Brandon / East Tampa, FL – 2017 Office Transaction Summary (5,000 SF to 15,000 SF)
We have analyzed office sales data from the Brandon / East Tampa market for 2017. Over 10 sales were reviewed and summarized. These sales were of medium to large office properties in the 5,000 SF to 15,000 SF size range. The number of transactions varied throughout the year, with the most transactions occurring in the 2nd quarter. Average price per square foot showed an inverse relationship the transaction trend for the year. Total transaction volume for the year for this size segment of the office market totaled over $12 Million and the average price per square foot for all transactions for 2017 was $159.60/SF with an average building size of 7,564 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2017 – 3 Office Sales: Average Price per SF = $163.87
· 2nd Quarter 2017 – 5 Office Sales: Average Price per SF = $110.57
· 3rd Quarter 2017 – 3 Office Sales: Average Price per SF = $146.64
· 4th Quarter 2017 – 2 Office Sales: Average Price per SF = $256.59
· Full Year 2017 – 13 Office Sales: Average Price per SF = $159.60
Brandon / East Tampa, FL – 2016 Office Transaction Summary (5,000 SF to 15,000 SF)
We have analyzed office sales data from the Brandon / East Tampa market for 2016. Just under 10 sales were reviewed and summarized. These sales were of medium to large office properties in the 5,000 SF to 15,000 SF size range. Transactions of offices in this size segment were well dispersed throughout the year with 2 office sales in the 1st Quarter, 2 office sales in the 2nd Quarter, 4 office sales in the 3rd Quarter and 1 sale in the 4th Quarter. Average price per square foot varied over the year, with peak prices occurring in the 1st and 4th quarters. Total transaction volume for this office market segment totaled nearly $6 Million for 2016 and the average price per square foot for all transactions for 2016 was $85.85/SF with an average building size of 7,565 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 2 Office Sales: Average Price per SF = $127.51
· 2nd Quarter 2016 – 2 Office Sales: Average Price per SF = $61.82
· 3rd Quarter 2016 – 4 Office Sales: Average Price per SF = $72.51
· 4th Quarter 2016 – 1 Office Sales: Average Price per SF = $143.33
· Full Year 2016 – 9 Office Sales: Average Price per SF = $85.85
Brandon / East Tampa Office Market (5,000 SF to 15,000 SF) - Year over Year Changes (2016 to 2017)
Average Size Building Sold – No change in the average building size sold from 2016 to 2017
Price per Square Foot – 85.9% increase in average $/SF from 2016 to 2017
Number of Transactions – 44.4% increase in the # of transactions from 2016 to 2017
Dollar Volume of Transactions – 108.6% increase 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