Real Estate - Lakeland, FL – 2016 Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Lakeland market for 2016. Just under 20 sales were reviewed and summarized. These were smaller to medium office properties in the 2,000 SF to 5,000 SF size range. The 1st and 2nd quarters were strongest in both average price per square foot and number of transactions. The trend between number of transactions and average price per square foot is consistent throughout the year. Total transaction volume for this small office market segment totaled approximately $3.4 Million for 2016 and the average price per square foot for all transactions for 2016 was $89.36/SF with an average building size of 3,265 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 5 Office Sales: Average Price per SF = $98.46
· 2nd Quarter 2016 – 5 Office Sales: Average Price per SF = $95.00
· 3rd Quarter 2016 – 4 Office Sales: Average Price per SF = $78.69
· 4th Quarter 2016 – 4 Office Sales: Average Price per SF = $87.87
· Full Year 2016 – 18 Office Sales: Average Price per SF = $89.36
*Data and charts from CoStar
Lakeland, FL – 2015 Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Lakeland market for 2015. Precisely 20 sales were reviewed and summarized. These were smaller to medium sized office properties in the 2,000 SF to 5,000 SF size range. The 4th quarter experienced the highest number of transactions for the year. The average price per square foot demonstrated a growth trend until the 4th quarter, where the average price per square foot fell below $120/SF. Total transaction volume for this small office market segment totaled nearly $4.5 Million for 2015 and the average price per square foot for all transactions for 2015 was $116.58/SF with an average building size of 2,943 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2015 – 6 Office Sales: Average Price per SF = $64.49
· 2nd Quarter 2015 – 3 Office Sales: Average Price per SF = $119.68
· 3rd Quarter 2015 – 4 Office Sales: Average Price per SF = $139.35
· 4th Quarter 2015 – 7 Office Sales: Average Price per SF = $113.75
· Full Year 2015 – 20 Office Sales: Average Price per SF = $116.58
*Data and charts from CoStar
Lakeland Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2015 to 2016)
Average Size Building Sold – 10.9% increase in the average building size sold from 2,943 SF to 3,265 SF
Price per Square Foot – 23.3% increase in average $/SF from 2015 to 2016
Number of Transactions – 10% decrease in the # of transactions from 2015 to 2016
Dollar Volume of Transactions – 24.7% decrease in the total $ volume for transactions from 2015 to 2016
Appraising Office Property and Commercial Real Estate – Tampa, FL
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