Tampa Office Sales Comps Report | JUN-JUL 2021
Historical report: June–July 2021. This report focuses on July 2021 office sales in Hillsborough County, with June comparisons. These figures do not represent current market conditions or property values.
Hillsborough County Office Sales: July 2021
Office property sales totaled $32,281,500 across 22 transactions in July 2021, including 21 professional office properties and one medical office property.
Compared with July 2020, reported sales volume increased approximately 265% and transaction count increased approximately 83%. The reported average sale price per square foot decreased 14.5%, from $220 to $188.
Year-over-Year Sales Comparison
| Metric | July 2020 | July 2021 |
|---|---|---|
| Transactions | 12 | 22 |
| Total Sales Volume | $8,850,000 | $32,281,500 |
| Reported Average Sale Price per SF | $220 | $188 |
| Highest Sale Price | $3,700,000 | $8,750,000 |
Largest Reported Office Sale
The largest transaction was 1515 N. West Shore Boulevard in Tampa, which sold for $8,750,000. The original report listed a 58,498-square-foot building, constructed in 1965, on 2.99 acres, with a rounded sale price of $150 per square foot.
This transaction accounted for approximately 27% of July’s total reported sales volume.
July 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 | 328 W. Bearss Ave. | Tampa | 2,112 | $355,000 | $168 |
| Commercial Condo | 2919 W. Swann Ave. | Tampa | 1,226 | $309,000 | $252 |
| Commercial Condo | 11806 N. 56th St. | Temple Terrace | 2,112 | $295,000 | $140 |
| Commercial Condo | 1001 W. Cleveland St. | Tampa | 3,223 | $1,150,000 | $357 |
| Commercial Condo | 1007 W. Cleveland St. | Tampa | 3,552 | $977,500 | $275 |
| Commercial Condo | 1212 Whiting & 12th St. | Tampa | 1,196 | $380,000 | $318 |
| Medical Office | 731 S. Parsons Ave. | Brandon | 11,778 | $2,200,000 | $187 |
| Professional Office | 219 Crystal Grove Blvd. | Lutz | 2,182 | $380,000 | $174 |
| Professional Office | 16007 N. Florida Ave. | Lutz | 3,640 | $610,000 | $168 |
| Professional Office | 3418 W. Handy Rd. | Tampa | 10,200 | $800,000 | $78 |
| Professional Office | 11015 N. Dale Mabry Hwy. | Tampa | 3,015 | $550,000 | $182 |
| Professional Office | 1705 W. Sligh Ave. | Tampa | 1,253 | $240,000 | $192 |
| Professional Office | 4001 W. Dr. Martin Luther King Jr. Blvd. | Tampa | 1,785 | $520,000 | $291 |
| Professional Office | 4017 W. Dr. Martin Luther King Jr. Blvd. | Tampa | 22,752 | $3,090,000 | $136 |
| Professional Office | 4422 N. Lauber Way | Tampa | 1,500 | $385,000 | $257 |
| Professional Office | 1515 N. West Shore Blvd. | Tampa | 58,498 | $8,750,000 | $150 |
| Professional Office | 8709 Hunters Green Dr. | Tampa | 10,391 | $2,175,000 | $209 |
| Professional Office | 649 N. 41 Hwy. | Apollo Beach | 31,558 | $2,000,000 | $63 |
| Professional Office | 111 Flamingo Dr. | Apollo Beach | 4,250 | $535,000 | $126 |
| Professional Office | 3501 Riga Blvd. | Tampa | 59,174 | $5,275,000 | $89 |
| Professional Office | 107 E. Brandon Blvd. | Brandon | 5,602 | $840,000 | $150 |
| Professional Office | 1713 S. Kings Ave. | Brandon | 2,688 | $465,000 | $173 |
| Total Reported Sales Volume | $32,281,500 | ||||
Comparison with June 2021
June 2021 recorded 26 transactions totaling $126,525,500, with a reported average sale price of $213 per square foot. Its largest reported transaction was $56,350,000.
July recorded fewer transactions, lower total sales volume, and a lower reported average price per square foot than June. The largest individual transaction was also substantially smaller.
For historical context, June 2020 recorded 13 transactions totaling $25,674,100, with a highest sale price of $10,350,000 and a reported average of $177 per square foot.
Using Sales Comps to Evaluate Your Property
July’s results show that greater sales activity does not necessarily mean a higher average price per square foot. Both transaction count and dollar volume increased compared with July 2020, while the reported average price per square foot declined.
The mix of properties sold matters. Location, building size and 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 June–July 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.