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  • Mike Cliggitt, CCIM, MAI

Sarasota, FL - 2016-2017 Medium to Large Office Transaction Summary (5,000 SF to 15,000 SF)

Sarasota, FL – 2016 Office Transaction Summary (5,000 SF to 15,000 SF)

We have analyzed office sales data from the Sarasota market for 2016. Exactly 21 sales were reviewed and summarized. These sales were of medium to large office properties in the 5,000 SF to 15,000 SF size range. Transactions of offices in this size segment were strongest in the 4th quarter of the year with 8 total sales. Average price per square foot was relatively consistent throughout the year with a spike in average price per square foot in the 3rd quarter. Total transaction volume for this office market segment totaled nearly $30 Million for 2016 and the average price per square foot for 2016 was $168.76/SF with an average building size of 8,373 SF. On a quarterly basis the price per square foot analysis is as follows:


· 1st Quarter 2016 – 3 Office Sales: Average Price per SF = $166.59

· 2nd Quarter 2016 – 6 Office Sales: Average Price per SF = $164.32

· 3rd Quarter 2016 – 4 Office Sales: Average Price per SF = $179.56

· 4th Quarter 2016 – 8 Office Sales: Average Price per SF = $167.74

· Full Year 2016 – 21 Office Sales: Average Price per SF = $168.76


Sarasota, FL – 2017 Office Transaction Summary (5,000 SF to 15,000 SF)


We have analyzed office sales data from the Sarasota market for 2017. Just under 10 sales were reviewed and summarized. These sales were of medium to large office properties in the 5,000 SF to 15,000 SF size range. All the transactions occurred in the 1st half of the year except one sale in the 3rd quarter. Average price per square foot varied throughout the year and was the greatest in the 2nd quarter at nearly $260/SF. Total transaction volume for the year for this size segment of the office market totaled approximately $13.3 Million and the average price per square foot for all transactions for 2017 was $210.04/SF with an average building size of 9,193 SF. On a quarterly basis the price per square foot analysis is as follows:


· 1st Quarter 2017 – 3 Office Sales: Average Price per SF = $194.37

· 2nd Quarter 2017 – 5 Office Sales: Average Price per SF = $254.95

· 3rd Quarter 2017 – 1 Office Sales: Average Price per SF = $86.44

· 4th Quarter 2017 – 0 Office Sales: Average Price per SF = N/A

· Full Year 2017 – 9 Office Sales: Average Price per SF = $210.04


Sarasota Office Market (5,000 SF to 15,000 SF) - Year over Year Changes (2016 to 2017)

Average Size Building Sold – 9.8% increase in the average building size sold from 8,373 SF to 9,193 SF

Price per Square Foot – 24.5% increase in average $/SF from 2016 to 2017

Number of Transactions – 57.1% decrease in the # of transactions from 2016 to 2017

Dollar Volume of Transactions – 55.3% decrease 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


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