Tampa, FL - 2015 Office Transaction Summary (15,000+)
We have analyzed sales office properties 15,000 SF and up from the Tampa market for 2015. 18 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Sales transactions slowly increased from quarter 1 (3 transactions) to quarter 2 (5 transactions) and then increased again in quarter 3 (9 transaction). There is a major drop off in the 4th quarter with only 1 large office transaction. Total transaction volume for the year for this size segment of the office market totaled over $764 Million and the average price per square foot for all transactions for 2015 was $179.32/SF with an average building size of 236,750 SF. On a quarterly basis the price per square foot analysis is as follows:
Tampa, FL - 2014 Office Transaction Summary (15,000 SF+)
We have analyzed office sales data from the Tampa market for 2014. Just under 40 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Transactions of offices in this size segment were well dispersed but also on an upward trend in volume for 2014. There were 7 transactions in Q1, 8 office sales in Q2, 10 office transactions in Q3, and 14 transactions in Q4. Total transaction volume for this office market segment totaled over $630 Million for 2014 and the average price per square foot for all transactions for 2014 was $117.98/SF with an average building size of 138,527 SF. On a quarterly basis the price per square foot analysis is as follows:
Tampa Office Market (15,000 SF+)- Year over Year Changes (2014 to 2015)
Average Size Building Sold – 71% increase in the avg. building size sold from 138,527 SF to 236,750 SF
Price per Square Foot – 52% increase in average $/SF from 2014 to 2015
Number of Transactions – 54% decrease in the # of transactions from 2014 to 2015
Dollar Volume of Transactions – 20% 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, CCIM
813-405-1705 Direct Line