An updated look at the local commercial real estate market

Commercial sales transactions and deal velocity in East Baton Rouge Parish were down in October, according to Elifin Realty’s latest data. 

Sales were down by nearly 3%, with the 12-month trailing volume totaling $412 million last month. Deal velocity decreased by 4%.

Multifamily

The multifamily sector saw a 12.92% decrease in sales volume in October. The trailing 12-month sales volume was $67.1 million last month compared to $77.1 million in September. Deal velocity remained steady, while property values decreased to $47,800 per unit in October from $50,500 the prior month.

Retail 

After retail saw increases across the board in September, sales volume and deal velocity dipped last month. The retail dollar volume decreased 7.99% from $83.7 million in September to $77 million in October. Deal velocity declined by 11.9%, while the average trailing 12-month price per square foot was $244.70 in October, up from $224.35 in September.

Office

This sector saw an increase in both sales volume and property values. Sales volume increased 6.81% from $86.9 million in September to $92.8 million last month. Property values increased a tick from $145.72 per square foot in September to $146.42 in October. Despite the increase in sales volume, office deals were down 6.82%.

Industrial and land 

Industrial sales volume declined 13.1% to $49.5 million in October from $57 million in September. The price per square foot dipped slightly from $66.25 in September to $65.28 last month. Deal velocity decreased by 6.74%.

Sales increased by nearly 8% in the land sector. The sales volume totaled $38.7 million in October, compared to $35.8 million the previous month. The cost per square foot rose 33% last month to $9.50 compared to $7.14 at the end of September. Deal velocity dropped 2.33%.