Historical report: January–February 2021. This report focuses on February 2021 office sales in Hillsborough County, with January comparisons. These figures do not represent current market conditions or property values.

Hillsborough County Office Sales: February 2021

Office property sales totaled $33,778,600 across 14 transactions in February 2021, including 10 professional office properties and four medical office properties.

Compared with February 2020, reported sales volume increased approximately 177%, while transaction count increased 16.7%. The reported average sale price per square foot increased from $147 to $286, an increase of approximately 94.6% using the displayed rounded figures.

The original report noted eight consecutive months of year-over-year increases in average price per square foot. It also identified an unusually high-priced transaction at 201 Palm Drive as a factor to consider when interpreting February’s average.

Year-over-Year Sales Comparison

Largest Reported Office Sale

The largest transaction was 201 Palm Drive in Tampa, which sold for $15,200,000. The original report listed an 11,520-square-foot building, constructed in 1967, on 23.84 acres, with a rounded sale price of $1,319 per building square foot.

This transaction accounted for approximately 45% of February’s total reported sales volume.

The substantial land area is important context. A sale price divided by building square footage does not separate the value of the land from the improvements, so this transaction should not be treated as a direct pricing benchmark for a typical office building.

February 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.

January 2021 Sales Comparison

January 2021 recorded 13 transactions totaling $18,136,300, including nine professional office properties and four medical office properties. Total sales volume increased approximately 58.4% compared with January 2020, despite a decline in transaction count.

January’s reported average sale price per square foot increased approximately 6.8% year over year, from $190 to $203.

Using Sales Comps to Evaluate Your Property

February’s results illustrate how an unusual transaction can influence the reported average price per square foot. The Palm Drive sale combined a relatively small reported building area with substantial acreage, making its price per building square foot difficult to compare directly with a typical office property.

The most useful comparisons account for land area, location, building size and condition, occupancy, lease terms, and the circumstances of each sale. A countywide average provides context but should not be applied directly to an individual property.

Source: Hillsborough County Property Appraiser records, compiled by John Milsaps for the original January–February 2021 report. Property classifications, sales figures, and rounded prices per square foot are reproduced from 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.