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  • Mike Cliggitt, CCIM, MAI

Tampa, FL - 2018-2019 Office Transaction Summary (0-2,000 SF)

Updated: May 23

Tampa, FL – 2019 Small Office Transaction Summary (up to 2,000 SF)

We have analyzed office sales data from the Tampa market for 2019. Just under 30 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The number of transactions slightly grew from the 1st to 2nd quarter and then decreased in the 3rd quarter. Sales tripled from 3 to 12 from the 3rd to 4th quarter. Average price per square foot remained mostly consistent but experienced a significant price drop in the 3rd quarter. Total transaction volume for this small office market segment totaled just under $10.5 Million for 2019 and the average price per square foot for all transactions for 2019 was $232.42/SF with an average building size of 1,549 SF. On a quarterly basis the price per square foot analysis is as follows:


· 1st Quarter 2019 – 6 Office Sales: Average Price per SF = $254.65

· 2nd Quarter 2019 – 7 Office Sales: Average Price per SF = $251.31

· 3rd Quarter 2019 – 4 Office Sales: Average Price per SF = $153.28

· 4th Quarter 2019 – 12 Office Sales: Average Price per SF = $232.99

· Full Year 2019 – 29 Office Sales: Average Price per SF = $232.42


*Data and charts from CoStar


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 Office Market (up to 2,000 SF) - Year over Year Changes (2018 to 2019)

Average Size Building Sold – increase in the average building size sold from 1,365 SF to 1,549 SF

Price per Square Foot – less than 1% increase in average $/SF from 2018 to 2019

Number of Transactions – 26% increase in the # of transactions from 2018 to 2019

Dollar Volume of Transactions – 43% increase in the total $ volume for transactions from 2018 to 2019


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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