Historical report: July–August 2020. This report focuses on August 2020 office sales in Hillsborough County, with July 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: August 2020

Reported office property sales totaled $11,611,600 across 19 transactions in August 2020, compared with $120,458,500 across 21 transactions in August 2019.

Although total dollar volume declined approximately 90% year over year, transaction count declined by a more modest 9.5%. The reported average sale price per square foot increased approximately 13.5%, from $185 to $210.

The original commentary described the region’s diversified economy as supporting recovery during the pandemic. The transaction figures illustrate why sales volume and the number of properties sold should be considered separately.

Year-over-Year Sales Comparison

Why the Year-over-Year Volume Comparison Was So Large

The original report attributed much of the difference to three large transactions in August 2019:

• 3000 Bay Port Drive, Tampa: $80 million for a reported 262,369 square feet on 14.68 acres.
• Another Tampa transaction: approximately $15.1 million for a reported 131,908 square feet.
• A Brandon transaction: approximately $16.9 million for a reported 54,028 square feet.

Together, these three transactions represented approximately $112 million of August 2019’s $120.46 million total. Their influence makes the following year’s percentage decline a poor standalone measure of changes in individual property values.

Largest Reported Office Sale

The August 2020 transaction table identifies 3709 W. Jetton Avenue in Tampa as the largest sale, at $3,000,000.

• Year built: 1974
• Reported building area: 18,112 square feet
• Land area shown in the transaction table: 0.96 acres
• Reported sale price per square foot: $166

This transaction accounted for approximately 26% of August’s total reported sales volume.

August 2020 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.

July 2020 Sales Comparison

July 2020 recorded 11 transactions totaling $12,580,200, compared with 19 transactions totaling $252,231,000 in July 2019.

The reported average sale price per square foot was $279 in July 2020, compared with $246 in July 2019. July 2019’s largest transaction was $106 million, illustrating the influence of large sales on monthly dollar totals.

Using Sales Comps to Evaluate Your Property

The July and August comparisons demonstrate how a few large transactions can produce dramatic changes in total sales volume without an equivalent change in transaction count or average pricing.

August’s transaction count remained relatively close to its year-earlier level, while the reported average sale price per square foot increased. Those measures tell a different story from the approximately 90% decline in total dollar volume.

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 July–August 2020 report. Figures reflect transactions recorded when the report was prepared and may differ from later compilations. Property classifications and rounded prices per square foot follow the original report. The largest-sale address and acreage follow its transaction table rather than the conflicting description in the original blog text.