Commercial sales transactions in East Baton Rouge Parish are down for the third consecutive month. Sales declined 7.14%, with the 12-month trailing volume totaling $505.8 million last month. The overall deal velocity dropped 3.78% from April.
Here’s how each sector is performing, according to the latest data compiled by Elifin Realty:
Multifamily
The multifamily sector saw an 8.92% decrease in sales volume. The trailing 12-month sales volume was $208.4 million compared to $228.9 million in April. Deal velocity is steady, while property values have increased from $71,400 per unit in April to $71,800 per unit in May.
Retail
The dollar volume in this sector dropped 9.78% to $88.7 million in May after holding steady at $98.3 million last month. Deal velocity is down 4.08%, and the average trailing 12-month price per square foot was $195.55 in May, compared to $197.16 in April.
Office
This sector saw a significant 11.71% decline in sales volume from March to April but a much smaller decline from April to May. The trailing 12-month sales volume totaled $72.2 million in April and dipped to $71 million in May.
Deal velocity also dropped 5.05%. Property values are up, with the price per square foot rising from $146.01 in April to $147.25 at the end of last month.
Industrial and land
The industrial sales volume decreased 1.69% to $53 million in May from $54 million the previous month. Deal velocity is steady while property values are up 1.64%.
The land sector saw the most significant decline in sales volume in May, declining 16.31% to $51.9 million compared to $62 million in April. Deal velocity declined 10.61%, while property values rose 4.24%. The trailing 12-month average price per square foot was $8.58 at the end of May compared to $8.24 in April.
Read More: See how the Baton Rouge commercial real estate market fared in May