The East Baton Rouge commercial real estate market saw an increase in sales volume for the third straight month in May, according to Elifin Realty’s latest data.
Sales increased significantly last month, with a 25.7% rise. The trailing 12-month total dollar sales volume was $542.7 million, up from $431.6 million at the end of April. Year-to-date sales volume reached $295 million through May, the area’s second-highest mark through the first five months in the last seven years.
Retail
Sales in the retail sector increased by less than 1%. The 12-month total dollar volume was $95.2 million, compared to $94.7 million at the end of April. Year-to-date sales through the end of May totaled $39 million, up from $32 million in 2024.
Deal velocity rose 5%, while the average trailing 12-month price per square foot dipped 1.9% from $304.90 in April to $299.10 last month.
Office
Sales volume decreased by less than 1% to $99 million in May, down from $99.5 million in April. The year-to-date sales volume through May totaled $31 million, more than doubling the $15 million earned in the previous year. Deal velocity increased by 2.17%, while property values increased from $145.24 in April to $146.92 last month.
Multifamily
The multifamily sector saw a 12.7% increase in sales volume. The trailing 12-month figure was $87.7 million in May compared to $77.8 million in April, while the year-to-date sales total reached $53 million at the end of May. Sales through the first five months of 2024 totaled $42 million.
Deal velocity dipped by nearly 4% and property values decreased from $72,100 per unit in April to $68,200 per unit last month.
Industrial and land
Sales volume decreased in the industrial sector by 1.76%. The sales volume was $49.9 million in May compared to $50.8 million the previous month. The price per square foot increased slightly to $68.18 from $66.05. The year-to-date sales volume totaled $20 million, $5 million less than in 2024. Deal velocity dipped nearly 4%.
The land sector, meanwhile, experienced increases in sales volume and deal velocity, but a dip in property values. Sales totaled $45.8 million last month compared to $41.6 million at the end of April, while year-to-date sales reached $25 million, up from last year’s $18 million.
The cost per square foot dropped to $10.33 from $11.16 the previous month. Deal velocity increased by 12.5%.
