We have analyzed office sales data from the Tampa market for 2017. There were 40 sales which were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The sales had an irregular distribution over year, with a high volume of office sales in this size segment occurring in the 1st and 4th quarter of 2017 and lower volume in the 2nd and 3rd quarter. Total transaction volume for this small office market segment totaled over $11 Million for 2017 and the average price per square foot for all transactions for 2017 was $188.37/SF with an average building size of 1,471 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2017 – 12 Office Sales: Average Price per SF = $181.13
· 2nd Quarter 2017 – 7 Office Sales: Average Price per SF = $146.58
· 3rd Quarter 2017 – 8 Office Sales: Average Price per SF = $204.51
· 4th Quarter 2017 – 13 Office Sales: Average Price per SF = $205.99
· Full Year 2017 – 40 Office Sales: Average Price per SF = $188.37
Tampa, FL – 2016 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Tampa market for 2016. Over 30 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The first two quarters of 2016 experienced growth from 11 transactions in the 1st quarter to 13 transactions in the 2nd quarter. Sales dropped in the 3rd quarter with only 3 transactions, stabilizing to 8 transactions in the 4th quarter. Total transaction volume for this small office market segment totaled over $8 Million for 2016 and the average price per square foot for all transactions in the size segment for 2016 was $170.76/SF with an average building size of 1,402 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 11 Office Sales: Average Price per SF = $133.40
· 2nd Quarter 2016 – 13 Office Sales: Average Price per SF = $208.56
· 3rd Quarter 2016 – 3 Office Sales: Average Price per SF = $166.77
· 4th Quarter 2016 – 8 Office Sales: Average Price per SF = $163.52
· Full Year 2016 – 35 Office Sales: Average Price per SF = $170.76
Tampa Office Market (up to 2,000 SF) - Year over Year Changes (2016 to 2017)
Average Size Building Sold – Slight increase year over year
Price per Square Foot – 10.3% increase in average $/SF from 2016 to 2017
Number of Transactions – 14.3% increase in the # of transactions from 2016 to 2017
Dollar Volume of Transactions – 31.3% increase in the total $ volume for transactions from 2016 to 2017
Thank you for your interest. For more information on the Tampa Office Market or to discuss your property valuation needs feel free to contact:
Mike Cliggitt, MAI, MRICS, CCIM
813-405-1705 Direct Line
Tampa Office Real Estate Appraiser & Tampa Commercial Realtor / Broker