Real Estate - Tampa, FL – 2014-2015 Small Office Transaction Summary (2,000 SF to 5,000 SF) : Cliggitt Valuation, Inc. Real Estate Blog
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Real Estate - Tampa, FL – 2014-2015 Small Office Transaction Summary (2,000 SF to 5,000 SF)

by Michael Cliggitt, MAI, MRICS on 02/04/16

Tampa, FL – 2015 Small Office Transaction Summary (2,000 SF to 5,000 SF)

We have analyzed office sales data from the Tampa market for 2015. Over 50 sales were reviewed and summarized. These were smaller office properties in the 2,000 SF to 5,000 SF size range. Well over half of the 50 sales occurred in the first two quarters of the year with a drop to less than 10 transactions per quarter for the 3rd and 4th quarters of 2015. Total transaction volume for this small office market segment totaled over $22 Million for 2015 and the average price per square foot for all transactions for 2015 was $149.39/SF with an average building size of 2,968 SF. On a quarterly basis the price per square foot analysis is as follows:

  • 1st Quarter 2015 – 23 Office Sales: Average Price per SF = $137.18

  • 2nd Quarter 2015 – 16 Office Sales: Average Price per SF = $193.15

  • 3rd Quarter 2015 – 7 Office Sales: Average Price per SF = $118.79

  • 4th Quarter 2015 – 6 Office Sales: Average Price per SF = $115.60

  • Full Year 2015 – 52 Office Sales: Average Price per SF = $149.39

 Office Real Estate Pricing Charts

 *Data and charts from Xceligent

 

Tampa, FL – 2014 Small Office Transaction Summary (2,000 SF to 5,000 SF) 

We have analyzed office sales data from the Tampa market for 2014. Just under 60 sales were reviewed and summarized. These were smaller office properties in the 2,000 SF to 5,000 SF size range. The first quarter of 2014 was relatively quiet with just six transactions. But transaction volume picked up substantially in the 2nd quarter with 19 office sales and stayed relatively strong through the remainder of the year with 18 transactions in the 3rd quarter and 16 in the 4th quarter of 2014.  Total transaction volume for this small office market segment totaled over $24 Million for 2014 and the average price per square foot for all transactions for 2014 was $124.30/SF with an average building size of 3,272 SF. On a quarterly basis the price per square foot analysis is as follows:

  • 1st Quarter 2014 – 6 Office Sales: Average Price per SF = $79.66

  • 2nd Quarter 2014 – 19 Office Sales: Average Price per SF = $128.52

  • 3rd Quarter 2014 – 18 Office Sales: Average Price per SF = $128.22

  • 4th Quarter 2014 – 16 Office Sales: Average Price per SF = $133.38

  • Full Year 2014 – 59 Office Sales: Average Price per SF = $124.30

Office Real Estate Pricing Chart 2014

*Data and charts from Xceligent

 

Tampa Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2014 to 2015)

Average Size Building Sold – 9% decrease in the average building size sold from 3,272 SF to 2,968 SF

Price per Square Foot – 20% increase in average $/SF from 2014 to 2015

Number of Transactions – 12% decrease in the # of transactions from 2014 to 2015

Dollar Volume of Transactions – 6% decrease in the total $ volume for transactions from 2014 to 2015

Appraising Office Property and Commercial Real Estate - Tampa, FL

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

www.cliggitt.com

 

 

 

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