Market Overview-January 2021
Commercial property for sale decreased 500,000 square feet the last 6 months, but property for lease increased 900,000 square feet. Lease prices declined for industrial but increased for retail while office was essentially unchanged. Shopping center sale prices exploded the last 6 months, increasing 73 percent.
The office sector rebounded with lease prices stabilized at $18 per square foot and sale prices unchanged around $126 per square foot.
Retail lease prices increased 14 percent to $18 PSF, the most of any sector over the last 6 months and sale prices stayed around $160 PSF.
Lease prices fell 8 percent to $5.52 PSF and sale prices increased 19 percent to $43 PSF.
Lease prices increased 6 percent to around $15 PSF but sale prices skyrocketed 73 percent to $126 PSF. There are only 10 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 12 percent to $65 per square foot from an average of $58, with 52 properties on the market.