There are 700 retail properties for sale and for lease, up 53 over the last 3 months, with 2.2 million square feet in 525 properties for lease at an average price of $16.41 per square foot and 1.9 million square feet in 175 properties for sale at an average price of $166. The last 30 days, 21 properties were leased and 4 were sold.
The amount of time it has taken to sell or lease retail property averaged 241 days, up from last 3 months’ 327 days, but the average time over the last 2 years has been 253 days. Taking 9 to 12 months to lease or sell property can be a shock to the average buyer or seller, as well as agents, since residential property usually sells within a week in most areas.
Commercial transactions are more complicated since they involve businesses and permits and employees and higher dollar financing, so days on the market numbers are not as relevant.