Lakeland, FL – 2019 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Lakeland market for 2019. Precisely 10 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The sales were well dispersed throughout the year, with the most sales occurring in the 2nd quarter. The average price per square foot increased throughout the first three quarters of the year and experienced the lowest average price per square foot in the 1st quarter at just under $110. Total transaction volume for this small office market segment totaled approximately $1.5 Million for 2019 and the average price per square foot for all transactions for 2019 was $130.11/SF with an average building size of 1,575 SF. On a quarterly basis the price per square foot analysis is as follows:
1st Quarter 2019 – 3 Office Sales: Average Price per SF = $108.83
2nd Quarter 2019 – 4 Office Sales: Average Price per SF = $144.68
3rd Quarter 2019 – 1 Office Sales: Average Price per SF = $162.76
4th Quarter 2019 – 2 Office Sales: Average Price per SF = $127.20
Full Year 2019 – 10 Office Sales: Average Price per SF = $130.11
*Data and charts from CoStar
Lakeland, FL – 2018 Small Office Transaction Summary (up to 2,000 SF)
We have analyzed office sales data from the Lakeland market for 2018. Precisely 17 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. Besides the decrease of sales in the 2nd quarter, transactions for the year displayed a growth pattern and peaked in the 4th quarter at 7 sales. Average price per square foot was consistent throughout the year. Total transaction volume for this small office market segment totaled nearly $2.7 Million for 2018 and the average price per square foot for all transactions in the size segment for 2018 was $175.87/SF with an average building size of 1,496 SF. On a quarterly basis the price per square foot analysis is as follows:
1st Quarter 2018 – 4 Office Sales: Average Price per SF = Data Not Available
2nd Quarter 2018 – 1 Office Sales: Average Price per SF = $173.38
3rd Quarter 2018 – 5 Office Sales: Average Price per SF = $179.56
4th Quarter 2018 – 7 Office Sales: Average Price per SF = $172.59
Full Year 2018 – 17 Office Sales: Average Price per SF = $175.87
*Data and charts from CoStar
Lakeland Office Market (up to 2,000 SF) - Year over Year Changes (2018 to 2019)
Average Size Building Sold – 5.3% increase in average size building sold from 1,496 SF to 1,575 SF
Price per Square Foot – 26% decrease in average $/SF from 2018 to 2019
Number of Transactions – 41% increase in the # of transactions from 2018 to 2019
Dollar Volume of Transactions – 43.5% 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