Tampa, FL – 2018 Small Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Tampa market for 2018. Over 50 sales were reviewed and summarized. These were smaller office properties in the 2,000 SF to 5,000 SF size range. The year started slow with only 8 transactions in the 1st quarter. The average price per square foot decreased in the 2nd quarter, causing total transactions to level. In the 3rd and 4th quarter, the market leveled out with 12 and 13 transactions and an increase in average price. Total transaction volume for this small office market segment totaled over $26.5 Million for 2018 and the average price per square foot for all transactions for 2018 was $176.43/SF with an average building size of 2,953 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2018 – 8 Office Sales: Average Price per SF = $171.36
· 2nd Quarter 2018 – 19 Office Sales: Average Price per SF = $162.38
· 3rd Quarter 2018 – 13 Office Sales: Average Price per SF = $191.70
· 4th Quarter 2018 – 12 Office Sales: Average Price per SF = $185.02
· Full Year 2018 – 52 Office Sales: Average Price per SF = $176.43
*Data and charts from CoStar
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 Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2017 to 2018)
Average Size Building Sold – 3% decrease in the average building size sold from 3,033 SF to 2,953 SF
Price per Square Foot – 5% increase in average $/SF from 2017 to 2018
Number of Transactions – 20% decrease in the # of transactions from 2017 to 2018
Dollar Volume of Transactions – 19% decrease in the total $ volume for transactions from 2017 to 2018
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 valuation 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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