Brandon / East Tampa, FL – 2017 Large Office Transaction Summary (15,000 SF +)
We have analyzed sales office properties 15,000 SF and up from the Brandon / East Tampa market for 2017. Just under 10 sales were reviewed and summarized. These sales were of large office properties over 15,000 SF in size. Sales transactions had the greatest volume in the first half of the year, with the most transactions occurring in the 1st and 2nd quarters with 3 sales each. Average price per square foot was well dispersed throughout the year, peaking in the 2nd quarter at approximately $300 per square foot. The 3rd quarter of 2017 was the lowest in both number office sales and average price per square foot. Total transaction volume for the year for this size segment of the office market totaled over $78 Million and the average price per square foot for office transactions for 2017 was $134.17/SF with an average building size of 65,112 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2017 – 3 Office Sales: Average Price per SF = $99.56
· 2nd Quarter 2017 – 3 Office Sales: Average Price per SF = $299.37
· 3rd Quarter 2017 – 1 Office Sale: Average Price per SF = $55.70
· 4th Quarter 2017 – 2 Office Sales: Average Price per SF = $174.81
· Full Year 2017 – 9 Office Sales: Average Price per SF = $134.17
Brandon / East Tampa, FL – 2016 Large Office Transaction Summary (15,000 SF +)
We have analyzed office sales data from the Brandon / East Tampa market for 2016. Precisely 10 sales were reviewed and summarized. These sales were of large office properties over 15,000 SF in size. Transactions of offices in this size segment started out with no sales in the first quarter of the year followed by 5 transactions in the second quarter of the year. We observe a linear relationship between the number of transactions and average price per square foot for the year. Total transaction volume for this office market segment totaled nearly $170 Million for 2016 and the average price per square foot for all transactions for 2016 was $164.81/SF with an average building size 114,043 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 0 Office Sales
· 2nd Quarter 2016 – 5 Office Sales: Average Price per SF = $186.33
· 3rd Quarter 2016 – 2 Office Sales: Average Price per SF = $141.36
· 4th Quarter 2016 – 3 Office Sales: Average Price per SF = $161.86
· Full Year 2016 – 10 Office Sales: Average Price per SF = $164.81
Brandon / East Tampa Office Market (15,000 SF +) - Year over Year Changes (2016 to 2017)
Average Size Building Sold – 42.9% decrease in the avg. building size sold from 114,043 SF to 65,112 SF
Price per Square Foot – 18.9% decrease in average $/SF from 2016 to 2017
Number of Transactions – 9% decrease in the # of transactions from 2016 to 2017
Dollar Volume of Transactions – 53.7% decrease in the total $ volume for transactions from 2016 to 2017
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
Tampa Office Real Estate Advisor