Tampa, FL – 2019 Office Transaction Summary (15,000 SF +)
We have analyzed office sales data from the Tampa market for 2019. 48 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Transactions of offices in this size segment began with low volume in the first quarter, followed by more than double the first quarter transactions in the second quarter. Average price per square foot rose in third quarter and the number of transactions fell. Transactions peaked in the fourth quarter of 2019. There were 7 transactions in Q1, 15 transactions in Q2, 9 office transactions in Q3, and 17 transactions in Q4. Total transaction volume for this office market segment totaled nearly $735 Million for 2019 and the average price per square foot for all transactions for 2019 was $202.73/SF with an average building size of 75,532 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2019 – 7 Office Sales: Average Price per SF = $115.00
· 2nd Quarter 2019 – 18 Office Sales: Average Price per SF = $126.47
· 3rd Quarter 2019 – 9 Office Sales: Average Price per SF = $302.51
· 4th Quarter 2019 – 17 Office Sales: Average Price per SF = $200.95
· Full Year 2019 – 48 Office Sales: Average Price per SF = $202.73
*Data and charts from CoStar
Tampa, FL – 2018 Office Transaction Summary (15,000 SF +)
We have analyzed office sales data from the Tampa market for 2018. 63 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Transactions of offices in this size segment in the first half of the year were low due to a high average price per square foot. As the average price per square foot balanced, number of transactions rose in the second half of the year. After the second quarter decline, there was an upward trend in volume for 2018. There were 10 transactions in Q1, 7 office sales in Q2, 21 office transactions in Q3, and 25 transactions in Q4. Total transaction volume for this office market segment totaled nearly $723 Million for 2018 and the average price per square foot for all transactions for 2018 was $159.07/SF with an average building size of 72,472 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2018 – 10 Office Sales: Average Price per SF = $220.64
· 2nd Quarter 2018 – 7 Office Sales: Average Price per SF = $119.21
· 3rd Quarter 2018 – 21 Office Sales: Average Price per SF = $142.05
· 4th Quarter 2018 – 25 Office Sales: Average Price per SF = $149.59
· Full Year 2018 – 63 Office Sales: Average Price per SF = $159.07
*Data and charts from CoStar
Tampa Office Market (15,000 SF +) - Year over Year Changes (2018 to 2019)
Average Size Building Sold – 4% increase in the avg. building size sold from 72,472 SF to 75,532 SF
Price per Square Foot – 27% increase in average $/SF from 2018 to 2019
Number of Transactions – 24% decrease in the # of transactions from 2018 to 2019
Dollar Volume of Transactions – 1.7% increase in the total $ volume for transactions from 2018 to 2019
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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