Search
  • Mike Cliggitt, CCIM, MAI

2016-2017 Office Transaction Summary (2,000 SF to 5,000 SF) - Lakeland, FL

Lakeland, FL – 2017 Office Transaction Summary (2,000 SF to 5,000 SF)

We have analyzed office sales data from the Lakeland market for 2017. Precisely 19 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 number of transactions demonstrated a growth trend until the 4th quarter. Average price per square foot varied throughout the year and showed a substantial spike in the 2nd quarter of 2017. Total transaction volume for this small office market segment totaled approximately $4.8 Million for 2017 and the average price per square foot for all transactions for 2017 was $146.09/SF with an average building size of 3,023 SF. On a quarterly basis the price per square foot analysis is as follows:


· 1st Quarter 2017 – 4 Office Sales: Average Price per SF = $80.85

· 2nd Quarter 2017 – 5 Office Sales: Average Price per SF = $271.06

· 3rd Quarter 2017 – 7 Office Sales: Average Price per SF = $117.84

· 4th Quarter 2017 – 3 Office Sales: Average Price per SF = $116.73

· Full Year 2017 – 19 Office Sales: Average Price per SF = $146.09

*Data and charts from CoStar



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 Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2016 to 2017)

Average Size Building Sold – 7.4% decrease in the average building size sold from 3,265 SF to 3,023 SF

Price per Square Foot – 63.5% increase in average $/SF from 2016 to 2017

Number of Transactions – 5.6% increase in the # of transactions from 2016 to 2017

Dollar Volume of Transactions – 42.4% increase in the total $ volume for transactions from 2016 to 2017


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

www.cliggitt.com













5 views0 comments