Tampa, FL – 2017 Office Transaction Summary (15,000 SF +)
We have analyzed office sales data from the Tampa market for 2017. 60 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Transactions of offices in this size segment began with high volume in the first quarter, followed by lower transactions in the second and third quarter. Overall, there was an inverse trend between volume and average price per square foot for 2017. There were 22 transactions in Q1, 13 transactions in Q2, 8 office transactions in Q3, and 17 transactions in Q4. Total transaction volume for this office market segment totaled nearly $728 Million for 2017 and the average price per square foot for all transactions for 2017 was $160.09/SF with an average building size of 75,777 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2017 – 22 Office Sales: Average Price per SF = $134.29
· 2nd Quarter 2017 – 13 Office Sales: Average Price per SF = $151.37
· 3rd Quarter 2017 – 8 Office Sales: Average Price per SF = $198.03
· 4th Quarter 2017 – 17 Office Sales: Average Price per SF = $160.74
· Full Year 2017 – 60 Office Sales: Average Price per SF = $160.09
*Data and charts from CoStar
Tampa, FL – 2016 Office Transaction Summary (15,000 SF +)
We have analyzed office sales data from the Tampa market for 2016. Over 60 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Transactions of offices in this size segment started out slower in the first half of the year then spiked in the second half of the year. Overall, there was an upward trend in volume for 2016. There were 10 transactions in Q1, 10 office sales in Q2, 17 office transactions in Q3, and 26 transactions in Q4. Total transaction volume for this office market segment totaled over $812 Million for 2016 and the average price per square foot for all transactions for 2016 was $158.31/SF with an average building size of 83,008 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 10 Office Sales: Average Price per SF = $173.65
· 2nd Quarter 2016 – 8 Office Sales: Average Price per SF = $151.82
· 3rd Quarter 2016 – 10 Office Sales: Average Price per SF = $162.30
· 4th Quarter 2016 – 14 Office Sales: Average Price per SF = $151.66
· Full Year 2016 – 63 Office Sales: Average Price per SF = $158.31
*Data and charts from CoStar
Tampa Office Market (15,000 SF +) - Year over Year Changes (2016 to 2017)
Average Size Building Sold – 9% decrease in the avg. building size sold from 83,008 SF to 75,777 SF
Price per Square Foot – 1.1% increase in average $/SF from 2016 to 2017
Number of Transactions – 5% decrease in the # of transactions from 2016 to 2017
Dollar Volume of Transactions – 10.4% decrease 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 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