Brandon / East Tampa, FL – 2018 Office Transaction Summary (5,000 SF to 15,000 SF)
We have analyzed office sales data from the Brandon / East Tampa market for 2018. Precisely 15 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 displayed a positive trend throughout the year with the most transactions occurring in the 3rd and 4th quarters. Average price per square foot varied over the year, with peak price occurring 4th quarter. Total transaction volume for this office market segment totaled over $17.5 Million for 2018 and the average price per square foot for all transactions for 2018 was $207.08/SF with an average building size of 8,158 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2018 – 1 Office Sale: Average Price per SF = Data Not Available
· 2nd Quarter 2018 – 4 Office Sales: Average Price per SF = $217.00
· 3rd Quarter 2018 – 5 Office Sales: Average Price per SF = $125.44
· 4th Quarter 2018 – 5 Office Sales: Average Price per SF = $264.16
· Full Year 2018 – 15 Office Sales: Average Price per SF = $207.18
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 Office Market (5,000 SF to 15,000 SF) - Year over Year Changes (2017 to 2018)
Average Size Building Sold – 7.9% increase in the average building size sold from 7,564 SF to 8,158 SF
Price per Square Foot – 29.8% increase in average $/SF from 2017 to 2018
Number of Transactions – 15.4% increase in the # of transactions from 2017 to 2018
Dollar Volume of Transactions – 44.5% increase in the total $ volume for transactions from 2017 to 2018
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