Tampa Office Sales Comps Report | MAY-JUN 2021
Historical report: May–June 2021. This report focuses on June 2021 office sales in Hillsborough County, with May comparisons. These figures do not represent current market conditions or property values.
Hillsborough County Office Sales: June 2021
Office property sales totaled $126,525,500 across 26 transactions in June 2021, including 24 professional office properties and two medical office properties.
Compared with June 2020, reported sales volume increased approximately 393%, transaction count increased 100%, and the reported average sale price per square foot increased 20.3%.
Two large transactions totaled $99,350,000, accounting for approximately 79% of the month’s reported sales volume.
Year-over-Year Sales Comparison
| Metric | June 2020 | June 2021 |
|---|---|---|
| Transactions | 13 | 26 |
| Total Sales Volume | $25,674,100 | $126,525,500 |
| Reported Average Sale Price per SF | $177 | $213 |
| Highest Sale Price | $10,350,000 | $56,350,000 |
Largest Reported Office Sales
The largest transaction was 302 Knights Run Avenue in Tampa, which sold for $56,350,000. The original report listed a 678,780-square-foot building, constructed in 1998, on 2.87 acres, with a rounded sale price of $83 per square foot.
The second-largest transaction was 18216 Crane Nest Drive in Tampa, which sold for $43,000,000. The original report listed 397,674 square feet and a rounded sale price of $108 per square foot.
These two transactions accounted for most of June’s reported dollar volume. Their reported building areas are reproduced from the original report.
June 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 |
|---|---|---|---|---|---|
| Medical Office | 823 S. Parsons Ave. | Brandon | 6,738 | $1,025,000 | $152 |
| Professional Office | 635 W. Lumsden Rd. | Brandon | 4,732 | $765,000 | $162 |
| Professional Office | 13127 Kings Lake Dr. | Gibsonton | 4,020 | $705,000 | $175 |
| Professional Office | 19175 N. Dale Mabry Hwy. | Lutz | 4,567 | $900,000 | $197 |
| Professional Office | 11121 Wheeler St. | Plant City | 4,941 | $325,000 | $66 |
| Professional Office | 11415 E. Broadway Ave. | Seffner | 2,582 | $650,000 | $252 |
| Commercial Condo | 3804 Gunn Hwy. | Tampa | 3,000 | $460,000 | $153 |
| Commercial Condo | 1501 W. Cleveland St. | Tampa | 1,362 | $286,000 | $210 |
| Commercial Condo | 508 S. Habana Ave. | Tampa | 1,552 | $435,000 | $280 |
| Commercial Condo | 1120 E. Kennedy | Tampa | 2,016 | $750,000 | $372 |
| Medical Office | 8573 W. Linebaugh Ave. | Tampa | 2,048 | $530,000 | $259 |
| Professional Office | 13057 W. Linebaugh Ave. | Tampa | 3,076 | $609,500 | $198 |
| Professional Office | 12167 W. Linebaugh Ave. | Tampa | 2,904 | $560,000 | $193 |
| Professional Office | 5117 Memorial Hwy. | Tampa | 2,069 | $475,000 | $230 |
| Professional Office | 5225 Ehrlich Rd. | Tampa | 4,436 | $630,000 | $142 |
| Professional Office | 1002 W. Busch Blvd. | Tampa | 2,226 | $425,000 | $191 |
| Professional Office | 2108 N. Tampa St. | Tampa | 1,025 | $395,000 | $385 |
| Professional Office | 5505 W. Gray St. | Tampa | 14,567 | $3,500,000 | $240 |
| Professional Office | 216 S. Armenia Ave. | Tampa | 2,187 | $1,100,000 | $503 |
| Professional Office | 118 S. Howard Ave. | Tampa | 1,800 | $500,000 | $278 |
| Professional Office | 217 S. Cedar Ave. | Tampa | 2,934 | $695,000 | $237 |
| Professional Office | 3318 S. West Shore Blvd. | Tampa | 2,240 | $295,000 | $132 |
| Professional Office | 15245 Amberly Dr. | Tampa | 2,042 | $410,000 | $201 |
| Professional Office | 4131 E. Busch Blvd. | Tampa | 80,722 | $10,750,000 | $133 |
| Professional Office | 302 Knights Run Ave. | Tampa | 678,780 | $56,350,000 | $83 |
| Professional Office | 18216 Crane Nest Dr. | Tampa | 397,674 | $43,000,000 | $108 |
| Total Reported Sales Volume | $126,525,500 | ||||
Comparison with May 2021
May 2021 recorded 13 transactions totaling $11,365,600, with a reported average sale price of $163 per square foot. Its largest reported transaction was $3,673,800.
June recorded twice as many transactions as May and substantially greater sales volume, with the two largest June sales accounting for most of that month’s total.
For historical context, May 2020 recorded six transactions totaling $5,387,000, with a highest sale price of $4,000,000 and a reported average of $103 per square foot.
Using Sales Comps to Evaluate Your Property
June’s results illustrate how a small number of large transactions can influence monthly sales volume. The two largest sales totaled $99.35 million, compared with $27,175,500 for the remaining 24 transactions.
For an individual office or medical office building, the most useful comparisons account for location, building size and condition, occupancy, lease terms, and the circumstances of each sale.
A countywide average provides market context but should not be applied directly to a specific property.
Source: Hillsborough County Property Appraiser records, compiled by John Milsaps for the original May–June 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.