Tampa, FL – 2016 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Tampa market for 2016. Over 30 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The first two quarters of 2016 experienced growth from 11 transactions in the 1st quarter to 13 transactions in the 2nd quarter. Sales dropped in the 3rd quarter with only 3 transactions, stabilizing to 8 transactions in the 4th quarter. Total transaction volume for this small office market segment totaled over $8 Million for 2016 and the average price per square foot for all transactions in the size segment for 2016 was $170.76/SF with an average building size of 1,402 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 11 Office Sales: Average Price per SF = $133.40
· 2nd Quarter 2016 – 13 Office Sales: Average Price per SF = $208.56
· 3rd Quarter 2016 – 3 Office Sales: Average Price per SF = $166.77
· 4th Quarter 2016 – 8 Office Sales: Average Price per SF = $163.52
· Full Year 2016 – 35 Office Sales: Average Price per SF = $170.76
*Data and charts from CoStar
Tampa, FL – 2015 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Tampa market for 2015. Over 20 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The sales occurred in relatively equal distribution over the first three quarters of the year with no office sales in this size segment occurring in the 4th Quarter of 2015. Total transaction volume for this small office market segment totaled over $5 Million for 2015 and the average price per square foot for all transactions for 2015 was $172.02/SF with an average building size of 1,429 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2015 – 7 Office Sales: Average Price per SF = $200.26
· 2nd Quarter 2015 – 8 Office Sales: Average Price per SF = $164.84
· 3rd Quarter 2015 – 7 Office Sales: Average Price per SF = $154.19
· 4th Quarter 2015 – 0 Office Sales
· Full Year 2015 – 22 Office Sales: Average Price per SF = $172.02
*Data and charts from Xceligent
Tampa Office Market (up to 2,000 SF) - Year over Year Changes (2015 to 2016)
Average Size Building Sold – Stayed consistent year over year
Price per Square Foot – 0.8% decrease in average $/SF from 2015 to 2016
Number of Transactions – 59% increase in the # of transactions from 2015 to 2016
Dollar Volume of Transactions – 55% increase in the total $ volume for transactions from 2015 to 2016
Thank you for your interest. For more information on the Tampa Office Market or to discuss your property investment needs feel free to contact:
Mike Cliggitt, CCIM, MAI, MRICS
Commercial Realtor
813.810.1615 Direct Line
mike@cliggitt.com
Tampa Office Real Estate Advisor
www.cliggittrealty.com
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