Tampa Office Sales Comps & Report | JUNE – JULY 2020
Historical report: June–July 2020. This report focuses on July 2020 office sales in Hillsborough County, with June 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: July 2020
Reported office property sales totaled $12,580,200 across 11 transactions in July 2020, including 10 professional office transactions, one of which was classified as a commercial condo, and one medical office transaction.
Compared with July 2019, reported sales volume declined approximately 95% and transaction count declined approximately 42.1%. However, the reported average sale price per square foot increased approximately 13.4%, from $246 to $279.
The original commentary described sales activity beginning to recover during a disrupted year. These figures show why transaction count, total dollar volume, and pricing should be considered separately.
Year-over-Year Sales Comparison
| Metric | July 2019 | July 2020 |
|---|---|---|
| Transactions | 19 | 11 |
| Total Sales Volume | $252,231,000 | $12,580,200 |
| Reported Average Sale Price per SF | $246 | $279 |
| Highest Sale Price | $106,000,000 | $4,670,200 |
Largest Reported Office Sale
The largest transaction was the medical office property at 613 Oakfield Drive in Brandon, which sold for $4,670,200. It was the only medical office sale listed for the month.
- Year built: 1977
- Reported building area: 10,006 square feet
- Land area: 1.48 acres
- Reported sale price per square foot: $467
This transaction accounted for approximately 37% of July’s total reported sales volume.
July 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.
| Property Type | Address | City | Building SF | Sale Price | $/SF |
|---|---|---|---|---|---|
| Professional Office | 4020 E. 7th Ave. | Tampa | 540 | $205,000 | $380 |
| Professional Office | 2918 Busch Lake Blvd. | Tampa | 1,965 | $335,000 | $170 |
| Professional Office | 8109 E. Dr. Martin Luther King Jr. Blvd. | Tampa | 1,323 | $325,000 | $246 |
| Professional Office | 10833 Park Dr. | Riverview | 2,400 | $475,000 | $198 |
| Professional Office | 4236 W. Linebaugh Ave. | Tampa | 2,500 | $440,000 | $176 |
| Professional Office | 2511 W. Virginia Ave. | Tampa | 7,116 | $825,000 | $116 |
| Professional Office | 210 Crystal Grove Blvd. | Lutz | 2,400 | $355,000 | $148 |
| Commercial Condo | 217 N. Howard Ave., Unit 200 | Tampa | 3,241 | $920,000 | $284 |
| Professional Office | 116 S. Melville Ave. | Tampa | 1,064 | $330,000 | $310 |
| Medical Office | 613 Oakfield Dr. | Brandon | 10,006 | $4,670,200 | $467 |
| Professional Office | 2905 Bayshore Blvd. | Tampa | 6,500 | $3,700,000 | $569 |
| Total Reported Sales Volume | $12,580,200 | ||||
June 2020 Sales Comparison
June 2020 recorded 12 transactions totaling $17,739,000, compared with 13 transactions totaling $66,800,100 in June 2019. Reported sales volume declined approximately 73.4% year over year.
The reported average sale price per square foot declined from approximately $529 to $215. The original commentary calculated a decline of approximately 59.4%, using its more precise June 2019 figure of $528.58 per square foot.
| Metric | June 2019 | June 2020 |
|---|---|---|
| Transactions | 13 | 12 |
| Total Sales Volume | $66,800,100 | $17,739,000 |
| Reported Average Sale Price per SF | $529 | $215 |
| Highest Sale Price | $52,050,000 | $10,350,000 |
Using Sales Comps to Evaluate Your Property
The year-over-year comparisons were influenced by substantial differences in the largest transactions. July 2019 included a $106 million sale, compared with a highest reported sale of approximately $4.67 million in July 2020.
A sharp decline in aggregate sales volume does not establish an equivalent decline in individual property values. July’s reported average price per square foot increased even though total dollar volume and transaction count declined.
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 June–July 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.
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.