Commercial real estate sales transactions in East Baton Rouge Parish have declined for a third straight month. Sales fell 7.14% to a total of $505.8 million in transactions over the past 12 months last month. Overall transaction velocity was down 3.78% from April.
Here's how each sector performed, according to the latest data compiled by Elifin Realty.
housing complex
Sales volume in the multifamily sector decreased 8.92%. Trailing 12-month sales volume was $208.4 million, down compared to $228.9 million in April. Transaction velocity has remained steady, while property prices have increased from $71,400 per unit in April to $71,800 per unit in May.
retail
Dollar-equivalent transaction volume in this sector was flat at $98.3 million last month, but fell 9.78% to $88.7 million in May. Transaction velocity was down 4.08% and the average price per square foot over the past 12 months was $195.55 in May compared to $197.16 in April.
office
The division saw a large decline in sales of 11.71% from March to April, but the decline was much smaller from April to May. Trailing 12 month sales fell from $72.2 million in April to $71.0 million in May.
Transaction velocity also fell by 5.05%. Property values are on the rise, with the price per square foot rising from $146.01 in April to $147.25 at the end of last month.
Industry and Land
Industrial property sales volume in May decreased 1.69% to $53 million from $54 million the previous month. Transaction velocity remained steady and property prices increased 1.64%.
The land sector saw the largest decline in sales volume in May, down 16.31% to $51.9 million from $62.0 million in April. Transaction velocity fell 10.61%, while property prices increased 4.24%. The average price per square foot over the past 12 months was $8.58 at the end of May, down from $8.24 in April.
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