Gainesville Overview

 

Last year, all commercial property types experienced a decrease in sales growth by 12% and sold $300 million in property. Below are the trends this year to date and last year based on property type. 

all commercial property sales volume quarterly

 

Office Spaces:

 

Last year, Gainesville experienced a 157% sales volume growth with $62 million in deals done, way past the 4.2% growth seen in 2019 pre-pandemic with only 24.2 million in sales. This year so far, the average transaction has seen $109/SF compared with $128 last year and $98 in 2019.  This quarter to date, $1.6M in sales volume across 9 properties has been sold. While the quarter isn’t done yet, 2020 Q1 saw 6.9M in sales volume across 24 properties and we only have less than a month to go till the end of the quarter. 

Multi-family Properties:

 

Multi-family properties had a relatively rough year with a decrease in sales volume growth of 7%, the lowest in the last seven years. There hasn’t been much data released for this quarter yet, so we’ll have to wait a few weeks to see how this year is looking for multifamily properties. 

 

12 month sales growth retail properties trend

Retail:

 

Retail, arguably having the roughest year out of all commercial properties, had a difficult time throughout the pandemic. With a decrease in 41.1% in sales volume growth, the lowest since 2008, there’s no where to go but up. While there was 101 retail sales last year, which is higher than most years, the square footage sold was 565k (2019 saw 1.1 M and 2018 saw 806K). The properties being sold were smaller and had a smaller market sales price per square foot. While this quarter has shown similar data to 2020, hopefully the return to normal life post pandemic will be able to shift these trends in a more positive direction. 

Industrial:

 

Industrial saw a decrease in sales volume growth last year of -27.3% with 36 properties for a total of 384k square footage in properties sold. This year to date, there have been 4 properties sold for an average market sales price per square foot of $82, up only one dollar from last years $81. 

industrial sales growth trends chart properties real estate

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 commercial real estate data above collected from Co-Star.