Tampa Office Sales Comps & Report | OCT 2021
Historical report: October 2021. This report covers Hillsborough County office sales during the original reporting period. These figures do not represent current market conditions or property values.
Hillsborough County Office Sales: October 2021
Office property sales totaled $88,950,000 across 26 transactions in October 2021, including 21 professional office properties and five medical office properties.
Compared with October 2020, reported sales volume increased 24.2%, transaction count increased 30%, and the reported average sale price per square foot increased 22.5%.
Year-over-Year Sales Comparison
| Metric | October 2020 | October 2021 |
|---|---|---|
| Transactions | 20 | 26 |
| Total Sales Volume | $71,617,900 | $88,950,000 |
| Reported Average Sale Price per SF | $173 | $212 |
| Highest Sale Price | $56,500,000 | $55,750,000 |
Largest Reported Office Sale
The largest transaction was 2203 N. Lois Avenue in Tampa, which sold for $55,750,000. The original report listed a 621,576-square-foot building, constructed in 1985, on 3.16 acres, with a rounded sale price of $90 per square foot.
This transaction accounted for approximately 63% of October’s total reported sales volume. That concentration is worth considering when comparing monthly totals.
October 2021 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 |
|---|---|---|---|---|---|
| Medical Office | 112 Parsons Park Dr. | Brandon | 19,492 | $4,785,000 | $245 |
| Medical Office | 612 Medical Care Dr. | Brandon | 2,366 | $485,000 | $205 |
| Medical Office | 621 W. Lumsden Rd. | Brandon | 4,160 | $775,000 | $186 |
| Professional Office | 219 Lithia Pinecrest Rd. | Brandon | 2,230 | $368,000 | $165 |
| Commercial Condo | 1560 W. Cleveland St. | Tampa | 3,819 | $1,400,000 | $367 |
| Commercial Condo | 1120 E. Kennedy | Tampa | 1,770 | $620,000 | $350 |
| Medical Office | 4600 N. Habana Ave. | Tampa | 2,250 | $440,000 | $196 |
| Medical Office | 13311 N. 56th St. | Tampa | 4,420 | $930,000 | $210 |
| Professional Office | 13506 N. Rome Ave. | Tampa | 3,042 | $575,000 | $189 |
| Professional Office | 12233 N. Florida Ave. | Tampa | 15,547 | $1,496,000 | $96 |
| Professional Office | 10902 N. Florida Ave. | Tampa | 8,811 | $2,800,000 | $318 |
| Professional Office | 1316 W. Busch Blvd. | Tampa | 4,607 | $645,000 | $140 |
| Professional Office | 610 W. Waters Ave. | Tampa | 11,328 | $1,400,000 | $124 |
| Professional Office | 6911 Conaty Dr. | Tampa | 1,572 | $310,000 | $197 |
| Professional Office | 1913 W. Dr. Martin Luther King Jr. Blvd. | Tampa | 3,704 | $936,000 | $223 |
| Professional Office | 905 N. Florida Ave. | Tampa | 22,518 | $5,000,000 | $222 |
| Professional Office | 5540 Executive Dr. | Tampa | 19,558 | $5,500,000 | $281 |
| Professional Office | 108 N. Armenia Ave. | Tampa | 2,240 | $330,000 | $147 |
| Professional Office | 110 S. Armenia Ave. | Tampa | 3,328 | $575,000 | $173 |
| Professional Office | 4919 S. Renellie Dr. | Tampa | 3,419 | $700,000 | $205 |
| Professional Office | 5220 S. Lois Ave. | Tampa | 3,448 | $1,200,000 | $348 |
| Professional Office | 8717 N. Nebraska Ave. | Tampa | 3,988 | $450,000 | $113 |
| Professional Office | 6608 Walton Way | Tampa | 4,110 | $925,000 | $225 |
| Professional Office | 2203 N. Lois Ave. | Tampa | 621,576 | $55,750,000 | $90 |
| Professional Office | 13312 N. 56th St. | Temple Terrace | 4,648 | $610,000 | $131 |
| Professional Office | 10426 Main St. | Thonotosassa | 6,302 | $595,000 | $94 |
| Total Reported Sales Volume | $88,950,000 | ||||
September Sales Comparison
For context, September 2021 recorded 30 transactions totaling $43,353,300, with a reported average sale price of $208 per square foot. September 2020 recorded 13 transactions totaling $6,290,800, with a reported average of $154 per square foot.
Using Sales Comps to Evaluate Your Property
Sales comps provide a starting point for understanding property value. The most useful comparisons account for location, building size and condition, occupancy, lease terms, and the circumstances of each sale.
A countywide average should not be applied directly to an individual property. This report illustrates why: one large sale represented most of the month’s total dollar volume, while individual properties sold across a wide range of prices per square foot.
Source: Hillsborough County Property Appraiser records, compiled by John Milsaps for the original October 2021 report. Property classifications, figures, and rounded prices per square foot are reproduced from that report. Historical data has not been updated to reflect subsequent transactions or record changes.
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.