Hattiesburg Office Market
Hattiesburg Office Market Overview
Currently there are 73 properties available in the Hattiesburg office market, with 48 for lease totaling 177,000 square feet, and 25 for sale, totaling 226,000 square feet. The average lease asking rate is $14.97 per square foot but actual lease rates were $10.04 per square foot per year. Office lease rates range from $18 per square foot for the 3 Class A office properties in Hattiesburg to older Class B offices and shopping center rates at $12 to $15 per square foot.
The average office sale price is $78 per square foot and is on the market 485 days. Last month, 2 office spaces were leased at $14.97 per square foot and none were sold.
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Hattiesburg Retail Market
Hattiesburg Retail Market Overview
Currently there are 36 properties available in the Hattiesburg retail market, with 36 for lease totaling 197,000 square feet, and 29 for sale, totaling 261,000 square feet. The average lease asking rate is $7.74 per square foot but actual lease rates were $9.64 per square foot per year.
The average retail building sale price is $91 per square foot and is on the market 152 days. The last 3 months, one retail space was leased at $9.64 per square foot and one was sold at $91 per square foot.
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Hattiesburg Shopping Center Market
Hattiesburg Shopping Center Market Overview
Currently there are 59 properties available in the Hattiesburg shopping center market, with 55 for lease totaling 114,000 square feet, and 4 for sale, totaling 151,000 square feet. The average lease asking rate is $8.86 per square foot but actual lease rates were $7.60 per square foot per year.
The average shopping center sale price is $41 per square foot and is on the market 142 days. The last 3 months, one shopping center space was leased at $10.80 per square foot and one was sold at $83 per square foot.
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Hattiesburg Land Market
Hattiesburg Land Market Overview
Currently there are 83 properties available in the Hattiesburg shopping center market, with 9 for lease totaling 402,000 square feet, and 74 for sale, totaling 77 million square feet. The average lease asking rate is $5.24 per square foot per year and sale prices were 89 cents per square foot. The average listing for land is on the market 255 days.
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Selling land is the most difficult real estate transaction. Often it takes 1-2 years to find a buyer for vacant land because lots of things have to fall into place. It is not just the cost of the land, but the building, the business and hiring the employees all need to be coordinated and financed.