During the second quarter of 2021, there were 66 total sales with a volume of 95.9 million, 32% lower than the year beforehand. Below are the trends this year to date and last year based on property type.

Office Spaces:

While office space sales volume growth decreased by 33.6%, the average transaction price per square foot increased from $92 to $125 when compared to last financial quarter, for a total sales volume of $10.4 million.

Retail:

At the start of the year, retail was having the roughest year out of all commercial properties as it had experienced the lowered decrease in sales volume growth since 2008. However, last financial quarter seemed to be indicating a positive direction as there was an increase of 12.5% in sales volume growth with an increase in market sale price by $2 to 185 when compared to last financial quarter.

Industrial:

During the first half of 2021, there were 12 industrial sales in Gainesville for a total of $28.6 million in transactions. However, during first half of 2020, peak pandemic, there were a total of 22 sales for a total of $11.4 million in sales. It appears that post pandemic, companies are buying less properties for higher prices given there were nearly half the sales at this time last year but over double the amount in sales.

Conclusion:

Overall, while it’s clear the pandemic has had a significant impact on commercial real estate within the Gainesville area, with vaccine distribution expected to be completed by summer and we slowly begin to return to a state of normalcy, it is likely that the real estate market will return as well.

All data and charts above has been collected from Costar.