GULF COAST COMMERCIAL REAL ESTATE EXPERT SERIES
Tampa Bay Professional & Medical Office August 2026 Market Update
Contributed by: John Milsaps, Certified Office Specialist at SVN Commercial Advisory Group
Rolling 90-day sales from May 3 through July 31 across Hillsborough, Pinellas, and Pasco Counties.
Activity improved, but pricing remains highly property-specific.
Across Hillsborough, Pinellas, and Pasco Counties, the latest rolling 90 days produced 98 qualified office, medical office, and commercial condo sales totaling $183.3 million. Sales count increased 15.3% and volume rose 5.8% from the prior 90 days, although sales remained 17.6% below and volume 15.2% below the same period last year. The regional median was $237 per square foot.
Size materially affected pricing, ranging from $276 per square foot below 5,000 SF to $80 per square foot at 50,000 SF and larger. Median days on market was 169 days among 53 reported transactions. For owners, regional statistics provide context; size, submarket, condition, occupancy, income, and transaction structure remain decisive.
Source: CoStar; analysis by John Milsaps. Information believed reliable but not independently verified; not an appraisal.
County Comparison
Hillsborough led activity, while pricing varied across Tampa Bay.
Hillsborough generated the most sales and volume during the rolling 90-day period. County medians remain directional and should be adjusted for building size and property-specific factors.
Source: CoStar; analysis by John Milsaps. Qualified trend sales exclude detected portfolio or multi-property allocations, unclassified property types, and reported sale prices below $100,000. Companion CoStar rows are consolidated before analysis. Information believed reliable but not independently verified; not an appraisal.
30-Day Tampa Bay Leasing Pulse · July 3-August 1
Professional and medical-capable space moved differently.
The latest listing-change data points to greater short-term pricing pressure in medical-capable space, although the smaller medical sample makes this a 30-day signal rather than a broader trend.
Owner Takeaway:
Medical-capable listings showed more near-term pricing pressure, but the smaller sample warrants caution before treating the result as a sustained market trend.
Source: CoStar listing-change activity. Medical-capable includes spaces classified as Medical or Office/Medical. Space marked leased is not equivalent to confirmed lease volume or market absorption. Rate movement includes only records with both a prior and revised asking rate and is consolidated to one median movement per property.
Owner Advisory
Size-adjusted benchmarks are more useful than one regional median.
In the latest 90 days, median price per square foot declined materially as building size increased:
Authored by Certified Office Specialist, John Milsaps.
John Milsaps is a Senior Advisor specializing in office and medical office real estate at SVN – Commercial Advisory Group, a nationally recognized real estate firm in Tampa, Florida. With a career spanning over two decades, John has established a reputation for delivering exceptional outcomes for landlords and sellers through his deep market knowledge, analytical skills, strategic insight, and genuine passion for commercial real estate.
Learn more about John here.
