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By the end of Q2 2024, there were 84 active listings in the local commercial real estate market, down 14.3% from Q1 2024 and down 5.7% from a year ago. During the quarter, the number of office spaces decreased, the number of retail spaces decreased, and the number of warehouse spaces also decreased. The number of office spaces decreased from 35 to 32, the number of retail spaces decreased from 39 to 31, the number of warehouse spaces decreased from 24 to 21, and the number of medical spaces increased from 2 to 6.
Retail Opportunities
Thirteen retail properties were taken off the market in Q2 2024 and five new properties became available, resulting in a decrease of eight spaces and a decrease in total retail space available for lease and/or sale of approximately 70,000 square feet. Average retail rents increased from $15.81/sq ft to $18.06/sq ft during the quarter, up from $17.32/sq ft a year ago.
Office Jobs
The number of available office properties decreased 8.6% (-3 units) quarter-on-quarter while total square footage increased 4.8% quarter-on-quarter. Total vacant office space by quarter-end increased from 241,488 square feet to 253,197 square feet in Q2 2024. Two large office space properties totaling over 30,000 square feet came on the market during the quarter.
Warehouse Opportunities
From Q1 2024 to Q2 2024, the number of warehouse units available for sale and/or lease decreased from 24 to 21, but total available square footage increased 13.8%. This contrast occurred as multiple warehouses over 10,000 square feet came on the market in the second quarter. Average lease rates decreased slightly from $11.49/sq ft to $11.35/sq ft at the end of the second quarter. Total available square footage ended the quarter at 292,612 sq ft, down from 257,023 sq ft at the end of Q1 2024.
Medical Office Jobs
The number of medical spaces available for sale or lease in Q2 2024 increased from two to six.