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Lakeland, FL - 2015-2019 Small to Medium Office Transaction Summary (2,000 – 5,000 SF)

Updated: May 23

Lakeland, FL – 2015-2019 Small to Medium Office Transaction Summary (2,000 – 5,000 SF)

We have analyzed office sales data from the Lakeland market for 2015 through 2019. There were 105 small to medium offices which were reviewed and summarized. These were smaller to medium sized office properties from 2,000 SF to 5,000 SF in size. The sales had a well dispersed distribution over the 5-year period, with the highest volume of office sales in this size segment occurring in the 1st and 3rd quarters of 2018. The average price per square foot from 2015-2019 fluctuated on a sine curve from 2015-2019, with a high price outlier in the 2nd quarter of 2017. Total transaction volume for this small office market segment totaled just under $23 Million from 2015-2019. The average price per square foot for office transactions in 2015-2019 was $121.59/SF with an average building size of 3,183 SF. On a yearly basis the price per square foot analysis is as follows:


· 2015 – 20 Office Sales: Average Price per SF = $116.58

· 2016 – 18 Office Sales: Average Price per SF = $89.36

· 2017 – 19 Office Sales: Average Price per SF = $146.09

· 2018 – 32 Office Sales: Average Price per SF = $145.37

· 2019 – 16 Office Sales: Average Price per SF = $106.41

· 5 Year Totals – 105 Office Sales: Average Price per SF = $121.59



*Data and charts from CoStar





Thank you for your interest. For more information on the Lakeland 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

www.cliggitt.com

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