Real Estate - Lakeland, FL – 2018 Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Lakeland market for 2018. Over 30 sales were reviewed and summarized. These were smaller to medium office properties in the 2,000 SF to 5,000 SF size range. The 1st and 3rd quarters had the greatest number of transactions with 11 transactions each. The trend between number of transactions and average price per square foot varied throughout the year and peaked at over $180 per square foot. Total transaction volume for this small office market segment totaled approximately $6.7 Million for 2018 and the average price per square foot for all transactions for 2018 was $145.37/SF with an average building size of 3,316 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2018 – 11 Office Sales: Average Price per SF = $123.07
· 2nd Quarter 2018 – 6 Office Sales: Average Price per SF = $114.32
· 3rd Quarter 2018 – 11 Office Sales: Average Price per SF = $182.23
· 4th Quarter 2018 – 4 Office Sales: Average Price per SF = $149.54
· Full Year 2018 – 32 Office Sales: Average Price per SF = $145.37
*Data and charts from CoStar
Lakeland, FL – 2017 Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Lakeland market for 2017. Precisely 19 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 number of transactions demonstrated a growth trend until the 4th quarter. Average price per square foot varied throughout the year and showed a significant spike in the 2nd quarter of 2017. Total transaction volume for this small office market segment totaled approximately $4.8 Million for 2017 and the average price per square foot for all transactions for 2017 was $146.09/SF with an average building size of 3,023 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2017 – 4 Office Sales: Average Price per SF = $80.85
· 2nd Quarter 2017 – 5 Office Sales: Average Price per SF = $271.06
· 3rd Quarter 2017 – 7 Office Sales: Average Price per SF = $117.84
· 4th Quarter 2017 – 3 Office Sales: Average Price per SF = $116.73
· Full Year 2017 – 19 Office Sales: Average Price per SF = $146.09
*Data and charts from CoStar
Lakeland Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2017 to 2018)
Average Size Building Sold – 9.7% increase in the average building size sold from 3,023 SF to 3,316 SF.
Price per Square Foot – 0.5% decrease in average $/SF from 2017 to 2018
Number of Transactions – 68.4% increase in the # of transactions from 2017 to 2018
Dollar Volume of Transactions – 39.7% 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 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