Office market shows signs of activity in Baton Rouge

Through August, there have been 49 office sales in Baton Rouge, three more than last year at this time but still a nearly 27% decrease from 2018, according to the latest commercial data report by Elifin Realty. 

Though the number of transactions is higher than it was last year, the dollar volume of sales is significantly lower than in both 2019 and 2018. There has been $39.4 million worth of commercial sales this year, compared with $50 million through the first eight months of 2019. 

However, there were at least two office sales filed this past week with a closing cost just shy of $1 million. 

John and Janene Crosby bought a building in the Elms at Bluebonnet Office Park, off Bluebonnet Boulevard near Jefferson Highway, for nearly $974,000. The nearly 6,000-square-foot office is fitted to hold up to two tenants. The Class A building was listed by the seller, IPI Properties LLC, for $995,000, or $166.03 per square foot. 

Down Airline Highway, across the street from Airline Highway Park, local attorneys W. Carlos Spaht and Matthew L. Mullins bought a building in Stonehenge Commercial Park, on Opportunity Avenue. The two, who are partners at Alexander Sides Brinson Spaht & Mullins, bought the building for $850,000 from Traction Properties of Louisiana.