Tampa Office Sales Comps & Report | APRIL – MAY 2020
Historical report: April–May 2020. This report focuses on May 2020 office sales in Hillsborough County, with April 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: May 2020
Reported office property sales totaled $21,942,000 across eight transactions in May 2020, compared with $6,661,500 across 11 transactions in May 2019.
Total dollar volume increased approximately 229% year over year, even though fewer transactions closed. The reported average sale price per square foot declined approximately 30%, from $204.54 to $143.28.
The original commentary identified May as the first month of year-over-year volume growth since the public health crisis began in March. One $16 million transaction accounted for approximately 73% of May’s reported sales volume, making it important context for that increase.
Year-over-Year Sales Comparison
| Metric | May 2019 | May 2020 |
|---|---|---|
| Transactions | 11 | 8 |
| Total Sales Volume | $6,661,500 | $21,942,000 |
| Reported Average Sale Price per SF | $204.54 | $143.28 |
| Highest Sale Price | $1,750,000 | $16,000,000 |
Largest Reported Office Sale
The largest transaction was the professional office property at 14014 E. Fieldside Place in Tampa, which sold for $16,000,000.
- Year built: 1996
- Reported building area: 64,000 square feet
- Land area: 11.85 acres
- Reported sale price per square foot: $250.00
The other seven transactions totaled $5,942,000.
May 2020 Office Sales Transactions
The table below reproduces the transactions listed in the original report. Prices per square foot follow the original figures.
On smaller screens, scroll the table sideways to see all columns.
| Address | City | Building SF | Sale Price | $/SF |
|---|---|---|---|---|
| 4710 N. Habana Ave., Unit 404 | Tampa | 1,190 | $89,000 | $74.79 |
| 115 SW 1st Ave. | Lutz | 652 | $118,000 | $180.98 |
| 5303 Technology Dr. | Tampa | 1,768 | $280,000 | $158.37 |
| 4205 E. Busch Blvd. | Tampa | 2,970 | $350,000 | $117.85 |
| 2103 W. Columbus Dr. | Tampa | 4,723 | $550,000 | $116.45 |
| 8345 Gunn Hwy. | Tampa | 2,982 | $555,000 | $186.12 |
| 3802 Coconut Palm Dr. | Tampa | 64,850 | $4,000,000 | $61.68 |
| 14014 E. Fieldside Pl. | Tampa | 64,000 | $16,000,000 | $250.00 |
| Total Reported Sales Volume | $21,942,000 | |||
April 2020 Sales Comparison
April 2020 recorded eight transactions totaling $9,385,000, compared with 21 transactions totaling $22,117,957 in April 2019.
Reported dollar volume declined approximately 58% year over year. The reported average sale price per square foot declined approximately 29%, from $207.63 to $147.54.
| Metric | April 2019 | April 2020 |
|---|---|---|
| Transactions | 21 | 8 |
| Total Sales Volume | $22,117,957 | $9,385,000 |
| Reported Average Sale Price per SF | $207.63 | $147.54 |
| Highest Sale Price | $4,300,000 | $5,500,000 |
Interpreting the Early Pandemic Market
The original commentary emphasized resilience during an extraordinary period for office property owners. Its practical approach was to follow transaction data, monitor changing market trends, and consider emerging opportunities rather than rely on a single headline.
April and May illustrate that approach. Both months recorded eight transactions, but their dollar totals differed substantially. May’s higher total was heavily influenced by the Fieldside Place sale, while its reported average price per square foot remained below the year-earlier level.
These figures describe the mix of properties that sold. They do not establish that every office property’s value increased or decreased by the same percentage.
Using Sales Comps to Evaluate Your Property
Relevant comparisons account for location, building size and condition, land area, occupancy, lease terms, and the circumstances of each sale.
A countywide average provides market context but 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 April–May 2020 report. Figures reflect transactions recorded when the report was prepared and may differ from later compilations. Prices per square foot follow the original report.
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.