Brandon / East Tampa, FL – 2016 Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Brandon / East Tampa market for 2016. Over 30 sales were reviewed and summarized. These were smaller to medium sized office properties in the 2,000 SF to 5,000 SF size range. The trend of transactions was generally positive with a drop off in the 4th quarter, showing an inverse relationship to average price per square foot. Total transaction volume for this small office market segment totaled around $8.6 Million for 2016 and the average price per square foot for all transactions for 2016 was $115.38/SF with an average building size of 2,935 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 6 Office Sales: Average Price per SF = $111.19
· 2nd Quarter 2016 – 12 Office Sales: Average Price per SF = $114.70
· 3rd Quarter 2016 – 12 Office Sales: Average Price per SF = $111.86
· 4th Quarter 2016 – 2 Office Sales: Average Price per SF = $134.70
· Full Year 2016 – 32 Office Sales: Average Price per SF = $115.38
Real Estate - Brandon / East Tampa, FL – 2015 Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Brandon / East Tampa market for 2015. Over 15 sales were reviewed and summarized. These were smaller to medium office properties in the 2,000 SF to 5,000 SF size range. Well over half of the 16 sales occurred in the first two quarters of the year with a drop to 6 total transactions for the 3rd and 4th quarters of 2015. We observe a substantial average price per square foot decline in the 4th quarter. Total transaction volume for this small office market segment totaled over $4.5 Million for 2015 and the average price per square foot for all transactions for 2015 was $124.94/SF with an average building size of 2,973 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2015 – 5 Office Sales: Average Price per SF = $145.93
· 2nd Quarter 2015 – 5 Office Sales: Average Price per SF = $117.36
· 3rd Quarter 2015 – 3 Office Sales: Average Price per SF = $139.99
· 4th Quarter 2015 – 3 Office Sales: Average Price per SF = $92.12
· Full Year 2015 – 16 Office Sales: Average Price per SF = $124.94
Brandon / East Tampa Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2015 to 2016)
Average Size Building Sold – 1.3% decrease in the average building size sold from 2,973 SF to 2,935 SF
Price per Square Foot – 9% increase in average $/SF from 2015 to 2016
Number of Transactions – 100% increase in the # of transactions from 2015 to 2016
Dollar Volume of Transactions – 87.8% increase 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
www.cliggitt.com