Land Prices Rising
Land sales prices increased to their highest level in years in 2019, producing a high dollar volume of sales, but cutting the total acreage sold from last year’s high.
>> Land sales increased in the fourth quarter of 2019
>> Number of sales, acres sold and sales volume all increased
>> Sales were dominated by industrial land
In 2019, a total of 3,630 acres were sold with a sales volume of $1.41 billion and an average price of $8.94 per square foot. Occupancy in commercial buildings remained at 90.7 percent in the fourth quarter of 2019, 1.1 points higher than one year ago. A total of 939,222 square feet of new commercial space was completed on 132.61 acres in 2019. An additional 4.7 million square feet of office and retail product is currently under construction or planned on 695.4 acres.
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