Tampa, FL – 2016 Office Transaction Summary (15,000 SF +)
We have analyzed office sales data from the Tampa market for 2016. Over 60 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Transactions of offices in this size segment started out slower in the first half of the year then spiked in the second half of the year. Overall, there was an upward trend in volume for 2016. There were 10 transactions in Q1, 10 office sales in Q2, 17 office transactions in Q3, and 26 transactions in Q4. Total transaction volume for this office market segment totaled over $812 Million for 2016 and the average price per square foot for all transactions for 2016 was $158.31/SF with an average building size of 83,008 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 10 Office Sales: Average Price per SF = $173.65
· 2nd Quarter 2016 – 8 Office Sales: Average Price per SF = $151.82
· 3rd Quarter 2016 – 10 Office Sales: Average Price per SF = $162.30
· 4th Quarter 2016 – 14 Office Sales: Average Price per SF = $151.66
· Full Year 2016 – 63 Office Sales: Average Price per SF = $158.31
*Data and charts from CoStar
Tampa, FL – 2015 Office Transaction Summary (15,000 SF +)
We have analyzed sales office properties 15,000 SF and up from the Tampa market for 2015. 18 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Sales transactions slowly increased from quarter 1 (3 transactions) to quarter 2 (5 transactions) and then increased again in quarter 3 (9 transaction). There was a major drop off in the 4th quarter with only 1 large office transaction. Total transaction volume for the year for this size segment of the office market totaled over $764 Million and the average price per square foot for all transactions for 2015 was $179.32/SF with an average building size of 236,750 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2015 – 3 Office Sales: Average Price per SF = $102.15
· 2nd Quarter 2015 – 5 Office Sales: Average Price per SF = $135.17
· 3rd Quarter 2015 – 9 Office Sales: Average Price per SF = $178.61
· 4th Quarter 2015 – 1 Office Sale: Average Price per SF = $248.71
· Full Year 2015 – 20 Office Sales: Average Price per SF = $179.32
*Data and charts from Xceligent
Tampa Office Market (15,000 SF +) - Year over Year Changes (2015 to 2016)
Average Size Building Sold – 65% decrease in the avg. building size sold from 236,750 SF to 83,008 SF
Price per Square Foot – 12% decrease in average $/SF from 2015 to 2016
Number of Transactions – 350% increase in the # of transactions from 2015 to 2016
Dollar Volume of Transactions – 6% 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 valuation needs feel free to contact:
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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