Tampa Office Sales Comps Report | AUG 2021
Historical report: August 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: August 2021
Office property sales totaled $52,757,900 across 29 transactions in August 2021, including 25 professional office properties and four medical office properties.
Compared with August 2020, reported sales volume increased 46.1%, transaction count increased 81.3%, and the reported average sale price per square foot increased 78.4%.
Year-over-Year Sales Comparison
| Metric | August 2020 | August 2021 |
|---|---|---|
| Transactions | 16 | 29 |
| Total Sales Volume | $36,112,500 | $52,757,900 |
| Reported Average Sale Price per SF | $162 | $289 |
| Highest Sale Price | $26,900,000 | $8,643,000 |
Largest Reported Office Sale
The largest transaction was 7702 Rivergate Drive in Tampa, which sold for $8,643,000. The original report listed a 110,972-square-foot building, constructed in 1975, on 2.99 acres, with a rounded sale price of $78 per square foot.
This transaction accounted for approximately 16% of August’s total reported sales volume.
August 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 |
|---|---|---|---|---|---|
| Professional Office | 4225 Kings Ave. | Brandon | 19,548 | $2,150,000 | $110 |
| Professional Office | 1739 S. Kings Ave. | Brandon | 3,734 | $620,000 | $166 |
| Professional Office | 1102 Lithia Pinecrest Rd. | Brandon | 1,638 | $200,000 | $122 |
| Professional Office | 19029 N. Dale Mabry Hwy. | Lutz | 3,039 | $600,000 | $197 |
| Medical Office | 2501 Paul Buchman Hwy. | Plant City | 10,089 | $4,464,800 | $443 |
| Commercial Condo | 5929 Webb Rd. | Tampa | 1,548 | $349,000 | $225 |
| Commercial Condo | 5935 Webb Rd. | Tampa | 5,129 | $1,210,000 | $236 |
| Commercial Condo | 14033 N. Dale Mabry Hwy. | Tampa | 1,200 | $160,000 | $133 |
| Commercial Condo | 2835 W. De Leon St. | Tampa | 2,630 | $3,850,000 | $1,464 |
| Commercial Condo | 1120 E. Kennedy | Tampa | 2,088 | $828,000 | $397 |
| Commercial Condo | 111 N. 12th St. | Tampa | 537 | $225,000 | $419 |
| Commercial Condo | 3014 Palmira Ave. | Tampa | 1,192 | $525,000 | $440 |
| Medical Office | 3419 N. Lakeview Dr. | Tampa | 13,038 | $4,437,300 | $340 |
| Medical Office | 8701 N. Dale Mabry Hwy. | Tampa | 2,828 | $750,000 | $265 |
| Professional Office | 1211 W. Fletcher Ave. | Tampa | 3,784 | $615,000 | $163 |
| Professional Office | 3830 Humphrey St. | Tampa | 12,672 | $1,900,000 | $150 |
| Professional Office | 8810 Twin Lakes Blvd. | Tampa | 11,717 | $1,900,000 | $162 |
| Professional Office | 315 W. Busch Blvd. | Tampa | 5,380 | $735,000 | $137 |
| Professional Office | 3917 N. Arlington Ave. | Tampa | 1,737 | $380,000 | $219 |
| Professional Office | 3611 W. Swann Ave. | Tampa | 4,256 | $1,650,000 | $388 |
| Professional Office | 6301 E. Hillsborough Ave. | Tampa | 3,028 | $885,000 | $292 |
| Professional Office | 3701 10th Ave. | Tampa | 24,313 | $2,170,000 | $89 |
| Professional Office | 7702 Rivergate Dr. | Tampa | 110,972 | $8,643,000 | $78 |
| Professional Office | 5404 Comfort Dr. | Tampa | 3,186 | $295,000 | $93 |
| Commercial Condo | 7401 Temple Terrace Hwy. | Temple Terrace | 882 | $65,000 | $74 |
| Commercial Condo | 12662 Telecom Dr. | Temple Terrace | 4,819 | $4,815,800 | $999 |
| Medical Office | 10320 N. 56th St. | Temple Terrace | 17,421 | $2,550,000 | $146 |
| Professional Office | 13112 Telecom Dr. | Temple Terrace | 23,962 | $5,250,000 | $219 |
| Professional Office | 11426 N. 53rd St. | Temple Terrace | 2,667 | $535,000 | $201 |
| Total Reported Sales Volume | $52,757,900 | ||||
Comparison with July 2021
July 2021 recorded 22 transactions totaling $32,281,500, with a reported average sale price of $188 per square foot. Its largest reported transaction was $8,750,000.
August recorded more transactions, greater total sales volume, and a higher reported average price per square foot than July.
For historical context, July 2020 recorded 12 transactions totaling $8,850,000, with a highest sale price of $3,700,000 and a reported average of $220 per square foot.
Using Sales Comps to Evaluate Your Property
August’s results illustrate why transaction volume and individual property pricing should be considered separately. Total dollar volume increased compared with August 2020, even though the largest individual sale was considerably smaller.
The sales also covered a wide range of building sizes and prices per square foot. Location, building condition, occupancy, lease terms, and the circumstances of each sale affect whether a transaction is a useful comparison for another property.
A countywide average provides context but 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 August 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.