2014-2015 Tampa, Florida - Office Transactions (up to 2,000 SF) : Cliggitt Valuation, Inc. Real Estate Blog
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2014-2015 Tampa, Florida - Office Transactions (up to 2,000 SF)

by Michael Cliggitt, MAI, MRICS on 01/25/16

Tampa, FL – 2015 Small Office Transaction Summary (up to 2,000 SF)

We have analyzed office sales data from the Tampa market for 2015. Over 20 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The sales occurred in relatively equal distribution over the first three quarters of the year with no office sales in this size segment occurring in the 4th Quarter of 2015. Total transaction volume for this small office market segment totaled over $5 Million for 2015 and the average price per square foot for all transactions for 2015 was $172.02/SF with an average building size of 1,429 SF. On a quarterly basis the price per square foot analysis is as follows:

  • 1st Quarter 2015 – 7 Office Sales: Average Price per SF = $200.26

  • 2nd Quarter 2015 – 8 Office Sales: Average Price per SF = $164.84

  • 3rd Quarter 2015 – 7 Office Sales: Average Price per SF = $154.19

  • 4th Quarter 2015 – 0 Office Sales

  • Full Year 2015 – 22 Office Sales: Average Price per SF = $172.02

*Data and charts from Xceligent

 

Tampa, FL – 2014 Small Office Transaction Summary (up to 2,000 SF) 

We have analyzed office sales data from the Tampa market for 2014. Over 20 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The first quarter of 2014 was relatively quiet with just three transactions. But transaction volume picked up progressively throughout the year with 6 office sales in the 2nd quarter, 7 in the 3rd quarter, and 8 in the 4th quarter. Total transaction volume for this small office market segment totaled just over $4 Million for 2014 and the average price per square foot for all transactions in the size segment for 2014 was $117.39/SF with an average building size of 1,430 SF. On a quarterly basis the price per square foot analysis is as follows:

  • 1st Quarter 2014 – 3 Office Sales: Average Price per SF = $142.56

  • 2nd Quarter 2014 – 6 Office Sales: Average Price per SF = $99.01

  • 3rd Quarter 2014 – 7 Office Sales: Average Price per SF = $126.51

  • 4th Quarter 2014 – 8 Office Sales: Average Price per SF = $116.46

  • Full Year 2014 – 24 Office Sales: Average Price per SF = $124.30

*Data and charts from Xceligent

Tampa Office Market (up to 2,000 SF) - Year over Year Changes (2014 to 2015)

Average Size Building Sold – Stayed consistent year over year

Price per Square Foot – 38% increase in average $/SF from 2014 to 2015

Number of Transactions – 8% decrease in the # of transactions from 2014 to 2015

Dollar Volume of Transactions – 32% increase in the total $ volume for transactions from 2014 to 2015

Thank you for your interest. For more information on the Tampa Office Market or to discuss your property valuation needs feel free to contact:

Mike Cliggitt, MAI, MRICS

813-405-1705 Direct Line

cliggittvaluation@verizon.net

Tampa Office Real Estate Appraiser

www.cliggitt.com

 

 

 

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