Lakeland, FL – 2017 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Lakeland market for 2017. Just over 5 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The sales were greatest in the 1st quarter at 4 transactions and proceeded to decrease throughout the year, ending with 0 sales in the 4th quarter. The average price per square foot varied throughout the year and experienced the lowest average price per square foot in the 3rd quarter at just under $80. Total transaction volume for this small office market segment totaled approximately $785 Thousand for 2017 and the average price per square foot for all transactions for 2017 was $106.47/SF with an average building size of 1,461 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2017 – 4 Office Sales: Average Price per SF = $104.21
· 2nd Quarter 2017 – 1 Office Sales: Average Price per SF = $130.72
· 3rd Quarter 2017 – 1 Office Sales: Average Price per SF = $78.38
· 4th Quarter 2017 – 0 Office Sales
· Full Year 2017 – 6 Office Sales: Average Price per SF = $106.47
*Data and charts from CoStar
Lakeland, FL – 2016 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Lakeland market for 2016. Precisely 7 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The first three quarters of 2016 experienced few transactions with only 1 transaction in each quarter. The 4th quarter of the year was the strongest in both # of transactions and average price per square foot. Total transaction volume for this small office market segment totaled nearly $500 Thousand for 2016 and the average price per square foot for all transactions in the size segment for 2016 was $103.36/SF with an average building size of 1,580 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2016 – 1 Office Sales: Average Price per SF = $95.39
· 2nd Quarter 2016 – 1 Office Sales: Average Price per SF = Data Not Available
· 3rd Quarter 2016 – 1 Office Sales: Average Price per SF = $74.46
· 4th Quarter 2016 – 4 Office Sales: Average Price per SF = $125.40
· Full Year 2016 – 7 Office Sales: Average Price per SF = $103.36
*Data and charts from CoStar
Lakeland Office Market (up to 2,000 SF) - Year over Year Changes (2016 to 2017)
Average Size Building Sold – 7.5% decrease in average size building sold from 1,580 SF to 1,461 SF
Price per Square Foot – 3% increase in average $/SF from 2016 to 2017
Number of Transactions – 14.3% decrease in the # of transactions from 2016 to 2017
Dollar Volume of Transactions – 61.3% increase in the total $ volume for transactions from 2016 to 2017
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