Tampa, FL – 2015-2019 Office Transaction Summary (2,000 SF – 5,000 SF)
We have analyzed office sales data from the Tampa market for 2015 through 2019. There were 310 office sales, 2 general retail sales, and 1 multi-family/office building sales which were reviewed and summarized. These were office properties between 2,000 SF and 5,000 SF in size. The sales had an irregular distribution over the 5-year period, with the highest volume of office sales in this size segment occurring in the 2nd quarter of 2015, the 4th quarter of 2016, and the 1st quarter of 2017. The average price per square foot from 2015-2019 showed a relatively positive trend, peaking in early 2019 at approximately $235/SF. Total transaction volume for this small to medium sized office market segment totaled over $152 Million from 2015-2019. The average price per square foot for office transactions in 2015-2019 was $159.42/SF with an average building size of 3,043 SF. On a yearly basis the price per square foot analysis is as follows:
· 2015 – 74 Office Sales: Average Price per SF = $139.51
· 2016 – 65 Office Sales: Average Price per SF = $143.09
· 2017 – 66 Office Sales: Average Price per SF = $168.42
· 2018 – 50 Office Sales: Average Price per SF = $176.43
· 2019 – 60 Office Sales: Average Price per SF = $180.23
· 5 Year Totals – 315 Office Sales: Average Price per SF = $159.43
*Data and charts from CoStar
Thank you for your interest. For more information on the Tampa Office Market or to discuss your property 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