Gastonia, NC Market TrendsBETA

Asking prices for office properties have gone up versus past quarter, rising 0.8% to $141.10 per square foot. But for the year asking prices have dropped 5%. Asking prices for office properties reached a three-year high in December 2008 at $162.53 per square foot. The current median asking price is 10.4% lower. The lowest asking price over the past three years was $124.09 in March 2006.

Asking prices for industrial properties have fallen 0.1% to $55.53 per square foot over the past quarter. However, over the past year asking price have risen 1.9%. In October 2008, the asking prices for industrial properties were at their highest in the past three years at $68.54 per square foot. The current median asking price is 16.1% lower. The lowest asking price in the past three years was $44.08 set in May 2006.

The average asking price for retail properties in the metro area was $132.02 per square foot for the month. This represents a decrease of 4.2% year-over-year as well as a decrease of 2.4% compared to the end of the fourth quarter of 2011. Asking prices for retail properties hit a three-year peak in March 2008 at $197.52 per square foot. In comparison, the current median asking price is down by 7.6%. On the other hand, the lowest asking price in the past three years was seen in July 2011 at $129.64.

The rate of decline in median sale price per square foot for industrial properties in the metro area has slowed after falling 4.5% over the last four months. Sale prices per square foot for industrial properties dipped to $43.56, a 4.5% decrease compared with the end of the prior quarter. The average sale price for the preceding 12 months has dropped by 10.6%. The highest median sale price over the past three years, which was $59.96, was set in April 2009. The current median sale price is 27.4% lower. However, the current price is 3.8% higher than the three-year-low of $41.94, which was set in October 2009.

Over the past two months, the median sale price per square foot for retail properties in the metro area has fallen 0.8%. Prior to that, there was a rising streak of six months ending in February, when sale prices rose 18.8%. Sale prices per square foot for retail properties have increased by 9.6%, and currently sit at $98.94. For the previous 12 months, sale prices have increased by 1.3%. The highest median sale price over the past three years was $123.58, which was set in October 2010. In comparison, the current median sale price is down by 19.9%. However, the current price is 22.7% higher than the December 2009 figure, which was the three-year low.

Available multifamily properties for sale have been on the rise for the past two months month-over-month, a 7.6% increase overall. The Charlotte Metro Area has seen a 18.5% rise in the number of available multifamily properties over the past year.

This is the fourth month of a month-over-month downward trend in available office properties in the metro area, a 3.6% decline. This was insufficient to offset the 4.9% climb seen over the past year.

The number of industrial properties for sale has seen a month-over-month rise of 0.2% over two consecutive months but has yet to offset the decline of 5.7% over the past year.

Available retail properties for sale have been on the rise for the past two months month-over-month, a 0.4% increase overall. The number of available retail properties has risen by 6.1% in the Charlotte Metro Area over the past year.

The demand on LoopNet for multifamily properties listed in the Charlotte Metro Area has dropped 2.6% since December 2011, 20.1 percentage points less than the 17.5% increase in the national average. Demand has risen year-over-year though, increasing 12.1% over the past year. The yearly change ranks the Charlotte Metro Area twenty-fifth out of the top 48 metros.

Demand on LoopNet for office properties spiked in the Charlotte Metro Area market, rising 13.2% since December 2011, 8.6 percentage points less than the 21.8% increase in the national average. Demand for office properties also increased by 27.1% over the past year. The yearly change ranks the Charlotte Metro Area sixteenth out of the top 48 metros.

Charlotte Metro Area ranks fifth out of the top 48 metros in terms of interest growth for industrial properties listed on LoopNet over the past year. Demand has increased 49.3% during that time. Interest on LoopNet for industrial properties listed in the Charlotte Metro Area market has risen 16.2% since December 2011, 6.2 percentage points less than the 22.4% increase in the national average.

Demand on LoopNet for retail properties spiked in the Charlotte Metro Area market, rising 21.1% since December 2011, 1.4 percentage points more than the 19.6% increase in the national average. Demand for retail properties also increased by 33.5% over the past year. The yearly change ranks the Charlotte Metro Area ninth out of the top 48 metros.

There has been a two month upward trend month-over-month in available square footage for sale for office properties. The square footage available for sale for office properties in the metro area has risen 6.5% over the past year. The rise in supply, combined with the drop in days on market, makes it seem that market conditions are bringing buyers back in.

The available square footage in the metro area has been rising two months in a row month-over-month for industrial properties, a 0.7% increase. However, this has yet to offset the drop of 13.4% over the past year. The available square footage for industrial properties has risen 0.5% versus last quarter. But for the year, square footage is down 13.4%. The drop in supply and the shorter time on market has caused prices to go up, and may continue to do so. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

Square footage for retail properties has risen 3.6% versus the end of last quarter. For the year, square footage is up 16.7%. There has been a 16.7% increase in square footage available for sale over the past year in the metro area. The rise in supply, combined with the drop in days on market, makes it seem that market conditions are bringing buyers back in. Also, the rise in supply and sale prices makes it appear that more suppliers are coming into the market to take advantage of the rising prices.

Over the past two months, multifamily properties has seen a steady increase of 2.3% available in number of units in the metro area. This was insufficient to offset the 5.1% decrease of the past year. The number of units available for sale for multifamily properties in the metro area decreased 5.1% year-over-year and 17.2% compared to the end of the fourth quarter of 2011. Soft market conditions are likely to persist as inventory is staying on the market longer.

