The current market for commercial real estate in the area has seen recent upward trends in the asking prices for retail properties but a downward turn in the median sale price of such acquisitions. The year-over-year median sale price for retail properties was down by more than 12 percent in March 2016, although it had risen by close to 3 percent as compared with the period only three months prior.
The median sale price of multifamily complexes rose in 2016, while the median number of days such properties stayed on the market fell to approximately 120 toward the conclusion of the previous year.
The asking rental price of retail properties in the local metro area per square foot per year stood at $15.30 in the first quarter of 2016. The figure for asking rent for office properties for the same time period was slightly higher at $15.60.