Sarasota, FL – 2018 Office Transaction Summary (5,000 SF to 15,000 SF)
We have analyzed office sales data from the Sarasota market for 2018. Precisely 13 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 2nd quarter of the year with 6 total sales. Average price per square foot in the 1st quarter of the year showed the highest average price per square foot. Total transaction volume for this office market segment totaled nearly $12 Million for 2018 and the average price per square foot for 2018 was $124.14/SF with an average building size of 8,423 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2018 – 2 Office Sales: Average Price per SF = $164.28
· 2nd Quarter 2018 – 6 Office Sales: Average Price per SF = $108.28
· 3rd Quarter 2018 – 4 Office Sales: Average Price per SF = $118.59
· 4th Quarter 2018 – 1 Office Sales: Average Price per SF = $151.55
· Full Year 2018 – 13 Office Sales: Average Price per SF = $124.12
We have analyzed office sales data from the Sarasota market for 2019. Over 25 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. The majority of the transactions occurred in the 1st quarter of the year and displayed a negative trend throughout the year. Average price per square foot varied throughout the year and was the greatest in the 2nd quarter at approximately $190/SF. Total transaction volume for the year for this size segment of the office market totaled nearly $27 Million and the average price per square foot for all transactions for 2019 was $157.98/SF with an average building size of 7,803 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2019 – 13 Office Sales: Average Price per SF = $132.01
· 2nd Quarter 2019 – 6 Office Sales: Average Price per SF = $188.17
· 3rd Quarter 2019 – 4 Office Sales: Average Price per SF = $176.74
· 4th Quarter 2019 – 3 Office Sales: Average Price per SF = $160.20
· Full Year 2019 – 26 Office Sales: Average Price per SF = $157.98
Sarasota Office Market (5,000 SF to 15,000 SF) - Year over Year Changes (2018 to 2019)
Average Size Building Sold – 7.4% decrease in the average building size sold from 8,423 SF to 7,803 SF
Price per Square Foot – 27.3% increase in average $/SF from 2018 to 2019
Number of Transactions – 100% increase in the # of transactions from 2018 to 2019
Dollar Volume of Transactions – 129.1% increase in the total $ volume for transactions from 2018 to 2019
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