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Class A Office Sales Hit the Brakes

TAMPA-GVA Advantis research shows the market won't likely reach the $500-million mark.

By Carl Cronan | Updated on June 03, 2008

(Carl Cronan is editor of Real EstateFlorida.)

TAMPA-Office sales activity is slowing down considerably this year, with no class A sales posted through the first five months of 2008, according to a local market researcher. A newly released report by GVA Advantis states that local investment activity has little chance of matching the $567 million in transaction volume posted in 2007.

Sales of office properties through the first quarter totaled $51.5 million and mainly involved class B or lesser-graded buildings, according to Randy Smith, research director with GVA Advantis in Tampa. The year’s largest sale to this point is Flagler Development Group’s acquisition of the nine-story, 171,000-sf Bridgeport Center building in the Westshore district for $29.5 million, or $173 per sf.

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