Lakeland, FL – 2016 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Lakeland market for 2016. Precisely 7 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The first three quarters of 2016 experienced few transactions with only 1 transaction in each quarter. The 4th quarter of the year was the strongest in both # of transactions and average price per square foot. Total transaction volume for this small office market segment totaled nearly $500 Thousand for 2016 and the average price per square foot for all transactions in the size segment for 2016 was $103.36/SF with an average building size of 1,580 SF. On a quarterly basis the price per square foot analysis is as follows:
1st Quarter 2016 – 1 Office Sales: Average Price per SF = $95.39
2nd Quarter 2016 – 1 Office Sales: Average Price per SF = Data Not Available
3rd Quarter 2016 – 1 Office Sales: Average Price per SF = $74.46
4th Quarter 2016 – 4 Office Sales: Average Price per SF = $125.40
Full Year 2016 – 7 Office Sales: Average Price per SF = $103.36
Lakeland, FL – 2015 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Lakeland market for 2015. Precisely 10 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The sales were well dispersed over the year, with the peak number of transactions occurring in the 1st quarter at 4 transactions. The average price per square foot decreased throughout the year and experienced the lowest average price per square foot in the 4th quarter at just over $40. Total transaction volume for this small office market segment totaled approximately $749 Thousand for 2015 and the average price per square foot for all transactions for 2015 was $114.66/SF with an average building size of 1,361 SF. On a quarterly basis the price per square foot analysis is as follows:
1st Quarter 2015 – 4 Office Sales: Average Price per SF = $137.79
2nd Quarter 2015 – 2 Office Sales: Average Price per SF = $117.22
3rd Quarter 2015 – 1 Office Sales: Average Price per SF = Data Not Available
4th Quarter 2015 – 3 Office Sales: Average Price per SF = $43.59
Full Year 2015 – 10 Office Sales: Average Price per SF = $114.66
*Data and charts from CoStar
Lakeland Office Market (up to 2,000 SF) - Year over Year Changes (2015 to 2016)
Average Size Building Sold – 16.1% increase in average size building sold from 1,361 SF to 1,580 SF
Price per Square Foot – 9.9% decrease in average $/SF from 2015 to 2016
Number of Transactions – 30% decrease in the # of transactions from 2015 to 2016
Dollar Volume of Transactions – 35.1% decrease 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 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