Office property sales in the time of coronavirus will undoubtedly see changes as the office property landscape shifts and adjusts to our new reality.
Some changes will come as a result of the approximate two-month closure of the economy while others will be prompted by new behaviors that took shape and took hold during the pandemic. In particular, I foresee that the work from home and social distancing practices will have the greatest impact on the office landscape.
To help provide clarity & offer facts relevant to us here in Tampa, I’ll begin offering a deeper dive into the Tampa 📍office market based on direct market data. The goal will be to identify trends and opportunities in the data that will bring you market insight as well as inform your office holdings.
In February of this year, office transaction volume was $14,366,500. The highest sales price was $3,200,000, which was achieved by two professional office properties.
📌 3707 W Cherry Street. Property specs:
- Built in 1984
- 22,711 SF
- .78 Acres
- $140.9 Price/SF
📌 3102 W Waters Ave. Property specs:
- Built in 1985
- 5,455 SF
- 2.51 Acres
- $125.71 Price/SF
For more market insights, including January 2020 data, download the Tampa Office Sales Comps & Report below or reach out to me for more information on the local market!