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Tampa, FL - 2016-2017 Office Transaction Summary (5,000-15,000 SF)

Updated: May 23

Tampa, FL – 2017 Office Transaction Summary (5,000 SF to 15,000 SF)

We have analyzed office sales data from the Tampa market for 2017. Just under 30 sales were reviewed and summarized. These sales were of office properties in the 5,000 SF to 15,000 SF size range. Quarter 1 of 2017 was the strongest with regard to number of transactions as well as average price per square foot. Quarter 2 and Quarter 3 had 6 transactions each, with a drop in average price per square foot in Quarter 3. Sales picked back up in the 4th quarter to 8 sales and a higher than average price per square foot. Total transaction volume for the year for this size segment of the office market totaled over $36 Million and the average price per square foot for all transactions for 2017 was $149.60/SF with an average building size of 8,644 SF. On a quarterly basis the price per square foot analysis is as follows:


· 1st Quarter 2017 – 9 Office Sales: Average Price per SF = $151.30

· 2nd Quarter 2017 – 6 Office Sales: Average Price per SF = $150.27

· 3rd Quarter 2017 – 6 Office Sales: Average Price per SF = $143.10

· 4th Quarter 2017 – 8 Office Sales: Average Price per SF = $150.60

· Full Year 2017 – 29 Office Sales: Average Price per SF = $149.60

*Data and charts from CoStar



Tampa, FL – 2016 Office Transaction Summary (5,000 SF to 15,000 SF)

We have analyzed office sales data from the Tampa market for 2016. Over 30 sales were reviewed and summarized. These sales were of office properties in the 5,000 SF to 15,000 SF size range. Transactions of offices in this size segment were well dispersed throughout the year with 9 office sales in the 1st Quarter, 9 office sales in the 2nd Quarter, a slight drop to 6 office sales in the 3rd Quarter and 9 sales in the 4th Quarter. Average price per square foot rose steadily throughout the year, peaking in the 3rd quarter and falling to just above the average in the 4th quarter. Total transaction volume for this office market segment totaled over $40 Million for 2016 and the average price per square foot for all transactions for 2016 was $148.23/SF with an average building size of 8,327 SF. On a quarterly basis the price per square foot analysis is as follows:


· 1st Quarter 2016 – 9 Office Sales: Average Price per SF = $91.88

· 2nd Quarter 2016 – 9 Office Sales: Average Price per SF = $129.79

· 3rd Quarter 2016 – 6 Office Sales: Average Price per SF = $227.32

· 4th Quarter 2016 – 9 Office Sales: Average Price per SF = $167.42

· Full Year 2016 – 33 Office Sales: Average Price per SF = $148.23

*Data and charts from CoStar



Tampa Office Market (5,000 SF to 15,000 SF) - Year over Year Changes (2016 to 2017)

Average Size Building Sold – 4% increase in the average building size sold from 8,327 SF to 8,664 SF

Price per Square Foot – 0.9% increase in average $/SF from 2016 to 2017

Number of Transactions – 12% decrease in the # of transactions from 2016 to 2017

Dollar Volume of Transactions – 10.5% 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

www.cliggitt.com


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