Tampa Office Sales Comps & Report | FEB – MAR 2021
Historical report: February–March 2021. This report focuses on March 2021 office sales in Hillsborough County, with February comparisons. These figures do not represent current market conditions or property values.
Hillsborough County Office Sales: March 2021
Office property sales totaled $20,504,200 across 25 transactions in March 2021, including 17 professional office properties and eight medical office properties.
Compared with March 2020, reported sales volume increased 32.2% and transaction count increased 150%. The reported average sale price per square foot declined 10.3%, from $223 to $200.
Year-over-Year Sales Comparison
| Metric | March 2020 | March 2021 |
|---|---|---|
| Transactions | 10 | 25 |
| Total Sales Volume | $15,506,500 | $20,504,200 |
| Reported Average Sale Price per SF | $223 | $200 |
| Highest Sale Price | $4,600,000 | $3,420,000 |
Largest Reported Office Sale
The largest transaction was 2420 Mississippi Avenue in Tampa, which sold for $3,420,000.
- Year built: 1986
- Reported building area: 7,111 square feet
- Land area: 0.62 acres
- Reported sale price per square foot: $481
This transaction accounted for approximately 17% of March’s total reported sales volume.
March 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 | 334 W. Bearss Ave. | Tampa | 2,112 | $335,000 | $159 |
| Commercial Condo | 4710 N. Habana Ave. | Tampa | 1,190 | $154,700 | $130 |
| Commercial Condo | 707 N. Franklin St. | Tampa | 3,846 | $685,000 | $178 |
| Commercial Condo | 8913 Regents Park Dr. | Tampa | 580 | $110,000 | $190 |
| Medical Office | 6502 Gunn Hwy. | Tampa | 2,972 | $670,000 | $225 |
| Medical Office | 1502 W. Fletcher Ave. | Tampa | 12,537 | $1,850,000 | $148 |
| Medical Office | 4600 N. Habana Ave. | Tampa | 2,262 | $362,000 | $160 |
| Medical Office | 4600 N. Habana Ave. | Tampa | 2,474 | $645,900 | $261 |
| Medical Office | 4600 N. Habana Ave. | Tampa | 2,170 | $600,000 | $276 |
| Medical Office | 2803 W. Saint Isabel St. | Tampa | 4,640 | $1,200,000 | $259 |
| Medical Office | 2204 S. Parsons Ave. | Seffner | 5,520 | $900,000 | $163 |
| Medical Office | 1102 Bloomingdale Ave. | Valrico | 5,740 | $775,000 | $135 |
| Professional Office | 14934 N. Florida Ave. | Tampa | 5,504 | $925,000 | $168 |
| Professional Office | 502 W. Fletcher Ave. | Tampa | 2,691 | $425,000 | $158 |
| Professional Office | 1317 W. Busch Blvd. | Tampa | 1,747 | $210,000 | $120 |
| Professional Office | 4020 W. Cayuga St. | Tampa | 1,501 | $250,000 | $167 |
| Professional Office | 3419 Saint John St. | Tampa | 1,230 | $220,000 | $179 |
| Professional Office | 102 S. Westland Ave. | Tampa | 1,650 | $550,000 | $333 |
| Professional Office | 606 S. Boulevard | Tampa | 5,016 | $1,720,000 | $343 |
| Professional Office | 2420 Mississippi Ave. | Tampa | 7,111 | $3,420,000 | $481 |
| Professional Office | 11210 N. 30th St. | Tampa | 4,137 | $650,000 | $157 |
| Professional Office | 5101 E. Hillsborough Ave. | Tampa | 30,877 | $531,600 | $17 |
| Professional Office | 114 S. 12th St. | Tampa | 6,782 | $2,700,000 | $398 |
| Professional Office | 13113 Vail Ridge Dr. | Riverview | 3,448 | $435,000 | $126 |
| Professional Office | 4734 N. Alexander St. | Plant City | 2,864 | $180,000 | $63 |
| Total Reported Sales Volume | $20,504,200 | ||||
The original report lists three separate transactions at 4600 N. Habana Avenue without unit identifiers. They are retained as separate entries with their respective building areas and sale prices.
February 2021 Sales Comparison
February 2021 recorded 14 transactions totaling $33,778,600, including 10 professional office properties and four medical office properties.
Compared with February 2020, reported sales volume increased approximately 177% and transaction count increased 16.7%. The reported average sale price per square foot increased from $147 to $286, or approximately 94.6% using the displayed rounded figures.
| Metric | February 2020 | February 2021 |
|---|---|---|
| Transactions | 12 | 14 |
| Total Sales Volume | $12,183,500 | $33,778,600 |
| Reported Average Sale Price per SF | $147 | $286 |
| Highest Sale Price | $3,200,000 | $15,200,000 |
The original February commentary noted eight consecutive months of year-over-year increases in average price per square foot. It also identified a transaction reported at $1,319 per square foot as a factor to consider when interpreting February’s average.
Using Sales Comps to Evaluate Your Property
March recorded more transactions than February but lower total sales volume and a lower reported average sale price per square foot. Compared with March 2020, activity increased while the reported average price per square foot declined.
These differences illustrate why transaction count, dollar volume, and pricing should be considered separately. The mix of properties sold can change substantially from one month to another.
Relevant comparisons account for location, building size and condition, land area, occupancy, lease terms, and the circumstances of each sale. A countywide average 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 February–March 2021 report. Property classifications, sales figures, and rounded prices per square foot follow that report. The February average-price percentage change is calculated using the displayed rounded figures. 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.