Market Overview-April 2021
Commercial property for sale decreased 600,000 square feet the last 9 months, but property for lease increased 600,000 square feet. Lease prices declined for industrial and office but increased for retail and shopping centers. Sale prices exploded the last 9 months for shopping centers, increasing 70 percent, and also for multi-family, increasing 57%.
The office sector rebounded with lease prices stabilizing at $18 per square foot and sale prices declining 12 percent to around $109 per square foot.
Retail lease prices increased 8 percent to $17.26 PSF, the most of any sector over the last 9 months and sale prices stayed around $158 PSF.
Lease prices fell 6 percent to $5.61 PSF and sale prices increased 12 percent to $40 PSF over the last 9 months.
Lease prices increased 4 percent to $14.58 PSF but sale prices skyrocketed 70 percent to $123 PSF. There are only 11 shopping centers for sale in the market so average prices can be skewed, but the activity shows that retail remains a strong market for investors and speculators.
Sale prices increased 57 percent to $90 per square foot from an average of $58, with 44 properties on the market.