Despite economic headwinds, office owners’ expectations remain misaligned in Tampa

graph of the number of office sale listings compared to asking sale price per square foot from Q1 2019 to Q3 2023 in Tampa
  • Amidst economic uncertainty surrounding office buildings since the pandemic, demand for these properties remains at historic lows; however, owners’ expectations of asset values are still misaligned with market conditions.
  • The average asking sale price for office buildings in Tampa rose 21.3% year over year to $199 per square foot (psf), while the average sale price only increased 1.8% during the same time to $195 psf. Pricing is expected to continue softening in the near term as the economic headwinds persist.
  • As of mid-October, active buyers in the market are seeking distressed assets at discounted prices as the future of office utilization remains in question, creating a noticeable gap between sellers’ and buyers’ expectations regarding office pricing.

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