Tampa, FL – 2015-2019 Office Transaction Summary (5,000 SF – 15,000 SF)

Tampa, FL – 2015-2019 Office Transaction Summary (5,000 SF – 15,000 SF)

We have analyzed office sales data from the Tampa market for 2015 through 2019. There were over 150 office sales during this time period, which have been reviewed and summarized below. These were medium to large office properties between 5,000 SF and 15,000 SF in size. The sales volume had a relatively stable distribution over the 5-year period, with the highest volume of office sales in this size segment occurring in the 4th quarter of 2019, the 2nd quarter of 2015, and the 2nd quarter of 2018. The average price per square foot from 2015-2019 showed a mostly consistent trend with a few outliers. In early 2019 the data skewed to $350/SF in the 1st Qtr., which was well outside of the typical range. Total transaction volume for this medium to large sized office market segment totaled over $205 Million from 2015-2019. The average price per square foot for office transactions in 2015-2019 was $158.23/SF with an average building size of 8,703 SF. On a yearly basis, the data shows a consistent upward trend in the price per square foot for office space over the 5-year period, as follows:

· 2015 – 31 Office Sales: Average Price per SF = $123.89

· 2016 – 33 Office Sales: Average Price per SF = $148.23

· 2017 – 28 Office Sales: Average Price per SF = $149.60

· 2018 – 35 Office Sales: Average Price per SF = $156.49

· 2019 – 26 Office Sales: Average Price per SF = $214.58

· 5 Year Totals – 153 Office Sales: Average Price per SF = $158.23

*Data and charts from CoStar

Thank you for your interest. For more information on the Tampa Office Market or to discuss your property investment 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