We have analyzed office sales data from the Clearwater market for 2019. Just over 30 sales were reviewed and summarized. These were smaller to medium sized office properties in the 2,000 SF to 5,000 SF size range. The 2nd quarter experienced substantially more transactions than the other quarters and had the highest average price per square foot for the year. Average price per square foot was lowest in the 1st quarter at under $100 per square foot. Total transaction volume for this small office market segment totaled approximately $9.25 Million for 2019 and the average price per square foot for all transactions for 2019 was $139.63/SF with an average building size of 2,918 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2019 – 5 Office Sales: Average Price per SF = $96.16
· 2nd Quarter 2019 – 15 Office Sales: Average Price per SF = $154.59
· 3rd Quarter 2019 – 5 Office Sales: Average Price per SF = $138.57
· 4th Quarter 2019 – 6 Office Sales: Average Price per SF = $139.66
· Full Year 2019 – 31 Office Sales: Average Price per SF = $139.63
Real Estate - Clearwater, FL – 2018 Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Clearwater market for 2018. Just under 20 sales were reviewed and summarized. These were smaller to medium office properties in the 2,000 SF to 5,000 SF size range. There was a positive trend of transactions throughout the year, with the most transactions reported in the 4th quarter. Average price per square foot varied throughout the year and peaked in the 4th quarter at over $140 per square foot. Total transaction volume for this small office market segment totaled around $3.4 Million for 2018 and the average price per square foot for all transactions for 2018 was $115.06/SF with an average building size of 3,234 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2018 – 2 Office Sales: Average Price per SF = Data Not Available
· 2nd Quarter 2018 – 4 Office Sales: Average Price per SF = $108.55
· 3rd Quarter 2018 – 5 Office Sales: Average Price per SF = $93.19
· 4th Quarter 2018 – 7 Office Sales: Average Price per SF = $142.39
· Full Year 2018 – 18 Office Sales: Average Price per SF = $115.06
Clearwater Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2018 to 2019)
Average Size Building Sold – 9.8% decrease in the average building size sold from 3,234 SF to 2,918 SF
Price per Square Foot – 21.4% decrease in average $/SF from 2018 to 2019
Number of Transactions – 72.2% increase in the # of transactions from 2018 to 2019
Dollar Volume of Transactions – 176% increase in the total $ volume for transactions from 2018 to 2019
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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