Quarter 3 data for Gainesville is here and it’s promising. According to Costar, “Gainesville’s economic rebound has gained momentum over the past year, with the workforce recovering to over 96% of pre-pandemic peak levels,” indicating the economy has nearly recovered from the impact of Coronavirus.

Overall, the sales volume for all property types increased from $88.3 million quarter 2 to $98.4 million this quarter. Which is a huge difference compared to quarter 1 which had $57.8 million in sales volume. However, the number of sales decreased from 66 to 47, indicating less transactions are taking place but the one’s taking place are at a higher value.

Office Space:

Office space fared the worst out of all sections with $3.6 million in sales over 13 transactions. This is a decrease from quarter 2 which saw $10.7 million in sales over 32 transactions. However, it is important to note last quarter had the highest number of sales in the last 12 years, putting this quarter on par with other quarters in Gainesville.

Multifamily:

The multifamily sector saw the same number sales as last quarter (6 total), however sales volume increased from $39.5 million to $61.1 million, indicating an increase in value across transactions. The average market sale price per unit increased nearly $8k from last quarter, increasing to $110,07 per unit.

Retail:

Retail experienced a slight decline this quarter. With 12-month sales volume growth of 28.8%, retail saw $21.6 million in sales volume across 15 sales. This is a decrease of the previous two quarters sales with saw 23 sales for $35 million in quarter 2 and 24 sales for $20.6 million in quarter 3. However, retail is still on trend with historical data and there should be no concerns moving forward.

Industrial:

Industrial had a great quarter with 197% 12-month volume sales growth with 13 sales for $11.9 million at an average transaction cap rate of 10.4%. This is a dramatic increase from the previous quarter that had 5 sales for $3.1 million total.

Overall, while Gainesville has suffered more than most due to the seasonal nature of most jobs due to proximity to UF and campuses closing due to coronavirus, the city has clearly been able to bounce back following the pandemic and is expected to continue to recover in the following quarters.