February 2021 Commercial Market Insights
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After sales surged in December due in part from the rush to close deals by the end of the year, commercial acquisitions collapsed anew in January 2021, with sales volume down 58% from one year ago. Acquisitions fell across all property classes: retail (-73%), hotel (-73%), office (-69%), and industrial (-57%).
With a very dry market, acquisitions are being made on a few choice properties, indicated by the higher average price per square foot on completed transactions compared to prices one year ago.
Secondary/tertiary cities like Dallas, Atlanta, Phoenix, Memphis, Charlotte Austin, Las Vegas, Minneapolis, and Tampa are some of the markets where most acquisitions are being made.