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

Reported office property sales totaled $15,142,500 across 16 transactions in November 2020, including 13 professional office properties and three medical office properties.

Compared with November 2019, both total sales volume and transaction count declined. However, the reported average sale price per square foot increased approximately 15%, from $188 to $216.

The original commentary described the pandemic’s uneven effects on office properties, identifying greater challenges in high-density cities and central business districts and comparatively better conditions in lower-density markets and suburbs. That commentary reflected the broader market outlook at the time, rather than a conclusion established by this county sales table.

Year-over-Year Sales Comparison

Largest Reported Office Sale

The largest transaction was the medical office property at 1291 E. Bloomingdale Avenue in Valrico, which sold for $4,593,000.

• Year built: 2020
• Reported building area: 9,907 square feet
• Land area: 2.01 acres
• Reported sale price per square foot: $464

This transaction accounted for approximately 30% of November’s total reported sales volume.

November 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.

October 2020 Sales Comparison

The original report recorded 16 transactions totaling $67,805,000 in October 2020, including nine professional office properties and seven medical office properties.

Compared with October 2019, reported sales volume increased approximately 653% and transaction count increased 45.5%. The reported average sale price per square foot increased approximately 19%, from $163 to $194.

November’s sales volume was below October 2020’s total but above the $9,006,400 recorded in October 2019. That latter comparison spans different calendar months and should be distinguished from a year-over-year comparison.

Using Sales Comps to Evaluate Your Property

November’s results illustrate how average pricing can increase even when fewer properties sell and total dollar volume declines. The size and characteristics of the properties sold influence each measure differently.

October’s $56.5 million largest sale also accounted for most of that month’s reported volume, making it important context when comparing October with November.

Relevant property 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 October–November 2020 report. Figures reflect transactions recorded when that report was prepared and may differ from later compilations. Property classifications and rounded prices per square foot follow the original report. The largest-sale narrative has been corrected to match its transaction and summary tables.