Florida Office Commercial Real Estate Activity 2021/2022
Tampa has posted roughly $1.3 billion in sales volume over the past 12 months. Total sales activity was led by a robust Q4 2021, which accounted for over $600 million in sales volume. It also represented the third-highest quarterly volume ever transacted in Tampa and the highest since Q3 of 2015. Cap rates continue to compress, tightening yields for investors.
As of Q2 2022, market cap rates were notably above the U.S. average; however, the market cap rates for 4 & 5 Star properties are closer to the national benchmark. Investors keeping their eyes on longer-term opportunities continue to invest in the urban core. In Q2 2021, Boston-based Farley White Interests acquired the 188,101-SF, Two Harbour Place building on Downtown Tampa’s exclusive Harbour Island for $56.3 million ($300/SF) from Boca Raton-based CP Group.
Also downtown, Hachem Investments concluded the sale of the GTE Tower at 601 N Ashley Drive to Tampa-based TLR Group. The 61,260-SF building, situated in the Arts District and built in 1925 , sold for just over $20 million.
Perhaps the most significant recent sale was the trade of the recently delivered, two-building Heights Union development to Atlanta-based Cousins Properties. TPA Group sold the pair of buildings, which totaled 294,000 SF, for $144.8 million ($493/SF) at a cap rate of 3.2%. The buildings, completed in late 2020, were 93% occupied with life science tenants including Pfizer and Axogen accounting for nearly 70% of the building’s leased space.
You can view our commercial properties in Tampa and elsewhere in Central Florida to see what real estate assets are available for lease/sale.
Tampa Florida Significant Office Property Sales for Q2 2022
1. Crosswynde – 1502 Marsh Cove Ct
Rating: 3*
Bldg SF: 346,585
Year Built: 2001
Vacancy: 0%
Sale Date: 1/13/2022
Price: $82,564, 900
Price/SF: $238
2. Heights Union – West – 111 W Oak Ave
Rating: 5*
Bldg SF: 150,000
Year Built: 2020
Vacancy: 11.6%
Sale Date: 10/1/2021
Price: $75, 648, 352
Price/SF: $504
3. 5525 W Gray St
Rating: 4*
Bldg SF: 138,093
Year Built: 2005
Vacancy: 0%
Sale Date: 5/19/2022
Price: $70,350,000
Price/SF: $509
4. Heights Union – East – 2002 N Tampa St
Rating: 5*
Bldg SF: 150,000
Year Built: 2020
Vacancy: 19.5%
Sale Date: 10/1/2021
Price: $69,151,648
Price/SF: $461
5. Florida Blue Tower/Airport – 2203 N Lois Ave
Rating: 3*
Bldg SF: 238,325
Year Built: 1985
Vacancy: 16.6%
Sale Date: 10/27/2021
Price: $55,750,000
Price/SF: $234
Cap Rate: 6.3%
6. Women’s Care Florida – 515 S Kings Ave
Rating: 3*
Bldg SF: 60,000
Year Built: 2019
Vacancy: 0%
Sale Date: 6/1/2022
Price: $39,000,000
Price/SF: $650
7. Highwoods Preserve V – 18205 Crane Nest Dr
Rating: 4*
Bldg SF: 174,883
Year Built: 2001
Vacancy: 57.2%
Sale Date: 11/9/2021
Price: $30,350,000
Price/SF: $174
8. 6550 W Hillsborough Ave
Rating: 4*
Bldg SF: 161,455
Year Built: 1999
Vacancy: 68.2%
Sale Date: 5/2/2022
Price: $27,300,000
Price/SF: $169
9. Brandon Gateway Medical – 560 S Lakewood Dr
Rating: 4*
Bldg SF: 55,167
Year Built: 2018
Vacancy: 5.2%
Sale Date: 12/23/2021
Price: $25,480,000
Price/SF: $462
10. 100 Carillon Pky
Rating: 3*
Bldg SF: 77,955
Year Built: 1987
Vacancy: 100%
Sale Date: 9/24/2021
Price: $19,000,000
Price/SF: $244
Cap Rate: 5.8%
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Office Space Under Construction in Tampa Q3
1. Fowler Ave
Rating: 4*
Building Sq Ft: 120,000
Stories: 3
Start: August 2020
Complete: November 2021
Developer: Skanska
Owner: University of South Florida
2. BayCare Medical Arts Building • Bruce B Downs Boulevard
Rating: 4*
Building Sq Ft: 80, 000
Stories: 3
Start: January 2021
Complete: January 2023
Developer: —
Owner: —
3. 10050 N Florida Ave
Rating: 4*
Building Sq Ft: 75,000
Stories: 3
Start: March 2021
Complete: November 2021
Developer: —
Owner: —
4. 54 Crossings • South Building
17919 State Road 54
Rating: 4*
Building Sq Ft: 60,000
Stories: 3
Start: August 2021
Complete: August 2022
Developer: Colwell Avenue Properties LLC
Owner: Rizzetta & Company
5. 11910 Balm Riverview Road
Rating: 3*
Building Sq Ft: 45,000
Stories:1
Start: September 2021
Complete: March 2022
Developer: —
Owner: —
6. 13837 Circa Crossing Drive
Rating: 3*
Building Sq Ft: 37,000
Stories: 1
Start: February 2021
Complete: February 2022
Developer: —
Owner: —
7. The Medical Professional Center
5947-5949 Webb Road, Tampa, Florida
Rating: 3*
Building Sq Ft: 20m000
Stories: 2
Start: March 2021
Complete: April 2022
Developer: —
Owner: West Florida MHT, LLC
8. 6327-6331 Memorial Highway
Rating: 3*
Building Sq Ft: 12,000
Stories: 2
Start: January 2021
Complete: December 2021
Developer: —
Owner: Academic Alliance in Dermatology
9. San Jose Mission Catholic
3204 San Diego Lane
Rating: 2*
Building Sq Ft: 9,000
Stories: 1
Start: October 2020
Complete: December 2021
Developer: McCullagh & Scott, Inc
Owner: McCullagh & Scott, Inc
10. Bldg 15
1168-1171 Bell Shoals Road
Rating: 3*
Building Sq Ft: 8,500
Stories: 1
Start: December 2020
Complete: December 2021
Developer: —
Owner: McCullagh & Scott, Inc
Take a look at our featured Tampa office space, or other Tampa commercial real estate properties here, or contact the Bounat team to start your own search.