Through November, office building sales are down 30% compared to last year. But, despite the drop, the dollar volume for sales is down only 7%.
That’s according to data compiled by Elifin Realty, which began tracking the data this year in an effort to better see where Baton Rouge’s commercial real estate market is heading. While similar data is compiled for the region’s real estate market by the Greater Baton Rouge Association of Realtors, Elifin Realty CEO Mathew Laborde says it’s tougher to get the same breakdown for commercial deals.
“No one is aggregating transaction statistics for commercial real estate properties in an accurate, publicly accessible way,” Laborde says. “We can see objectively where the market is trending, where it’s heading, and how the transaction volume compares based on the past.”
To gather the data, the firm’s research director, Caleb Crawford, has combed through records at the Clerk of Court’s office each week. So far, he’s collected year-to-date information for 2019 and total stats for 2018. Laborde wants the firm to have data, including land sales, for the past five years by Christmas.
Key takeaways from data gathered so far:
• Through November, there have been 340 commercial sales this year, compared to 412 logged last year for the same period.
• In 2019, there have been 11 office buildings sold at $2 million or higher, while last year there were only four. However, total sales from last year are still higher.
• Through November, there have been a dozen hotel sales, compared to four sales in 2018.