Real Estate - Sarasota, FL – 2016 Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Sarasota market for 2016. Precisely 31 sales were reviewed and summarized. These were smaller to medium office properties in the 2,000 SF to 5,000 SF size range. The 2nd quarter of the year was strongest in both number of transactions and average price per square foot. The trend between number of transactions and average price per square foot is parallel throughout the year except in the 3rd and 4th quarters. Total transaction volume for this small office market segment totaled just under $12.5 Million for 2016 and the average price per square foot for all transactions for 2016 was $159.60/SF with an average building size of 3,031 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 5 Office Sales: Average Price per SF = $107.79
· 2nd Quarter 2016 – 13 Office Sales: Average Price per SF = $202.50
· 3rd Quarter 2016 – 7 Office Sales: Average Price per SF = $124.81
· 4th Quarter 2016 – 6 Office Sales: Average Price per SF = $135.11
· Full Year 2016 – 31 Office Sales: Average Price per SF = $159.60
Real Estate - Sarasota, FL – 2017 Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Sarasota market for 2017. 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. We observe a comparable negative trend in both number of transactions and average price per square foot for the year, with the 1st quarter exhibiting the highest number of transactions as well as the highest average price per square foot. Total transaction volume for this small office market segment totaled just under $10.1 Million for 2017 and the average price per square foot for all transactions for 2017 was $170.41/SF with an average building size of 2,876 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2017 – 12 Office Sales: Average Price per SF = $202.17
· 2nd Quarter 2017 – 6 Office Sales: Average Price per SF = $147.80
· 3rd Quarter 2017 – 6 Office Sales: Average Price per SF = $139.34
· 4th Quarter 2017 – 4 Office Sales: Average Price per SF = $116.60
· Full Year 2017 – 28 Office Sales: Average Price per SF = $170.41
Sarasota Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2016 to 2017)
Average Size Building Sold – 5.1% decrease in the average building size sold from 3,031 SF to 2,876 SF
Price per Square Foot – 6.8% increase in average $/SF from 2016 to 2017
Number of Transactions – 9.7% decrease in the # of transactions from 2016 to 2017
Dollar Volume of Transactions – 19.3% decrease in the total $ volume for transactions from 2016 to 2017
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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