Hattiesburg Commercial Real Estate Prices-April 2020

In this article we examine the Hattiesburg commercial real estate market, with a closer look at office, retail, shopping center and vacant land prices.

Office Market

There are 80 office properties in the Hattiesburg MSA market, with 52 for lease averaging $14.70/SF and 28 for sale averaging $76.86, with the average property on the market for 220 days. Over the last 9 months, supply for lease has decreased 25% from the peak of almost 200,000 square feet to 150,000 square feet currently. The result of the reduced supply has been a increase in the average lease rate from $10/SF to $14/SF. 

Retail Market

 There are 67 retail properties in the Hattiesburg MSA market, with 37 for lease totaling 223,336 SF averaging $7.26/SF and 30 for sale totaling 285,837 SF averaging $77.35/SF. The average property takes 152 days to lease or sell.

Shopping Center Market

 There are 51 shopping center properties in the Hattiesburg MSA market, with 47 for lease totaling 108,211 SF averaging $10.16 and 4 for sale totaling 155,487 SF averaging $63.33/SF. 

Vacant Land Market

There are 81 vacant land listings in the Hattiesburg MSA market, with 9 for lease totaling 402,455 SF averaging $5.24 per square foot and 72 for sale totaling 74 million SF averaging 90 cents per square foot. The average vacant land is on the market for 1,255 days.