2020 was unlike any other year we’ve experienced, in general, and in the commercial real estate space. In particular, because of the nature of the pandemic, the office market was especially impacted. The worst-hit were properties located in high-density cities and central business districts (CBDs). Faring much better–although still affected–were lower-density markets and the suburbs.
In November 2020 a total of 16 transactions took place in the Hillsborough County/ Tampa area. The total transaction volume for NOV 2020 was $15,142,500 versus $27,861,800 in NOV 2019. Although this is a dip from the October volume of $67,805,000, it is higher than what was recorded in October of 2019.
Out of the 16 sales transactions, there were 13 professional offices and 3 medical office sales.
The AVG $/SF for NOV 2020 was recorded at $216–a +15% YOY increase from $188/SF in 2019
October 2020 had a total transaction volume of $67,805,000, representing a +653% YOY increase from $9,006,400 in OCT 2019. The number of transactions also increased to 16 from 11 in 2019, representing a +45.5% YOY increase.
Out of the 16 transactions, there were 9 professional office and 7 medical office sales
The AVG $/SF in OCT 2020 was $194, a +19% YOY increase from $163/SF in 2019.
The largest sales transaction value for the month of November was for a medical office property in Valrico, FL that sold for $4,593,000.
📌 1291 E BLOOMINGDALE AVE, VALRICO, FL 33596. Property specs:
- Built in 2020
- 9,907 SF
- Price/SF $464
Wondering how much your property could sell for? To get the full details on all NOV 2020 sales in the Hillsborough County| Tampa area, including YOY analysis by download the Tampa Office Sales Comps & Report below, or reach out to me for more information on the local market!