Brandon / East Tampa, FL – 2016 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Brandon / East Tampa market for 2016. Precisely 6 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The 1st quarter of 2016 started with 3 transactions, which was the highest for the year. Sales fell to 1 transaction in the 2nd quarter and 0 sales in the 3rd quarter. Sales rose again in the 4th quarter to 2 transactions. Total transaction volume for this small office market segment totaled over $600 Thousand for 2016 and the average price per square foot for all transactions in the size segment for 2016 was $97.86/SF with an average building size of 1,689 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 3 Office Sales: Average Price per SF = $125.36
· 2nd Quarter 2016 – 1 Office Sales: Average Price per SF = $84.96
· 3rd Quarter 2016 – 0 Office Sales
· 4th Quarter 2016 – 2 Office Sales: Average Price per SF = $92.98
· Full Year 2016 – 6 Office Sales: Average Price per SF = $97.86
Brandon / East Tampa, FL – 2015 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Brandon / East Tampa market for 2015. Just under 20 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The sales occurred in irregular distribution over the year, with the peak number of transactions occurring in the 1st quarter at 10 transactions. The remainder of the year had considerably less transactions despite a decline in average price per square foot. Total transaction volume for this small office market segment totaled over $1.6 Million for 2015 and the average price per square foot for all transactions for 2015 was $114.65/SF with an average building size of 1,333 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2015 – 10 Office Sales: Average Price per SF = $143.07
· 2nd Quarter 2015 – 2 Office Sales: Average Price per SF = $125.39
· 3rd Quarter 2015 – 3 Office Sales: Average Price per SF = $100.10
· 4th Quarter 2015 – 2 Office Sales: Average Price per SF = $81.44
· Full Year 2015 – 17 Office Sales: Average Price per SF = $114.65
Brandon / East Tampa Office Market (up to 2,000 SF) - Year over Year Changes (2015 to 2016)
Average Size Building Sold – 26.7% increase in average size building sold from 1,333 SF to 1,689 SF
Price per Square Foot – 14.6% decrease in average $/SF from 2015 to 2016
Number of Transactions – 64.7% increase in the # of transactions from 2015 to 2016
Dollar Volume of Transactions – 62.4% decrease in the total $ volume for transactions from 2015 to 2016
Thank you for your interest. For more information on the Brandon / East Tampa Office Market or to discuss your property valuation 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