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Overall, commercial sales transactions in East Baton Rouge Parish are down, with some sectors performing better than others, according to Elifin Realty’s latest data.
Sales declined 8.21%, with the 12-month trailing volume totaling $502.3 in July. However, the overall deal velocity increased 3.88% from June.
Multifamily
The multifamily sector saw the most significant decrease in sales volume, dropping 40.67%. The trailing 12-month sales volume was $119.7 million compared to $201.8 million in June. Deal velocity and property values are also down 2.94% and 13.12%, respectively.
Retail
July was a good month for the retail sector. The dollar volume increased 8.2% to $93.1 million compared to $86.1 million in June. Deal velocity was up 2.38%, and the average trailing 12-month price per square foot was $218.73 in July, up from $202.31 the previous month.
The trend for leasing space in shopping centers and outparcels to the shopping centers has been improving, as noted in Daily Report last month. Quick-service restaurants are purchasing fair amounts of property.
Office
This sector saw a significant 33.66% increase in sales volume from June to July. The trailing 12-month sales volume totaled $70.6 million in June and $94.4 million in July.
Deal velocity also increased by 3.37%. Property values dropped nearly 3.5%, with the price per square foot dipping from $151.21 in June to $145.98 at the end of last month.
Industrial and land
The industrial sales volume held steady at $53.8 million in July. Deal velocity was up 10%, and the price per square foot increased from $63.98 in June to $65.20 last month.
The land sector saw a 9.47% decrease in sales volume in July. Sales were $49.4 million in June and dipped to $44.7 million last month.
Deal velocity remained steady, while property values saw a 5.61% decrease. The trailing 12-month average price per square foot was $6.73 at the end of July compared to $7.13 in June.
