Real Estate - Tampa, FL – 2017 Small Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Tampa market for 2017. Over 60 sales were reviewed and summarized. These were smaller office properties in the 2,000 SF to 5,000 SF size range. The trend in the first half of the year displays an inverse relationship between total number of transactions to average price per SF, resulting in 22 transactions in the 1st quarter and only 9 transactions in the 2nd. The 3rd and 4th quarter transactions stabilize while price per square foot remains variable. Total transaction volume for this small office market segment totaled over $33 Million for 2017 and the average price per square foot for all transactions for 2017 was $168.42/SF with an average building size of 3,033 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2017 – 22 Office Sales: Average Price per SF = $154.45
· 2nd Quarter 2017 – 9 Office Sales: Average Price per SF = $177.29
· 3rd Quarter 2017 – 16 Office Sales: Average Price per SF = $161.64
· 4th Quarter 2017 – 18 Office Sales: Average Price per SF = $183.15
· Full Year 2017 – 65 Office Sales: Average Price per SF = $168.42
*Data and charts from CoStar
Tampa, FL – 2016 Small Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Tampa market for 2016. Over 60 sales were reviewed and summarized. These were smaller office properties in the 2,000 SF to 5,000 SF size range. The transactions in the 1st through 3rd quarter of 2016 had an average of 14 sales a quarter. The year continued with a substantial increase of transactions in the 4th quarter as well as an increased average price per square foot. Average price per square foot had steady growth throughout the year. Total transaction volume for this small office market segment totaled over $29 Million for 2016 and the average price per square foot for all transactions for 2016 was $143.09/SF with an average building size of 3,130 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 14 Office Sales: Average Price per SF = $117.58
· 2nd Quarter 2016 – 18 Office Sales: Average Price per SF = $122.38
· 3rd Quarter 2016 – 10 Office Sales: Average Price per SF = $136.19
· 4th Quarter 2016 – 23 Office Sales: Average Price per SF = $173.04
· Full Year 2016 – 65 Office Sales: Average Price per SF = $143.09
*Data and charts from CoStar
Tampa Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2016 to 2017)
Average Size Building Sold – 3% decrease in the average building size sold from 3,130 SF to 3,033 SF
Price per Square Foot – 17% increase in average $/SF from 2016 to 2017
Number of Transactions – No change in the # of transactions from 2016 to 2017
Dollar Volume of Transactions – 14% increase in the total $ volume for transactions from 2016 to 2017
Sell Your Office Property and Commercial Real Estate – Tampa FL
Thank you for your interest. For more information on the Tampa Office Market or to discuss your property 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
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