20 Nov Commercial Sales Report – October 2020
Louisiana remained in Phase 3 of reopening throughout the month of October. The number of commercial property sales was up 57% month over month, with 44 sales in October 2020 compared with 28 sales in September 2020.
While we have seen a decrease in activity overall and across the multifamily, office, and land sectors, the average price per SF/unit has either remained steady or increased. The number of sales and transaction volume may be down, but we are yet to see any downward trend in pricing.
The average industrial sale price per SF is 7.4% higher than the previous 5-year high in 2015.
Office sales volume figures in September and October are the highest we’ve seen since the governor’s stay at home order was issued. ($4.9 million monthly sales volume in March 2020, compared to $6.3 in September 2020 and $5.7 in October 2020). Monthly sales volume in April through August averaged $3.2 million.
The retail sector continues to thrive throughout 2020, and the total number of retail transactions is 12.8% higher than the previous 5-year high in 2018.