This has been a rough year. Office property owners and especially medical office owners, however, are seeing values fare better than expected.
Metrics for September continue to show improvement across the board including month-over-month transaction volume growth, number of transactions, and AVG $/SF.
In September 2020, 14 transactions took place in the Hillsborough County/ Tampa area for a total transaction volume of $20,455,900. While there was a slight and better-than-expected -6.0% YOY decrease in transaction volume when compared to SEPT 2019, there was a month-over-month increase from AUG of this year.
In contrast to the -6.0% YOY transaction volume decrease, there was a +16.6% increase in the number of transactions YOY to 14 in SEPT 2020 from 12 in 2019.
The AVG $/SF for SEPT 2020 was $226–a +13% YOY increase. SEPT 2019 had an AVG $/SF of $200.
The total transaction volume in Tampa for the month of August this year was $11,611,600. Compared to $120,458,500 in AUG 2019, this reflects an approximate -90% YOY decline.
*It is important to note that the huge difference in volume can be largely attributed to three large transactions in AUG 2019. For details on these large transactions, see my full “Tampa Office Sales Comps & Report | JULY – AUGUST 2020” here.
AUG 2020 had a total of 19 transactions, only a slight -9.5% YOY decrease when compared to AUG 2019 which had 21 transactions. The AVG/$/SF for AUG 2020 was $210 compared to $185 in AUG 2019, representing a +13.5% YOY increase.
In September, the highest sales price was $12,700,000 which was achieved by 1, of the 2, medical office properties located in Tampa.
📌 12500 N Dale Mabry HWY, Tampa. Property specs:
- Built-in 1996
- 25,114 SF
- 3.72 Acres
- $506 Price/SF
Wondering how much your property could sell for? To get the full details on all September 2020 sales in the Hillsborough County| Tampa area, including YOY analysis by download the Tampa Office Sales Comps & Report below, or reach out to me for more information on the local market!