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Tampa, FL- 2018-2019 Office Transaction Summary (5,000-15,000 SF)

Updated: May 23

Tampa, FL – 2019 Office Transaction Summary (5,000 SF to 15,000 SF)

We have analyzed office sales data from the Tampa market for 2019. 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 2019 was the weakest considering number of transactions, directly relating to a much higher average price per square foot than the other quarters. Quarter 2 picked up in sales and average price per square foot was nearly cut in half. Average price per square foot continues to fall in the 3rd quarter. The 4th quarter had the highest number of transactions and average price per square foot was more congruent with the year’s average. Total transaction volume for the year for this size segment of the office market totaled over $53 Million and the average price per square foot for all transactions for 2019 was $214.58/SF with an average building size of 9,558 SF. On a quarterly basis the price per square foot analysis is as follows:


· 1st Quarter 2019 – 2 Office Sales: Average Price per SF = $354.34

· 2nd Quarter 2019 – 6 Office Sales: Average Price per SF = $185.56

· 3rd Quarter 2019 – 5 Office Sales: Average Price per SF = $162.04

· 4th Quarter 2019 – 11 Office Sales: Average Price per SF = $223.32

· Full Year 2019 – 26 Office Sales: Average Price per SF = $214.58

*Data and charts from CoStar



Tampa, FL – 2018 Office Transaction Summary (5,000 SF to 15,000 SF)

We have analyzed office sales data from the Tampa market for 2018. A number of 35 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 remained mostly consistent in number of transactions as well as average price per SF throughout the year. We observe a slight drop in average price per square foot in the 4th quarter, but transactions remained stable. Total transaction volume for this office market segment totaled over $45 Million for 2018 and the average price per square foot for all transactions for 2018 was $156.49/SF with an average building size of 8,457 SF. On a quarterly basis the price per square foot analysis is as follows:


· 1st Quarter 2018 – 9 Office Sales: Average Price per SF = $157.87

· 2nd Quarter 2018 – 10 Office Sales: Average Price per SF = $156.92

· 3rd Quarter 2018 – 8 Office Sales: Average Price per SF = $158.51

· 4th Quarter 2018 – 8 Office Sales: Average Price per SF = $152.11

· Full Year 2018 – 35 Office Sales: Average Price per SF = $156.49

*Data and charts from CoStar



Tampa Office Market (5,000 SF to 15,000 SF) - Year over Year Changes (2018 to 2019)

Average Size Building Sold – 13% increase in the average building size sold from 8,457 SF to 9,558 SF

Price per Square Foot – 37% increase in average $/SF from 2018 to 2019

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

Dollar Volume of Transactions – 15% 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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