Sarasota, FL – 2016 Large Office Transaction Summary (15,000 SF +)
We have analyzed office sales data from the Sarasota market for 2016. Precisely 9 sales were reviewed and summarized. These sales were of large office properties over 15,000 SF in size. Transactions of offices in this size segment started out slow with 1 sale in the 1st quarter of the year. We observe an upward trend in number of transactions for the year. Average price per square foot was strong in the 1st half of the year, then showed a significant decline in the second half of the year. Total transaction volume for this office market segment totaled approximately $38.8 Million for 2016 and the average price per square foot for all transactions for 2016 was $143.42/SF with an average building size 39,994 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 1 Office Sales: Average Price per SF = $248.27
· 2nd Quarter 2016 – 2 Office Sales: Average Price per SF = $262.70
· 3rd Quarter 2016 – 2 Office Sales: Average Price per SF = $60.46
· 4th Quarter 2016 – 4 Office Sales: Average Price per SF = $104.27
· Full Year 2016 – 16 Office Sales: Average Price per SF = $143.42
Sarasota, FL – 2017 Large Office Transaction Summary (15,000 SF +)
We have analyzed sales office properties 15,000 SF and up from the Sarasota market for 2017. Exactly 6 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. The most sales transactions occurred in the 2nd quarter of the year with 3 transactions, the other quarters of the year had 1 transaction each. Average price per square foot was greatest in the 3rd quarter at nearly $230 per square foot, which was represented by 1 sale. Total transaction volume for the year for this size segment of the office market totaled approximately $98.4 Million and the average price per square foot for office transactions for 2017 was $154.84/SF with an average building size of 105,877 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2017 – 1 Office Sale: Average Price per SF = $148.80
· 2nd Quarter 2017 – 3 Office Sale: Average Price per SF = $146.97
· 3rd Quarter 2017 – 1 Office Sales: Average Price per SF = $228.04
· 4th Quarter 2017 – 1 Office Sale: Average Price per SF = $88.79
· Full Year 2017 – 6 Office Sales: Average Price per SF = $154.84
Sarasota Office Market (15,000 SF +) - Year over Year Changes (2016 to 2017)
Average Size Building Sold – 164.7% increase in the avg. building size sold from 39,994 SF to 105,877 SF
Price per Square Foot – 7.9% increase in average $/SF from 2016 to 2017
Number of Transactions – 33.3% decrease in the # of transactions from 2016 to 2017
Dollar Volume of Transactions – 69.2% increase in the total $ volume for transactions from 2016 to 2017
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