Clearwater, FL – 2016 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Clearwater market for 2016. Precisely 23 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The 1st quarter of 2016 started with 7 transactions and had the highest average price per square foot. The 2nd quarter was the strongest in number of transactions and had the lowest price per square foot. The market observed a downward trend in transactions in the 3rd and 4th quarters, while the average price per square foot remained relatively stable. Total transaction volume for this small office market segment totaled over $3.2 million for 2016 and the average price per square foot for all transactions in the size segment for 2016 was $119.09/SF with an average building size of 1,384 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 7 Office Sales: Average Price per SF = $177.42
· 2nd Quarter 2016 – 8 Office Sales: Average Price per SF = $91.91
· 3rd Quarter 2016 – 5 Office Sales: Average Price per SF = $120.86
· 4th Quarter 2016 – 3 Office Sales: Average Price per SF = $94.37
· Full Year 2016 – 23 Office Sales: Average Price per SF = $119.09
Clearwater, FL – 2015 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Clearwater market for 2015. Over 20 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The sales were well dispersed over the year, with the peak number of transactions occurring in the 4th quarter at 8 transactions. The average price per square foot was greatest in the middle of the year. Total transaction volume for this small office market segment totaled over $2 Million for 2015 and the average price per square foot for all transactions for 2015 was $85.85/SF with an average building size of 1,326 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2015 – 3 Office Sales: Average Price per SF = $52.87
· 2nd Quarter 2015 – 7 Office Sales: Average Price per SF = $104.53
· 3rd Quarter 2015 – 4 Office Sales: Average Price per SF = $84.30
· 4th Quarter 2015 – 8 Office Sales: Average Price per SF = $71.63
· Full Year 2015 – 22 Office Sales: Average Price per SF = $85.85
Clearwater Office Market (up to 2,000 SF) - Year over Year Changes (2015 to 2016)
Average Size Building Sold – 4.4% increase in average size building sold from 1,326 SF to 1,384 SF
Price per Square Foot – 38.7% increase in average $/SF from 2015 to 2016
Number of Transactions – 4.5% increase in the # of transactions from 2015 to 2016
Dollar Volume of Transactions – 57.2% increase 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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