GET DAILY REPORT FREE
The East Baton Rouge Parish commercial real estate market started the new year strong with a rise in sales transactions and deal velocity, according to Elifin Realty’s latest data.
Sales increased by 2.25% in January. The trailing 12-month total dollar volume of sales was
$403 million at the end of last month, compared to $394.2 million at the end of December. Deal velocity increased by nearly 2%.
Multifamily
The multifamily sector saw an 8.52% increase in sales volume last month. The trailing 12-month figure was $82.5 million, compared to $76 million in December. Deal velocity remained steady, and property values increased to $53,800 per unit in January, up from $53,400 in December.
Retail
Retail saw a slight rise in the 12-month trailing sales volume. Dollar volume increased to $88.1 million from $87.3 million in December. Deal velocity increased 1.27% while the average trailing 12-month price per square foot dipped 3.95% to $285.24 in January from $296.96 the previous month.
Office
This sector experienced increased sales volume and deal velocity but saw a decline in property values. Sales volume rose 6.72%, from $83 million in December to $88.5 million in January. Property values, however, dropped from $145.64 in December to $142.92 last month. Deal velocity increased 10%
Industrial and land
Industrial sales volume declined 10%, from $52.9 million in December to $47.6 million in January. The price per square foot increased from $63.95 to $65.42. Deal velocity dipped by nearly 6%.
The land sector experienced increases across the board. The volume totaled $42.3 million in January compared to $40.3 million in December. The cost per square foot increased slightly to $10.76, up from $10.66. Deal velocity rose by 4.76%.
