After a strong start to the year, the East Baton Rouge Parish commercial real estate market experienced dips in sales transactions and deal velocity in February, according to Elifin Realty’s latest data.
Sales increased by 7.08% in February. The trailing 12-month total dollar volume of sales was
$374.6 million at the end of last month, compared to $403.1 million at the end of January. Deal velocity decreased by less than one percent.
Retail
Retail saw a slight decrease in the 12-month trailing sales volume. Dollar volume dipped to $86.1 million in February, down from $88.1 million in January. Deal velocity remained steady, while the average trailing 12-month price per square foot rose nearly 3 percent from $285.19 in January to $292.21 last month.
Office
This sector has shown signs of resurgence within the last six months, as reported earlier this month in Daily Report.
Sales volume remained steady at $88.6 million and deal velocity remained constant. Property values, however, increased from $142.92 in January to $144.52 in February.
Multifamily
The multifamily sector saw an 8.52% increase in sales volume. The trailing 12-month figure was $82.5 million, compared to $76 million the previous month. Deal velocity remained steady, and property values increased to $53,800 per unit last month, up from $53,400 in January.
Industrial and land
The sales volume in the land sector totaled $43.8 million in February compared to $42.3 million in January. The cost per square foot dropped to $9.78 in February compared to $10.76 the previous month. Deal velocity rose by 2.22%.
Industrial sales volume remained steady at $47.6 million in February. The price per square foot dipped from $65.42 in January to $64.24 last month. Deal velocity increased by 1.19%.
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