The total Hattiesburg MSA commercial real estate market for the top four sectors for sale totals $125 million, with 72,000,000 square feet of land for sale, valued at $68,000,000 comprising 55% of the market and the other top three categories, office, retail and shopping centers valued almost equally.
There are 67 office properties on the market, with 43 for lease averaging $14.45/SF and 24 for sale averaging $95.69, 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.
There are 66 retail properties on the market, with 39 for lease totaling 198,255 SF averaging $8.35/SF and 27 for sale totaling 204,896 SF averaging $78.55/SF.
Shopping Center Market
There are 64 shopping center properties on the market, with 59 for lease totaling 161,189 SF averaging $10.38 and 5 for sale totaling 254,397 SF averaging $77.15/SF.