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  • Mike Cliggitt, CCIM, MAI

2017-2018 Office Transaction Summary (15,000 SF +)

Updated: Oct 19, 2021

Tampa, FL – 2018 Office Transaction Summary (15,000 SF +)

We have analyzed office sales data from the Tampa market for 2018. 63 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Transactions of offices in this size segment in the first half of the year were low due to a high average price per square foot. As the average price per square foot balanced, number of transactions rose in the second half of the year. After the second quarter decline, there was an upward trend in volume for 2018. There were 10 transactions in Q1, 7 office sales in Q2, 21 office transactions in Q3, and 25 transactions in Q4. Total transaction volume for this office market segment totaled nearly $723 Million for 2018 and the average price per square foot for all transactions for 2018 was $159.07/SF with an average building size of 72,472 SF. On a quarterly basis the price per square foot analysis is as follows:


· 1st Quarter 2018 – 10 Office Sales: Average Price per SF = $220.64

· 2nd Quarter 2018 – 7 Office Sales: Average Price per SF = $119.21

· 3rd Quarter 2018 – 21 Office Sales: Average Price per SF = $142.05

· 4th Quarter 2018 – 25 Office Sales: Average Price per SF = $149.59

· Full Year 2018 – 63 Office Sales: Average Price per SF = $159.07

*Data and charts from CoStar



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 Office Market (15,000 SF +) - Year over Year Changes (2017 to 2018)

Average Size Building Sold – 4% decrease in the avg. building size sold from 75,777 SF to 72,472 SF

Price per Square Foot – 0.6% decrease in average $/SF from 2017 to 2018

Number of Transactions – 5% increase in the # of transactions from 2017 to 2018

Dollar Volume of Transactions – 0.7% decrease in the total $ volume for transactions from 2017 to 2018


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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