Sarasota, FL – 2015 Large Office Transaction Summary (15,000 SF +)
We have analyzed sales office properties 15,000 SF and up from the Sarasota market for 2015. Just under 10 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Sales transactions were most prominent in the 2nd quarter of the year with 6 transactions. Average price per square foot also peaked in the 2nd quarter at approximately $160 per square foot. Total transaction volume for the year for this size segment of the office market totaled over $66 Million and the average price per square foot for office transactions for 2015 was $153.81/SF with an average building size of 57,275 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2015 – 1 Office Sale: Average Price per SF = $83.38
· 2nd Quarter 2015 – 6 Office Sale: Average Price per SF = $162.75
· 3rd Quarter 2015 – 1 Office Sales: Average Price per SF = $140.05
· 4th Quarter 2015 – 1 Office Sale: Average Price per SF = Data Not Available
· Full Year 2015 – 9 Office Sales: Average Price per SF = $153.81
Sarasota, FL – 2016 Large Office Transaction Summary (15,000 SF +)
We have analyzed office sales data from the Sarasota market for 2016. Precisely 9 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 slow with 1 sale in the 1st quarter of the year. We observe an upward trend in number of transactions for the year. Average price per square foot was strong in the 1st half of the year, then showed a significant decline in the second half of 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 $143.42/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 – 1 Office Sales: Average Price per SF = $248.27
· 2nd Quarter 2016 – 2 Office Sales: Average Price per SF = $262.70
· 3rd Quarter 2016 – 2 Office Sales: Average Price per SF = $60.46
· 4th Quarter 2016 – 4 Office Sales: Average Price per SF = $104.27
· Full Year 2016 – 9 Office Sales: Average Price per SF = $143.42
Sarasota Office Market (15,000 SF +) - Year over Year Changes (2015 to 2016)
Average Size Building Sold – 30.2% decrease in the avg. building size sold from 57,275 SF to 39,994 SF
Price per Square Foot – 6.8% decrease in average $/SF from 2015 to 2016
Number of Transactions – 0% change in the # of transactions from 2015 to 2016
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lar Volume of Transactions – 12.2% decrease in the total $ volume for transactions from 2015 to 2016
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
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