Saint Petersburg, FL – 2018 Office Transaction Summary (5,000 SF to 15,000 SF)
We have analyzed office sales data from the Saint Petersburg market for 2018. Precisely 15 sales were reviewed and summarized. These sales were of office properties in the 5,000 SF to 15,000 SF size range. Transactions of offices in this size segment were well dispersed throughout the year with 2 office sales in the 1st Quarter, 5 office sales in the 2nd Quarter, 4 office sales in the 3rd Quarter and 4 sales in the 4th Quarter. Average price per square foot declined steadily throughout the first three quarters of the year and slightly rising in the 4th quarter. Total transaction volume for this office market segment totaled over $20 Million for 2018 and the average price per square foot for all transactions for 2018 was $177.05/SF with an average building size of 6,676 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2018 – 2 Office Sales: Average Price per SF = $561.44
· 2nd Quarter 2018 – 5 Office Sales: Average Price per SF = $145.32
· 3rd Quarter 2018 – 4 Office Sales: Average Price per SF = $91.27
· 4th Quarter 2018 – 4 Office Sales: Average Price per SF = $169.46
· Full Year 2018 – 15 Office Sales: Average Price per SF = $177.05
Saint Petersburg, FL – 2019 Office Transaction Summary (5,000 SF to 15,000 SF)
We have analyzed office sales data from the Saint Petersburg market for 2019. Just under 20 sales were reviewed and summarized. These sales were of office properties in the 5,000 SF to 15,000 SF size range. Quarter 1 and quarter two started with 3 transactions each, raising in average price per square foot. Quarter 3 of 2019 was the strongest with regard to number of transactions and average price per square foot. Total transaction volume for the year for this size segment of the office market totaled just under $15 Million and the average price per square foot for all transactions for 2019 was $165.43/SF with an average building size of 7,383 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2019 – 3 Office Sales: Average Price per SF = $145.81
· 2nd Quarter 2019 – 3 Office Sales: Average Price per SF = $180.59
· 3rd Quarter 2019 – 6 Office Sales: Average Price per SF = $184.37
· 4th Quarter 2019 – 4 Office Sales: Average Price per SF = $107.32
· Full Year 2019 – 16 Office Sales: Average Price per SF = $165.43
Saint Petersburg Office Market (5,000 SF to 15,000 SF) - Year over Year Changes (2018 to 2019)
Average Size Building Sold – 10.6% increase in the average building size sold from 6,676 SF to 7,383 SF
Price per Square Foot – 6.6% decrease in average $/SF from 2018 to 2019
Number of Transactions – 6.7% increase in the # of transactions from 2018 to 2019
Dollar Volume of Transactions – 28.4% decrease in the total $ volume for transactions from 2018 to 2019
Thank you for your interest. For more information on the Saint Petersburg 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
Saint Petersburg Office Real Estate Advisor
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