Tampa, FL – 2018 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Tampa market for 2018. Over 20 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The 1st and 2nd quarters experienced a relatively similar distribution of transactions and average price per square foot, but there was a slight decrease in the 2nd quarter. Transactions practically halted in the 3rd quarter but the market was revived in the 4th quarter, having the highest number of transactions as well as highest price per square foot. Total transaction volume for this small office market segment totaled over $7 Million for 2018 and the average price per square foot for all transactions for 2018 was $230.74/SF with an average building size of 1,365 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2018 – 7 Office Sales: Average Price per SF = $185.45
· 2nd Quarter 2018 – 6 Office Sales: Average Price per SF = $151.58
· 3rd Quarter 2018 – 1 Office Sales: Average Price per SF = $270.11
· 4th Quarter 2018 – 9 Office Sales: Average Price per SF = $317.75
· Full Year 2018 – 23 Office Sales: Average Price per SF = $230.74
*Data and charts from CoStar
Tampa, FL – 2017 Small Office Transaction Summary (up to 2,000 SF)
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 Office Market (up to 2,000 SF) - Year over Year Changes (2017 to 2018)
Average Size Building Sold – Slight decrease in the average building size sold from 1,471 SF to 1,365 SF
Price per Square Foot – 22.5% increase in average $/SF from 2017 to 2018
Number of Transactions – 42.5% decrease in the # of transactions from 2017 to 2018
Dollar Volume of Transactions – 34.2% 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