Brandon / East Tampa, FL – 2018 Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Brandon / East Tampa market for 2018. Over 20 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 had a random distribution, with the peak number of transactions occurring in the 4th quarter. Average price per square foot showed a similar trend to the number of transactions for the year with the peak average price taking place in the 4th quarter. Total transaction volume for this small office market segment totaled just over $9.5 Million for 2018 and the average price per square foot for office transactions for 2018 was $197.24/SF with an average building size of 2,966 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2018 – 5 Office Sales: Average Price per SF = $139.05
· 2nd Quarter 2018 – 5 Office Sales: Average Price per SF = $115.72
· 3rd Quarter 2018 – 3 Office Sales: Average Price per SF = $156.90
· 4th Quarter 2018 – 10 Office Sales: Average Price per SF = $260.61
· Full Year 2018 – 23 Office Sales: Average Price per SF = $197.24
Real Estate - Brandon / East Tampa, FL – 2017 Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Brandon / East Tampa market for 2017. Just under 30 sales were reviewed and summarized. These were smaller to medium office properties in the 2,000 SF to 5,000 SF size range. We observe a fairly consistent trend in the number of transactions for the year, averaging at 7 sales per quarter. Total transaction volume for this small office market segment totaled over $8 Million for 2017 and the average price per square foot for all transactions for 2017 was $119.39/SF with an average building size of 3,211 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2017 – 8 Office Sales: Average Price per SF = $133.82
· 2nd Quarter 2017 – 7 Office Sales: Average Price per SF = $91.77
· 3rd Quarter 2017 – 6 Office Sales: Average Price per SF = $144.29
· 4th Quarter 2017 – 7 Office Sales: Average Price per SF = $110.08
· Full Year 2017 – 28 Office Sales: Average Price per SF = $119.39
Brandon / East Tampa Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2017 to 2018)
Average Size Building Sold – 7.6% decrease in the average building size sold from 3,211 SF to 2,966 SF
Price per Square Foot – 65.2% increase in average $/SF from 2017 to 2018
Number of Transactions – 17.9% decrease in the # of transactions from 2017 to 2018
Dollar Volume of Transactions – 15.8% increase in the total $ volume for transactions from 2017 to 2018
Appraising Office Property and Commercial Real Estate – Tampa, FL
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