According to LoopNet, the average sale price per square foot for office properties in the Phoenix metro area has risen to $73.15, a 4.5% increase compared to the end of last quarter,despite a demand on LoopNet for office properties having spiked in the Phoenix Metro Area market, rising 26.7% since December 2011. While the median sale price per square foot for office properties in the metro area has been increasing for five consecutive months, it is still down year-over-year. Sale prices are down 14.3% from a year ago. The highest median price of the past three years was set in April 2009 at $150.84. The current median sale price is 51.5% lower. However, the current price is 5% above the three-year-low of $69.65 set in November 2011.
For the past 17 months, available square footage for sale has declined month-over-month for office properties. Office properties in the metro area have seen a 22.6% drop in square footage for sale over the past year.
While interest in office properties for lease listed on LoopNet has risen 12.3% over the past year, Demand on LoopNet for office properties spiked in the Phoenix Metro Area market, rising 33.6% since December 2011. Office properties listed for lease in the Phoenix Metro Area days on the market is196 days, which is 7.7% shorter than last year. This month, days on market in the metro area reached a new low.
This information is for informational purpose and not intended to be investment advise, and should be explained to you in detail. You should always feel free to consult an attorney and/or tax adviser to obtain further information you deem necessary. I want you to be prepared.