Resilience is the new “normal”.
COVID-19 has presented challenges for everyone, including office property owners.
We’re living through extraordinary times, but while circumstances are changing daily, we can navigate these difficulties by looking at data, tracking evolving market trends, and looking for emerging opportunities.
As we move forward in the recovery process we are beginning to see more normalized market trends.
SNAPSHOT YEAR-OVER-YEAR 2020/2019
In April of this year, transaction volume was $9,385,000 versus $22,117,957 in 2019. This exhibits a -58% YOY decrease in sales. The number of transactions in April also decreased from 21 in 2019 to 8 in 2020.
In May, the total volume was $21,942,000 versus $6,661,500 in 2019. This reflects an approximate 229% increase in YOY transaction volume. We see the number of transactions declined slightly from 11 in 2019 to 8 in 2020 for the same month.
May represents the first month of YOY increase we have seen since the beginning of the public health crisis in early March of this year.
April and May of 2020 both had declines in average $/SF from 2019. In April we saw a YOY decrease of -29%, and a decrease of -30% for the month of May.
In May, the highest sales price was $16,000,000, which was achieved by a professional office property.
📌 14014 E Fieldside Pl. Property specs:
- Built-in 1996
- 64,000 SF
- 11.85 Acres
- $250.00 Price/SF
For more market insights, including April & May Year-Over-Year analysis, download the Tampa Office Sales Comps & Report below or reach out to me for more information on the local market!