Our Monthly Market update is a week late (oops!) but the good news is that the stats about December haven’t changed since last Monday! The commercial real estate market as a whole isn’t expected to rebound fully for a good long while, but there are sectors that have been surviving – even thriving – through the last 10 months!
![](https://veranicommercial.com/wp-content/uploads/2022/06/office_jan_21.png)
![](https://veranicommercial.com/wp-content/uploads/2022/06/industrial_jan_21.png)
The per square foot price of office sales plummeted at the end of the year with office space selling for nearly half that of the previous month. Even year-over-year we’re looking at an average sales price in December 2020 that was 49% lower than December 2019.
Industrial properties continued to see strong numbers with both average lease rate and average sale rate (per square foot) increasing by 159% and 116% respectfully.
![](https://veranicommercial.com/wp-content/uploads/2022/06/retail_jan_21.png)
![](https://veranicommercial.com/wp-content/uploads/2022/06/multi_jan_21.png)
Surprisingly retail lease rates held only, only decreases 8% from the previous month, while the sale price actually increased from the November by 112%. If we look back at November 2019, though, the average lease rate is up slightly (from $13.32 PSF to $13.58 PSF) AND the average reported sale rate is up slightly (from $81.36 PSF to $85.72 PSF).
Ending 2020, we saw an increase in the per-unit price of multi-families and 8 of the 21 sold properties were on the market for less than 10 days, enforcing the narrative that this is the golden age of multi-families.
![](https://veranicommercial.com/wp-content/uploads/2022/06/verani_commercial.png)
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