Summary of Price Changes The Last 6 Months
Commercial property for sale decreased 1,300,000 square feet the last 6 months, but property for lease increased 200,000 square feet. Lease and sale prices declined for retail and industrial but increased for the office sector. Industrial lease and sale prices fell 15 percent. Shopping Center lease prices increased about 50 cents and sale prices dropped $30/SF or about 30 percent.
The office sector lease prices stabilized at $18 per square foot and sale prices increased 8 percent to around $117 per square foot.
Retail lease prices fell 75 cents per square foot to $16.46, and sale prices fell $7 to $151 PSF.
Lease prices fell 80 cents per square foot, or 15 percent and sale prices dropped $5 PSF to $35.
Lease prices increased 50 cents per square foot to $15.13 PSF but sale prices dropped almost $30 PSF to $95 PSF, getting back to equilibrium after skyrocketing 70 percent to $123 PSF around the first of the year.
Sale prices increased to $177 per square foot from $90 PSF only six months ago, and around the first of the year sale prices averaged $58 PSF. There are only 49 properties on the market.