swell in the 2nd quarter of 2017, followed by a decline for the remainder of 2017. Total transaction volume for this small office market segment totaled approximately $110.3 Million from 2015-2019. The average price per square foot for office transactions in 2015-2019 was $153.73/SF with an average building size of 8,687 SF. On a yearly basis the price per square foot analysis is as follows:
· 2015 – 22 Office Sales: Average Price per SF = $135.31
· 2016 – 21 Office Sales: Average Price per SF = $168.76
· 2017 – 9 Office Sales: Average Price per SF = $210.04
· 2018 – 13 Office Sales: Average Price per SF = $124.12
· 2019 – 26 Office Sales: Average Price per SF = $157.98
· 5 Year Totals – 91 Office Sales: Average Price per SF = $153.73
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 mike@cliggitt.com
Sarasota Office Real Estate Advisor
www.cliggittrealty.com
www.cliggitt.com
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