Real Estate - Tampa, FL – 2019 Small Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Tampa market for 2019. Just under 60 sales were reviewed and summarized. These were smaller office properties in the 2,000 SF to 5,000 SF size range. The trend of the year displays an inverse relationship between total number of transactions to average price per SF. The 1st quarter displays a significantly higher average price per square foot and lower number of transactions, but this trend is reversed in the 2nd through 4th quarter. Total transaction volume for this small office market segment totaled nearly $34 Million for 2019 and the average price per square foot for all transactions for 2019 was $180.23/SF with an average building size of 3,197 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2019 – 12 Office Sales: Average Price per SF = $233.61
· 2nd Quarter 2019 – 13 Office Sales: Average Price per SF = $173.50
· 3rd Quarter 2019 – 17 Office Sales: Average Price per SF = $164.03
· 4th Quarter 2019 – 17 Office Sales: Average Price per SF = $167.81
· Full Year 2019 – 59 Office Sales: Average Price per SF = $180.23
*Data and charts from CoStar
Tampa, FL – 2018 Small Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Tampa market for 2018. Over 50 sales were reviewed and summarized. These were smaller office properties in the 2,000 SF to 5,000 SF size range. The year started slow with only 8 transactions in the 1st quarter. The average price per square foot decreased in the 2nd quarter, causing total transactions to level. In the 3rd and 4th quarter, the market leveled out with 12 and 13 transactions and an increase in average price. Total transaction volume for this small office market segment totaled over $26.5 Million for 2018 and the average price per square foot for all transactions for 2018 was $176.43/SF with an average building size of 2,953 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2018 – 8 Office Sales: Average Price per SF = $171.36
· 2nd Quarter 2018 – 19 Office Sales: Average Price per SF = $162.38
· 3rd Quarter 2018 – 13 Office Sales: Average Price per SF = $191.70
· 4th Quarter 2018 – 12 Office Sales: Average Price per SF = $185.02
· Full Year 2018 – 52 Office Sales: Average Price per SF = $176.43
*Data and charts from CoStar
Tampa Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2018 to 2019)
Average Size Building Sold – 8% increase in the average building size sold from 2,953 SF to 3,197 SF
Price per Square Foot – 2% increase in average $/SF from 2018 to 2019
Number of Transactions – 13% increase in the # of transactions from 2018 to 2019
Dollar Volume of Transactions – 27% increase in the total $ volume for transactions from 2018 to 2019
Office Property and Commercial Real Estate – Tampa FL
Thank you for your interest. For more information on the Tampa Office Market or to discuss your property 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