We have analyzed office sales data from the Sarasota market for 2015 through 2019. There were 171 small offices which were reviewed and summarized. These were smaller office properties less than 2,000 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 2nd quarter of 2016, followed by the 2nd quarter of 2018. The average price per square foot from 2015-2019 showed a relatively consistent slight positive trend from 2015-2019 except a few outliers throughout the years, specifically in the 1st quarter of 2017, 2nd quarter of 2018 and 4th quarter of 2019. Total transaction volume for this small office market segment totaled nearly $27 Million from 2015-2019. The average price per square foot for office transactions in 2015-2019 was $186.08/SF with an average building size of 1,280 SF. On a yearly basis the price per square foot analysis is as follows:
· 2015 – 29 Office Sales: Average Price per SF = $145.07
· 2016 – 36 Office Sales: Average Price per SF = $175.39
· 2017 – 39 Office Sales: Average Price per SF = $164.75
· 2018 – 38 Office Sales: Average Price per SF = $209.02
· 2019 – 29 Office Sales: Average Price per SF = $237.80
· 5 Year Totals – 171 Office Sales: Average Price per SF = $186.08
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