With October coming to a close we can review how the average price per square foot has performed compared to the same time last year.
The average price per square foot for the month of October 2023 was $1.20 a 22.47% decrease YoY when compared to the $1.55 price per square foot in October 2022. This is even a 1% decrease from October 2019, which was pre-Covid, where the price per square foot was $1.21.
This dip in pricing comes after the end of Q3. It will be interesting to see what the REITs report for their earnings of Q3. It is possible that they are continuing to lower their asking rates to increase occupancy, in favor of a long term pricing strategy where they can increase in place rates for new renters a few months after they are leased up.
