Tampa Office Sales Comps | NOV 2021
Historical report: November 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: November 2021
Office property sales totaled $78,655,700 across 20 transactions in November 2021, including 16 professional office properties and four medical office properties.
Compared with November 2020, reported sales volume increased approximately 796%, transaction count increased 42.9%, and the reported average sale price per square foot increased 45.6%.
Year-over-Year Sales Comparison
| Metric | November 2020 | November 2021 |
|---|---|---|
| Transactions | 14 | 20 |
| Total Sales Volume | $8,778,500 | $78,655,700 |
| Reported Average Sale Price per SF | $215 | $313 |
| Highest Sale Price | $2,000,000 | $30,350,000 |
Largest Reported Office Sale
The largest transaction was 18205 Crane Nest Drive in Tampa, which sold for $30,350,000. The original report listed the property as constructed in 2001, with 632,211 square feet on 4.88 acres and a rounded sale price of $48 per square foot.
This transaction accounted for approximately 39% of November’s total reported sales volume. The building area and price per square foot above reflect the original report and have not been independently reverified.
November 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 |
|---|---|---|---|---|---|
| Commercial Condo | 1074 Bloomingdale Ave. | Valrico | 1,176 | $226,000 | $192 |
| Medical Office | 2510 W. Waters Ave. | Tampa | 4,427 | $629,000 | $142 |
| Medical Office | 2301 W. Dr. Martin Luther King Jr. Blvd. | Tampa | 8,515 | $3,528,300 | $414 |
| Medical Office | 2205 W. Kennedy Blvd. | Tampa | 8,452 | $5,980,000 | $708 |
| Medical Office | 4921 State Road 674 | Wimauma | 4,288 | $2,752,400 | $642 |
| Professional Office | 18039 N. 41 Hwy. | Lutz | 2,628 | $1,185,000 | $451 |
| Professional Office | 15511 N. Florida Ave. | Tampa | 28,497 | $2,100,000 | $74 |
| Professional Office | 13907 N. Dale Mabry Hwy. | Tampa | 17,240 | $1,600,000 | $93 |
| Professional Office | 8725 N. Dale Mabry Hwy. | Tampa | 7,884 | $2,200,000 | $279 |
| Professional Office | 4221 N. Florida Ave. | Tampa | 1,850 | $550,000 | $297 |
| Professional Office | 4007 N. Taliaferro Ave. | Tampa | 8,679 | $1,700,000 | $196 |
| Professional Office | 301 S. MacDill Ave. | Tampa | 4,837 | $2,000,000 | $413 |
| Professional Office | 442 W. Kennedy Blvd. | Tampa | 43,498 | $16,600,000 | $382 |
| Professional Office | 800 W. De Leon St. | Tampa | 3,850 | $1,325,000 | $344 |
| Professional Office | 1212 E. Hillsborough Ave. | Tampa | 984 | $400,000 | $407 |
| Professional Office | 4910 E. Adamo Dr. | Tampa | 4,029 | $945,000 | $235 |
| Professional Office | 1602 E. 4th Ave. | Tampa | 7,290 | $1,875,000 | $257 |
| Professional Office | 11333 S. 41 Hwy. | Gibsonton | 896 | $460,000 | $513 |
| Professional Office | 1240 Marbella Plaza Dr. | Tampa | 12,877 | $2,250,000 | $175 |
| Professional Office | 18205 Crane Nest Dr. | Tampa | 632,211 | $30,350,000 | $48 |
| Total Reported Sales Volume | $78,655,700 | ||||
Comparison with October 2021
October 2021 recorded 26 transactions totaling $88,950,000, with a reported average sale price of $212 per square foot. Its largest reported transaction was $55,750,000.
November recorded fewer transactions and lower total sales volume than October, while the reported average sale price per square foot increased from $212 to $313.
For historical context, October 2020 recorded 20 transactions totaling $71,617,900, with a highest sale price of $56,500,000 and a reported average of $173 per square foot. October 2021 sales volume increased 24.2% year over year, while the reported average price per square foot increased 22.5%.
Using Sales Comps to Evaluate Your Property
November’s large year-over-year increase in dollar volume reflects both a relatively small November 2020 total and the influence of larger transactions in November 2021. The Crane Nest Drive sale alone represented approximately 39% of the month’s reported volume.
Individual properties also sold across a wide range of prices per square foot. Location, building size and condition, occupancy, lease terms, and the circumstances of each sale determine how useful a transaction is as a comparison for another property.
A countywide average provides market context, but it should not be applied directly to an individual office or medical office building.
Source: Hillsborough County Property Appraiser records, compiled by John Milsaps for the original November 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.