Clearwater, FL – 2016 Large Office Transaction Summary (15,000 SF +)
We have analyzed office sales data from the Clearwater market for 2016. Just over 15 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 strong with 7 sales in the 1st quarter of the year. We observe an inverse relationship between the number of transactions and average price per square foot for 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 $74.81/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 – 7 Office Sales: Average Price per SF = $66.96
· 2nd Quarter 2016 – 3 Office Sales: Average Price per SF = $89.30
· 3rd Quarter 2016 – 4 Office Sales: Average Price per SF = $80.48
· 4th Quarter 2016 – 2 Office Sales: Average Price per SF = $95.64
· Full Year 2016 – 16 Office Sales: Average Price per SF = $74.81
Clearwater, FL – 2015 Large Office Transaction Summary (15,000 SF +)
We have analyzed sales office properties 15,000 SF and up from the Clearwater market for 2015. Precisely 11 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Sales transactions were down in the first two quarters of the year, then we observe a peak in the 3rd quarter with 5 transactions. Average price per square foot topped in the 2nd quarter at approximately $140 per square foot. Total transaction volume for the year for this size segment of the office market totaled nearly $47 Million and the average price per square foot for office transactions for 2015 was $127.39/SF with an average building size of 39,008 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2015 – 1 Office Sale: Average Price per SF = $33.24
· 2nd Quarter 2015 – 2 Office Sale: Average Price per SF = $139.65
· 3rd Quarter 2015 – 5 Office Sales: Average Price per SF = $126.76
· 4th Quarter 2015 – 3 Office Sale: Average Price per SF = Data Not Available
· Full Year 2015 – 11 Office Sales: Average Price per SF = $127.39
Clearwater Office Market (15,000 SF +) - Year over Year Changes (2015 to 2016)
Average Size Building Sold – 2.5% increase in the avg. building size sold from 39,008 SF to 39,994 SF
Price per Square Foot – 41.3% decrease in average $/SF from 2015 to 2016
Number of Transactions – 45.5% increase in the # of transactions from 2015 to 2016
Dollar Volume of Transactions – 17.3% decrease in the total $ volume for transactions from 2015 to 2016
Thank you for your interest. For more information on the Clearwater 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
Tampa Office Real Estate Advisor
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