Compared with a year earlier, multifamily properties in the Charlotte Metro Area are staying on the market longer, and the gap is greater at the metro level than at the state level. Multifamily properties now stay on the market an average of 181 days, up 13% from last year. At the state level, these properties are on the market for 178 days, an increase of 3.9% year-over-year. Compared with June 2009, when the time on market was at its lowest, these properties are now on the market 88.5% longer.

Days on market for office properties in the Charlotte Metro Area fell 10.9% from last year, to 259 days. Over the same period, days on market in North Carolina overall have fallen by 2.5%. From the lowest point, which was set in April 2009, time on market has risen 38.6%.

The time on market for industrial properties in the Charlotte Metro Area is 260 days, down by 15.8% from last year. During the same period, days on market in North Carolina have dropped 13.1%. From its lowest point in August 2009, the number of days on market have increased 68.9%.

The time on market for retail properties in the Charlotte Metro Area has fallen 11% from last year, to 205 days. Overall in North Carolina the time on market has dropped even further as a percentage, by 20.7%, to 170 during the same time period. Compared with April 2009, when time on market was its shortest, it has climbed 22.9%. The time that retail properties stay on the market has risen 10.6% over the past four months.

Asking rates for office properties have fallen 0.2% to $16.91 per square foot over the past quarter. However, over the past year asking lease rate have risen 2%. Lease rates for office properties reached a three-year high in April 2009 at $17.86 per square foot. In comparison, the current median asking price is down by 5.1%. The lowest asking lease rate over the past three years was $15.63 in May 2006.

The average asking lease rate for industrial properties in the metro area was $5.73 per square foot for the month. This represents a decrease of 4.3% year-over-year as well as a decrease of 2% compared to the end of the fourth quarter of 2011. Lease rates for industrial properties reached a three-year high in December 2008 at $6.75 per square foot. The current median asking lease rate is 2.5% lower. The lowest asking lease rate over the past three years was $5.31 in July 2006.

For retail properties in the metro area, the average asking lease rate was $16.02 per square foot for the month. This is down 2.5% from the previous year, and down 6.1% from the end of the fourth quarter of 2011. In April 2009, the asking rates for retail properties were at their highest in the past three years at $17.78 per square foot. In comparison, the median asking price is now 1.8% lower. The lowest asking lease rate in the past three years was $15.19 set in July 2006.

For four consecutive months, the number of office spaces available has seen a month-over-month decline, 1.4% overall. The number of office spaces available in the Charlotte Metro Area has fallen 8.5% over the past year.

This is the thirteenth month of a month-over-month downward trend in available industrial spaces in the metro area, a 14.3% decline. In the past year, the Charlotte Metro Area has seen a 14.3% decline in the number of available industrial spaces.

The number of retail spaces available in the metro area has fallen two months in a row month-over-month, declining 0.5%. The number of available retail spaces has fallen by 9.3% over the last year in the Charlotte Metro Area.

Demand on LoopNet for office properties spiked in the Charlotte Metro Area market, rising 28.9% since December 2011, 0.1 percentage points more than the 28.8% increase in the national average. Demand for office properties also increased by 25.4% over the past year. The yearly change ranks the Charlotte Metro Area thirty-sixth out of the top 48 metros.

Demand on LoopNet for industrial properties spiked in the Charlotte Metro Area market, rising 27.4% since December 2011, 1.5 percentage points more than the 25.8% increase in the national average. Demand for industrial properties also increased by 24.7% over the past year. The yearly change ranks the Charlotte Metro Area twenty-eighth out of the top 48 metros.

Demand on LoopNet for retail properties spiked in the Charlotte Metro Area market, rising 22% since December 2011, 3.3 percentage points less than the 25.3% increase in the national average. Demand for retail properties also increased by 23.8% over the past year. The yearly change ranks the Charlotte Metro Area twenty-fourth out of the top 48 metros.

The available square footage for office properties has risen 0.3% versus last quarter. But for the year, square footage is down 8.3%. The square footage available marks a 8.3% decline over the past year.

The month-over-month rise in available square footage for industrial properties is now in its second month, representing a 0.6% increase, but is insufficient to offset the decline of 24.7% over the past year.

There has been a three month upward trend in available square footage for retail properties, representing a 3.7% upward trend, but it was not enough to offset the 12.8% decline seen in the past year. The available square footage for retail properties has risen 0.6% versus last quarter. But for the year, square footage is down 12.8%.

Office properties in the Charlotte Metro Area are staying on the market longer than they did during the same time last year, and the change is greater than that at the state level. They are now on the market for 340 days before being sold, 18.1% longer than last year. Meanwhile, the days on market at the state-level has risen 8.9% to 309 days. Compared with April 2009, when time on market was its shortest, it has now gotten 92.4% longer.

Industrial properties in the Charlotte Metro Area are on the market longer compared with the same month last year, and this gap is greater than that at the state level. Industrial properties now stay on the market an average of 318 days, up 20% from last year. Meanwhile, they stay on the market 344 days at the state level, up 4.7%. From the lowest point, which was set in May 2009, time on market has risen 67.3%.

Compared with a year earlier, retail properties in the Charlotte Metro Area are taking longer to move, and the change in days on market is greater than that at the state level. They now last 379 days on the market at the metro level, an increase of 30.3% year-over-year. At the same time, days on market for the state level have risen 1.8% to 301 days. This month set a new high point for time on market. Previously, the longest these properties stayed on market was 367 days, a high established last month. The time on the market of retail properties has now increased 16.7% for the past five months.