We have analyzed office sales data from the Sarasota market for 2015 through 2019. There were 131 small to medium offices which were reviewed and summarized. These were smaller to medium sized office properties from 2,000 SF to 5,000 SF in size. The sales had a negative trend over the 5-year period, with the highest volume of office sales in this size segment occurring in the 2nd quarter of 2016. The average price per square foot from 2015-2019 showed a reasonably steady positive trend from 2015-2018 but dropped slightly in 2019. Total transaction volume for this small office market segment totaled over $57 Million from 2015-2019. The average price per square foot for office transactions in 2015-2019 was $165.12/SF with an average building size of 3,143 SF. On a yearly basis the price per square foot analysis is as follows:
· 2015 – 32 Office Sales: Average Price per SF = $140.67
· 2016 – 31 Office Sales: Average Price per SF = $159.60
· 2017 – 28 Office Sales: Average Price per SF = $170.41
· 2018 – 26 Office Sales: Average Price per SF = $197.94
· 2019 – 14 Office Sales: Average Price per SF = $163.67
· 5 Year Totals – 131 Office Sales: Average Price per SF = $165.12
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