In October, new assets on CREXi’s for-sale platform saw a 4.9% increase in average asking prices per square foot from September, marking six consecutive months of pricing growth. Retail was the top performer with its third straight month of price increases and sixth consecutive month of occupancy growth, reaching an average occupancy rate of 86.4% in October.
According to Shanti Ryle, senior content marketing manager at CREXi, retail’s strong fundamentals and positive consumer spending have contributed to its continued pricing growth. Additionally, investors may be finding it easier to secure financing for retail properties compared to other sectors which has led to increased demand and improved transaction velocity.
Multifamily asset prices also saw a significant increase with a 4.27% rise month-over-month while industrial experienced a slight decrease in average price per square foot by 2.37%. However, all other core asset types showed modest monthly gains.
Ryle notes that industrial was the only sector that experienced corrections last month due to an influx of new properties hitting the market which diluted demand slightly resulting in less than half a percent drop in occupancy between September and October.
The latest report from CREXi reveals promising trends as asking prices for new assets continue their upward trajectory on their for-sale platform during the month of October with an impressive gain of 4.9% per square foot compared to September figures – marking six months straight where we’ve seen this type trend take shape! The most notable performance came from retail properties who enjoyed three successive months seeing rising values while also experiencing steady occupancies over time – achieving an overall rate averaging out at around eighty-six point four percent (86%) during this period according our data analysis team here at Connect Commercial Real Estate News HQ!
Shanti Ryle is Senior Content Marketing Manager over there too by way; she commented saying how “Retail continues enjoying healthy appreciation thanks largely towards resilient fundamentals alongside ongoing signs pointing towards sustained consumer spending – all of which have helped motivate increased demand for these types assets and subsequently improving transaction velocity in the process.” Meanwhile, multifamily asset prices also saw a significant increase with a 4.27% rise month-over-month while industrial experienced a slight decrease in average price per square foot by 2.37%. However, all other core asset types showed modest monthly gains.
Ryle notes that industrial was the only sector that experienced corrections last month due to an influx of new properties hitting the market which diluted demand slightly resulting in less than half a percent drop in occupancy between September and October – but overall still showing positive signs moving forward as we head into November!
