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Lakeland, FL - 2018-2019 Office Transaction Summary (2,000 SF to 5,000 SF)

Updated: May 23

Lakeland, FL – 2019 Office Transaction Summary (2,000 SF to 5,000 SF)

We have analyzed office sales data from the Lakeland market for 2019. Precisely 16 sales were reviewed and summarized. These were smaller to medium sized office properties in the 2,000 SF to 5,000 SF size range. Transactions were well dispersed throughout the year. Average price per square foot was relatively low for the first three quarters of the year, then experienced a jump in average price per square foot in the 4th quarter. Total transaction volume for this small office market segment totaled nearly $3.5 Million for 2019 and the average price per square foot for all transactions for 2019 was $106.41/SF with an average building size of 3,317 SF. On a quarterly basis the price per square foot analysis is as follows:

· 1st Quarter 2019 – 3 Office Sales: Average Price per SF = $107.55

· 2nd Quarter 2019 – 6 Office Sales: Average Price per SF = $76.55

· 3rd Quarter 2019 – 2 Office Sales: Average Price per SF = $82.93

· 4th Quarter 2019 – 5 Office Sales: Average Price per SF = $158.23

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


*Data and charts from CoStar



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 Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2018 to 2019)

Average Size Building Sold – 0% change in the average building size sold from 3,316 SF to 3,317 SF.

Price per Square Foot – 26.8% decrease in average $/SF from 2018 to 2019

Number of Transactions – 50% decrease in the # of transactions from 2018 to 2019

Dollar Volume of Transactions – 48.4% decrease in the total $ volume for transactions from 2018 to 2019

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

www.cliggitt.com

















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