CRE Market Trends: Where are we now?

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CRE Market Trends: Where are we now?

Posted on June 22, 2017
| 2 Comments

By Mike Doyle, CCIM

We are almost half way through 2017 and the question is: how are the Lee County office, industrial and apartment markets performing?

As you can see in the article below, the Lee County Property Appraiser is projecting a six percent (6%) increase in values for all properties in Lee County.

The following is a comparison of the office, industrial and apartment markets in Lee County for the first half of 2017 versus the first half of 2016.

Office Image

Office Market

Data I collected indicates an average sales price per square foot of building area for office buildings increased five percent (5%), with the highest per square foot prices associated with medical office buildings.

 

Industrial Image

Industrial Market

The industrial market took off like a rocket in 2017, with a fourteen percent (14%) increase in the average sales price per square foot of building area. Rental rates have also jumped, and guess what?  New industrial space is being built for the first time since the recession.

 

 apartment_building

Apartment Market

The apartment market has officially gone where no market has gone before.  The average price per apartment unit was fifty-two percent (52%) higher than last year.  Last year’s record price of $169,000 per unit, was just eclipsed by the sale of University Highlands apartments at $213,000 per unit.

In summary, these three markets are doing well, all showing strong sales at record prices. We are fortunate to be in a market that continues to grow, with population growth and low unemployment. This is all positive news for the commercial real estate market.

Call me at (239) 851-3164 if I can provide advice on the commercial real estate market.

2 thoughts on “CRE Market Trends: Where are we now?

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    • Heather Heinzeroth
      on July 5, 2017

      Thanks for the comment. Glad you enjoyed this post!

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