Brandon / East Tampa, FL – 2019 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Brandon / East Tampa market for 2019. Just under 20 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The number of transactions stayed mostly consistent throughout the year, then we observed a spike in the 4th quarter at 11 transactions. Average price per square foot peaked in price over $220/SF in the 3rd quarter. Total transaction volume for this small office market segment totaled over $1 Million for 2019 and the average price per square foot for office transactions for 2019 was $161.02/SF with an average building size of 1,334 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2019 – 3 Office Sales: Average Price per SF = $102.99
· 2nd Quarter 2019 – 1 Office Sales: Average Price per SF = data not reported
· 3rd Quarter 2019 – 3 Office Sales: Average Price per SF = $226.77
· 4th Quarter 2019 – 11 Office Sales: Average Price per SF = $142.36
· Full Year 2019 – 18 Office Sales: Average Price per SF = $161.02
Brandon / East Tampa, FL – 2018 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Brandon / East Tampa market for 2018. Over 15 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The 1st and 2nd quarters of 2018 were consistent with 3 transactions each. Sales fell to 2 transactions in the 3rd quarter and spiked in the 4th quarter with 8 sales. Total transaction volume for this small office market segment totaled over $1 Million for 2018 and the average price per square foot for all transactions in the size segment for 2018 was $127.88/SF with an average building size of 1,419 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2018 – 3 Office Sales: Average Price per SF = $99.14
· 2nd Quarter 2018 – 3 Office Sales: Average Price per SF = Data Unavailable
· 3rd Quarter 2018 – 2 Office Sales: Average Price per SF = Data Unavailable
· 4th Quarter 2018 – 8 Office Sales: Average Price per SF = $145.43
· Full Year 2018 – 16 Office Sales: Average Price per SF = $127.88
Brandon / East Tampa Office Market (up to 2,000 SF) - Year over Year Changes (2018 to 2019)
Average Size Building Sold – 6% decrease in average size building sold from 1,419 SF to 1,334 SF
Price per Square Foot – 25.9% increase in average $/SF from 2018 to 2019
Number of Transactions – 12.5% increase in the # of transactions from 2018 to 2019
Dollar Volume of Transactions – 11.6% decrease in the total $ volume for transactions from 2018 to 2019
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