We have analyzed office sales data from the Brandon / East Tampa market for 2015 through 2019. There were 124 small to medium offices which were reviewed and summarized. These were smaller to medium sized office properties from 2,000 SF to 5,000 SF in size. The sales had a well dispersed distribution over the 5-year period, with the highest volume of office sales in this size segment occurring in the 2nd and 3rd quarters of 2016. The average price per square foot from 2015-2019 showed a relatively constant positive trend from 2015-2019 with low outliers in the 1st and 3rd quarters of 2015 and high outliers in the 4th quarter of 2018 and 2nd quarter of 2019. Total transaction volume for this small office market segment totaled nearly $46 Million from 2015-2019. The average price per square foot for office transactions in 2015-2019 was $152.76/SF with an average building size of 3,058 SF. On a yearly basis the price per square foot analysis is as follows:
· 2015 – 16 Office Sales: Average Price per SF = $124.94
· 2016 – 32 Office Sales: Average Price per SF = $115.38
· 2017 – 28 Office Sales: Average Price per SF = $119.39
· 2018 – 23 Office Sales: Average Price per SF = $197.24
· 2019 – 25 Office Sales: Average Price per SF = $208.90
· 5 Year Totals – 124 Office Sales: Average Price per SF = $152.76
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