Tampa Office Sales Comps & Report | AUGUST – SEPTEMBER 2020
Historical report: August–September 2020. This report focuses on September 2020 office sales in Hillsborough County, with August comparisons. Figures reflect transactions recorded when the original report was prepared and do not represent current market conditions or property values.
Hillsborough County Office Sales: September 2020
Reported office property sales totaled $20,455,900 across 14 transactions in September 2020. The transaction list included two medical office sales and 12 other office transactions, including commercial condos.
Compared with September 2019, reported sales volume declined approximately 5.6%, while transaction count increased approximately 16.7%. The reported average sale price per square foot increased 13%, from $200 to $226.
Compared with August 2020, September recorded higher dollar volume and a higher reported average price per square foot, but fewer transactions.
Year-over-Year Sales Comparison
| Metric | September 2019 | September 2020 |
|---|---|---|
| Transactions | 12 | 14 |
| Total Sales Volume | $21,659,500 | $20,455,900 |
| Reported Average Sale Price per SF | $200 | $226 |
| Highest Sale Price | $10,489,500 | $12,700,000 |
Largest Reported Office Sale
The largest transaction was the medical office property at 12500 N. Dale Mabry Highway in Tampa, which sold for $12,700,000.
- Year built: 1996
- Reported building area: 25,114 square feet
- Land area: 3.72 acres
- Reported sale price per square foot: $506
This transaction accounted for approximately 62% of September’s total reported sales volume. The remaining 13 transactions totaled $7,755,900.
September 2020 Office Sales Transactions
The table below reproduces the sales listed in the original report. Property categories and rounded prices per square foot follow that report.
On smaller screens, scroll the table sideways to see all columns.
| Property Type | Address | City | Building SF | Sale Price | $/SF |
|---|---|---|---|---|---|
| Professional Office | 352 E. Bloomingdale Ave. | Brandon | 4,590 | $695,000 | $151 |
| Professional Office | 307 N. Parsons Ave. | Brandon | 1,663 | $225,000 | $135 |
| Professional Office | 1005 E. Reynolds St. | Plant City | 1,618 | $275,000 | $170 |
| Professional Office | 13127 Vail Ridge Dr. | Riverview | 5,400 | $700,000 | $130 |
| Medical Office | 202 N. Armenia Ave. | Tampa | 1,662 | $480,000 | $289 |
| Professional Office | 1907 E. Fletcher Ave. | Tampa | 1,173 | $380,000 | $324 |
| Commercial Condo | 5404 Hoover Blvd., Unit 12 | Tampa | 1,080 | $159,900 | $148 |
| Professional Office | 1922 E. 4th Ave. | Tampa | 1,210 | $433,000 | $358 |
| Professional Office | 609 W. Azeele St. | Tampa | 2,640 | $635,000 | $241 |
| Commercial Condo | 13302 Winding Oak Ct. | Tampa | 2,016 | $285,000 | $141 |
| Professional Office | 7820 N. 56th St. | Tampa | 2,245 | $238,000 | $106 |
| Medical Office | 12500 N. Dale Mabry Hwy. | Tampa | 25,114 | $12,700,000 | $506 |
| Professional Office | 1723 W. Kennedy Blvd. | Tampa | 8,816 | $1,750,000 | $199 |
| Professional Office | 3302 W. Azeele St. | Tampa | 5,568 | $1,500,000 | $269 |
| Total Reported Sales Volume | $20,455,900 | ||||
August 2020 Sales Comparison
August 2020 recorded 19 transactions totaling $11,611,600, compared with 21 transactions totaling $120,458,500 in August 2019.
The approximately 90% year-over-year decline in dollar volume was influenced by three large transactions included in August 2019’s total, according to the original commentary.
Transaction count declined approximately 9.5%, while the reported average sale price per square foot increased approximately 13.5%, from $185 to $210.
| Metric | August 2019 | August 2020 |
|---|---|---|
| Transactions | 21 | 19 |
| Total Sales Volume | $120,458,500 | $11,611,600 |
| Reported Average Sale Price per SF | $185 | $210 |
| Highest Sale Price | $80,000,000 | $3,000,000 |
For the original discussion of August’s larger year-earlier transactions, see the July–August 2020 office sales report.
Using Sales Comps to Evaluate Your Property
The original commentary described office and medical office values as holding up better than expected during a difficult year. The sales figures provide useful historical context, but individual transactions and the mix of properties sold strongly influence monthly results.
September’s largest sale accounted for approximately 62% of the month’s reported volume. Similarly, large August 2019 transactions affected the following year’s comparison.
Relevant comparisons account for location, building size and condition, land area, occupancy, lease terms, and the circumstances of each sale. A countywide average should not be applied directly to an individual office or medical office property.
Source: Hillsborough County Property Appraiser records, compiled by John Milsaps for the original August–September 2020 report. Figures reflect transactions recorded when the report was prepared and may differ from later compilations. Property classifications and rounded prices per square foot follow the original report. September’s year-over-year volume decline and transaction-count increase are calculated from the displayed totals and counts.
Discuss Your Office Property’s Value
Considering selling an office or medical office property in Hillsborough, Pinellas, or Pasco County? Contact John Milsaps to discuss relevant sales and your property’s position in the market.