Lakeland, FL – 2018 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Lakeland market for 2018. Precisely 17 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. Besides the decrease of sales in the 2nd quarter, transactions for the year displayed a growth pattern and peaked in the 4th quarter at 7 sales. Average price per square foot was consistent throughout the year. Total transaction volume for this small office market segment totaled nearly $2.7 Million for 2018 and the average price per square foot for all transactions in the size segment for 2018 was $175.87/SF with an average building size of 1,496 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2018 – 4 Office Sales: Average Price per SF = Data Not Available
· 2nd Quarter 2018 – 1 Office Sales: Average Price per SF = $173.38
· 3rd Quarter 2018 – 5 Office Sales: Average Price per SF = $179.56
· 4th Quarter 2018 – 7 Office Sales: Average Price per SF = $172.59
· Full Year 2018 – 17 Office Sales: Average Price per SF = $175.87
*Data and charts from CoStar
Lakeland, FL – 2017 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Lakeland market for 2017. Just over 5 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The sales were greatest in the 1st quarter at 4 transactions and proceeded to decrease throughout the year, ending with 0 sales in the 4th quarter. The average price per square foot varied throughout the year and experienced the lowest average price per square foot in the 3rd quarter at just under $80. Total transaction volume for this small office market segment totaled approximately $785 Thousand for 2017 and the average price per square foot for all transactions for 2017 was $106.47/SF with an average building size of 1,461 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2017 – 4 Office Sales: Average Price per SF = $104.21
· 2nd Quarter 2017 – 1 Office Sales: Average Price per SF = $130.72
· 3rd Quarter 2017 – 1 Office Sales: Average Price per SF = $78.38
· 4th Quarter 2017 – 0 Office Sales
· Full Year 2017 – 6 Office Sales: Average Price per SF = $106.47
*Data and charts from CoStar
Lakeland Office Market (up to 2,000 SF) - Year over Year Changes (2017 to 2018)
Average Size Building Sold – 2.4% increase in average size building sold from 1,461 SF to 1,496 SF
Price per Square Foot – 65.2% increase in average $/SF from 2017 to 2018
Number of Transactions – 183.3% increase in the # of transactions from 2017 to 2018
Dollar Volume of Transactions – 240.9% increase in the total $ volume for transactions from 2017 to 2018
Thank you for your interest. For more information on the Lakeland 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
www.cliggittrealty.com
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