Multifamily Property Sales Prices
"Sale prices for multifamily properties in the metro area appear to have a seasonal cycle to them. The highs in the cycle tend to occur around October and the lows come around April. Over the past year sale prices have fallen 49% to $20,552 per unit. The highest median price of the past three years was set in December 2009 at $58,059. In comparison, the median sale price is now 64.6% lower. However, the current price is 3% higher than the three-year-low of $19,950, which was set in November 2011. This month marks the third straight month of growing median sale price for the metro multifamily properties."
Office Property Sales Prices
"For office properties, the average sale price per square foot has risen to $37.81, a 1.4% increase compared to the end of last quarter. However, this is not a trend for the year, as sale prices have dipped by 26.1%. Despite being down for the year, the median sale price per square foot for office properties in the metro area has been rising for that past seven months. Over the past three years, the median sale price was at its highest in March 2009 at $89.33. The current median sale price is 57.7% lower. However, the current price is 11% higher than the three-year-low set in July 2011."
Retail Property Sales Prices
"At $60.71, sale prices per square foot for retail properties have decreased by 3.3% compared to the end of the prior quarter. Likewise, sale prices have dipped for the year, showing a 25.5% decrease. The median sale price of metro retail properties has been declining for seven consecutive months. When the streak began in July 2011, the median price was $71.62. The median price for the metro area hit its three-year low this month. The previous low was $62.76, set last month."
Office Property Asking Rent
"Lease rates for office properties have risen 0.9% versus the end of last quarter to $14.45 per square foot. Asking lease rates have risen 2.9% on the year. In March 2009, the lease rates for office properties were at their highest in the past three years at $14.72 per square foot. The current median asking lease rate is 1.8% lower. The lowest asking lease rate in the past three years was $13.96 set in February 2011."
Retail Property Asking Rent
"The average asking lease rate for retail properties in the metro area for the month was $14.53 per square foot. This represents a decrease of 3.3% year-over-year as well as a decrease of 0.4% compared to the end of the fourth quarter of 2011. This month, asking rates for retail properties have fallen to a new three-year low. The previous three-year low was last month at $14.59."
