Negotiated sales and auctions are the two main sales models of real estate. Many previous studies have investigated the impact of the two models on prices in the residential market; however, there is very little research focusing on this topic in the commercial real estate market. On the other hand, auctions become more and more common in the domestic commercial real estate market. The trading amount of auctions has been higher than that of negotiated sales, and the sales price repeatedly breaks the record. This paper utilizes a case study of offices in Taipei to investigate the impact of the two sales models on the prices of commercial real estate, and the impact of real estate characteristics and competitive factor on auction prices. Experimental results show that the prices of offices sold by auctions have up to a 8.59% price premium compared to those sold by negotiated sales. For those office buildings that are newer, superior -located, or transacted with the whole building, the premium effects are more significant. In addition, the prices of auctions increase by 1.28% with each additional bid. These results are valuable for buyers, sellers, and real estate appraisers.