We have analyzed office sales data from the Lakeland market for 2019. Just under 15 sales were reviewed and summarized. These sales were of medium to large office properties in the 5,000 SF to 15,000 SF size range. Transactions displayed an upward trend in the first half of the year and a downward trend in the second half of the year. Average price per square foot was fairly consistent throughout the year with a drop in the 4th quarter. Total transaction volume for the year for this size segment of the office market totaled approximately $6.4 Million and the average price per square foot for all transactions for 2019 was $81.57/SF with an average building size of 7,994 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2019 – 3 Office Sale: Average Price per SF = $87.48
· 2nd Quarter 2019 – 5 Office Sales: Average Price per SF = Data Not Available
· 3rd Quarter 2019 – 4 Office Sale: Average Price per SF = $88.75
· 4th Quarter 2019 – 2 Office Sales: Average Price per SF = $43.65
· Full Year 2019 – 14 Office Sales: Average Price per SF = $81.57
Lakeland, FL – 2018 Office Transaction Summary (5,000 SF to 15,000 SF)
We have analyzed office sales data from the Lakeland market for 2018. Precisely 13 sales were reviewed and summarized. These sales were of medium to large office properties in the 5,000 SF to 15,000 SF size range. Transactions of offices in this size segment were well dispersed throughout the year, with the most sales occurring in the 2nd quarter at 13 sales. Average price per square foot showed a consistent upward trend throughout the year, peaking in the 4th quarter at over $140/SF. Total transaction volume for this office market segment totaled approximately $16.75 Million for 2018 and the average price per square foot for 2018 was $102.62/SF with an average building size of 8,577 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2018 – 2 Office Sales: Average Price per SF = $46.99
· 2nd Quarter 2018 – 13 Office Sales: Average Price per SF = $86.03
· 3rd Quarter 2018 – 5 Office Sale: Average Price per SF = $130.36
· 4th Quarter 2018 – 3 Office Sales: Average Price per SF = $143.39
· Full Year 2018 – 23 Office Sales: Average Price per SF = $102.62
Lakeland Office Market (5,000 SF to 15,000 SF) - Year over Year Changes (2018 to 2019)
Average Size Building Sold – 6.8% decrease in the average building size sold from 8,577 SF to 7,994 SF
Price per Square Foot – 20.5% decrease in average $/SF from 2018 to 2019
Number of Transactions – 39.1% decrease in the # of transactions from 2018 to 2019
Dollar Volume of Transactions – 61.8% increase in the total $ volume for transactions from 2018 to 2019
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
Commentaires