Lakeland, FL – 2016 Office Transaction Summary (5,000 SF to 15,000 SF)
We have analyzed office sales data from the Lakeland market for 2016. Precisely 13 sales were reviewed and summarized. These sales were of medium to large office properties in the 5,000 SF to 15,000 SF size range. Transactions of offices in this size segment were strongest in the first half of the year with 5 sales in both the 1st and 2nd quarter. Average price per square foot varied throughout the year and experienced a spike in average price per square foot in the 4th quarter. Total transaction volume for this office market segment totaled just under $9 Million for 2016 and the average price per square foot for 2016 was $97.72/SF with an average building size of 8,621 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 5 Office Sales: Average Price per SF = $104.24
· 2nd Quarter 2016 – 5 Office Sales: Average Price per SF = $80.39
· 3rd Quarter 2016 – 1 Office Sale: Average Price per SF = $77.80
· 4th Quarter 2016 – 2 Office Sales: Average Price per SF = $132.87
· Full Year 2016 – 13 Office Sales: Average Price per SF = $97.72
Lakeland, FL – 2015 Office Transaction Summary (5,000 SF to 15,000 SF)
We have analyzed office sales data from the Lakeland market for 2015. Just under 10 sales were reviewed and summarized. These sales were of medium to large office properties in the 5,000 SF to 15,000 SF size range. Transactions were well dispersed throughout the year with the most sales occurring in the 2nd quarter at 4 total transactions. There were no sales in the 1st quarter of the year. Average price per square foot fluctuated throughout the year and was the greatest in the 2nd quarter at just under $180/SF. Total transaction volume for the year for this size segment of the office market totaled approximately $10.7 Million and the average price per square foot for all transactions for 2015 was $138.03/SF with an average building size of 8,630 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2015 – 0 Office Sales
· 2nd Quarter 2015 – 4 Office Sales: Average Price per SF = $178.92
· 3rd Quarter 2015 – 2 Office Sales: Average Price per SF = $63.68
· 4th Quarter 2015 – 3 Office Sales: Average Price per SF = $102.61
· Full Year 2015 – 9 Office Sales: Average Price per SF = $138.03
Lakeland Office Market (5,000 SF to 15,000 SF) - Year over Year Changes (2015 to 2016)
Average Size Building Sold – 0.1% decrease in the average building size sold from 8,630 SF to 8,621 SF
Price per Square Foot – 29.2% decrease in average $/SF from 2015 to 2016
Number of Transactions – 44.4% increase in the # of transactions from 2015 to 2016
Dollar Volume of Transactions – 17.2% decrease in the total $ volume for transactions from 2015 to 2016
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