Weaker demand in the era of remote work has left some office markets across the country struggling to fill record amounts of available space. Yet properties leased to some of the larger companies outside the biggest U.S. cities have managed to maintain their appeal.

Prices for office towers anchored by some of the nation’s largest companies often reflect how regional property markets are performing, highlighting investor confidence or foreshadowing potential risk depending on an area's job growth, anticipated layoffs or other factors. Prices also provide a window into what attributes buyers are seeking and what they’re willing to bet on in the face of increasing economic turmoil.

And, of course, a building’s location, age, condition, occupancy and other characteristics can affect the price.

For investors shopping for office properties, buildings in secondary markets can often be overlooked in favor of those in top-tier cities such as San Francisco, Boston, New York or Chicago. However, suburbs and smaller hubs reporting higher in-person usage rates shows some demand has shifted.

Here’s a subjective look at how far $120 million will go for office towers in secondary markets such as Tampa, Florida; Columbus Ohio; and Saint Louis Park, Minnesota.

Address: 100 S. Ashley Drive
Price: $120 million, or about $304.85 per square foot
Size: Roughly 393,650 square feet across 22 levels
Buyer: A joint venture between New York-based investment firms The Feil Organization and Stawski Partners
Seller: Feldman Equities, a Tampa-based investment firm; Orlando-based Tower Realty Partners; and New York Life Real Estate Investors
Anchor Tenant: Wells Fargo, which leases almost 84,900 square feet
Year Built: 1985
Vacancy Rate: About 90.5% as of Dec. 14, according to CoStar data
Fun Fact: The building, renovated in 2014, is within walking distance of the Tampa Convention Center and includes amenities such as a concierge, fitness center and on-site restaurant.

Address: 910 John St.
Price: $118 million, or $590 per square foot
Size: 200,000 square feet across four levels
Buyer: A joint venture between Herndon, Virginia-based Golden Eagle Group and Quatar First Bank
Seller: Cambridge Holdings, a Dallas-based investment firm
Anchor Tenant: CoverMyMeds, a national healthcare software company and McKesson subsidiary
Year Built: 2022
Vacancy Rate: Zero as of Dec. 14, according to CoStar data
Fun Fact: The building was developed for the tech company’s corporate headquarters, which is outfitted with amenities such as a bar with local beers on tap, a basketball court and an art gallery.

Address: 1601 Utica Ave.
Price: $117.32 million, or about $342 per square foot
Size: 343,000 square feet across 11 levels
Buyer: Bridge Investment Group, a Sandy, Utah-based real estate investment manager
Seller: A joint venture between developer Ryan Companies and Sotarra, a real estate investment firm based in Saint Louis Park.
Anchor Tenant: Engineering and architecture firm HDR, which is based in Omaha, Nebraska
Year Built: 2021
Vacancy Rate: About 32% as of Dec. 14, according to CoStar data
Fun Fact: The Saint Louis Park area is home to major employers including General Mills and Cargill, and it is one of the most active in terms of investment volume in the Minneapolis market. Annual sales volume has averaged about $252 million over the past five years, according to CoStar data, and within the past 12 months, more than $341 million of office properties have sold.