HOUSTON (Houston Business Journal) – The Bayou City’s commercial property sales dropped 50 percent in the last 12 months, according to research firm LoopNet Inc.

Last year’s cycle, ending in March 2009, had sales totaling $4.7 billion while this year’s reached $2.36 billion. However, the price per sf of industrial property improved to $65 compared with $45 last year.

The price per sf of Houston’s office and retail markets this year dropped from $172 to $110 and $143 to $69, respectively.

The city’s multifamily market showed a $3 million difference in deals closed between the two cycles and an increase of purchase price from $42.2 million to $56.3 million.