Tampa Office Sales Comps & Report | SEPT – OCT 2020
Historical report: September–October 2020. This report focuses on October 2020 office sales in Hillsborough County, with September 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: October 2020
Reported office property sales totaled $67,805,000 across 16 transactions in October 2020, including nine professional office properties and seven medical office properties.
Compared with October 2019, reported sales volume increased approximately 653%, transaction count increased 45.5%, and the reported average sale price per square foot increased approximately 19%, from $163 to $194.
The original commentary viewed these results as signs of recovery during the pandemic. However, one transaction accounted for approximately 83% of October’s reported dollar volume, making it important to distinguish the headline total from activity across the remaining properties.
Year-over-Year Sales Comparison
| Metric | October 2019 | October 2020 |
|---|---|---|
| Transactions | 11 | 16 |
| Total Sales Volume | $9,006,400 | $67,805,000 |
| Reported Average Sale Price per SF | $163 | $194 |
| Highest Sale Price | $4,600,000 | $56,500,000 |
Largest Reported Office Sale
The largest transaction was 1 N. Dale Mabry Highway in Tampa, which sold for $56,500,000.
- Year built: 1985
- Reported building area: 270,532 square feet
- Land area: 3.27 acres
- Reported sale price per square foot: $209
This transaction accounted for approximately 83% of October’s total reported sales volume. The other 15 transactions totaled $11,305,000.
October 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 | 509 Wilbur St. | Brandon | 8,388 | $730,000 | $87 |
| Medical Office | 401 Oakfield Dr. | Brandon | 3,502 | $437,500 | $125 |
| Professional Office | 213 N. Parsons Ave. | Brandon | 1,581 | $300,000 | $190 |
| Medical Office | 512 Sugar Creek Dr. | Plant City | 2,000 | $400,000 | $200 |
| Medical Office | 4117 Henderson Blvd. | Tampa | 2,480 | $645,000 | $260 |
| Medical Office | 1513 W. Busch Blvd. | Tampa | 1,332 | $325,000 | $244 |
| Medical Office | 14710 Bruce B. Downs Blvd. | Tampa | 3,436 | $437,500 | $127 |
| Medical Office | 2701 W. Dr. Martin Luther King Jr. Blvd. | Tampa | 3,643 | $925,000 | $254 |
| Professional Office | 8001 N. Dale Mabry Hwy. | Tampa | 12,110 | $1,300,000 | $107 |
| Professional Office | 3309 W. Bay to Bay Blvd. | Tampa | 4,160 | $1,075,000 | $258 |
| Professional Office | 13621 N. Florida Ave. | Tampa | 2,400 | $380,000 | $158 |
| Professional Office | 14034 N. Florida Ave. | Tampa | 6,418 | $880,000 | $137 |
| Commercial Condo | 5550 Executive, Unit 301 | Tampa | 2,788 | $820,000 | $294 |
| Medical Office | 501 S. Boulevard | Tampa | 3,163 | $1,050,000 | $332 |
| Professional Office | 2529 W. Busch Blvd. | Tampa | 12,471 | $1,600,000 | $128 |
| Professional Office | 1 N. Dale Mabry Hwy. | Tampa | 270,532 | $56,500,000 | $209 |
| Total Reported Sales Volume | $67,805,000 | ||||
September 2020 Sales Comparison
September 2020 recorded 14 transactions totaling $20,455,900. Reported sales volume was approximately 6% below September 2019, while transaction count increased from 12 to 14, or approximately 16.7%.
The reported average sale price per square foot increased 13%, from $200 in September 2019 to $226 in September 2020. The original commentary also noted that September’s sales volume exceeded August 2020’s total.
| Metric | September 2019 | September 2020 |
|---|---|---|
| Transactions | 12 | 14 |
| Total Sales Volume | $21,659,500 | $20,455,900 |
| Reported Average Sale Price per SF | $200 | $226 |
| Highest Sale Price | $10,489,500 | $12,700,000 |
Using Sales Comps to Evaluate Your Property
October’s results illustrate how one large transaction can dominate monthly sales volume. The sale at 1 N. Dale Mabry Highway accounted for most of the month’s total, while the remaining transactions covered a broad range of property sizes and prices.
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 September–October 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. September’s transaction-count increase is rounded to 16.7% based on the displayed counts.
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.