U.S. office real estate transaction volume could approach US$15B in Q1, about double the amount from the same periods of the last two years, reports CoStar Group
April 22, 2011
– Preliminary data for the first quarter of 2011 show an upsurge in office property sales, but top-quality assets in the top five markets continue to garner more investor interest and stronger rebounds in values, CoStar Group reported April 20.
Statistics from CoStar's State of the Office Market First Quarter 2011 webinar show that office transaction volume has already hit about US$12 billion this past quarter, about double from the same periods in the last two years.
CoStar is estimating that total volume for the quarter could approach $15 billion.
New York and Washington, D.C., have each posted about $2 billion so far in office sales volume in the first quarter. The average year-to-date price/square foot in those markets as well as in San Francisco, Los Angeles and Boston all came in at more than $300.
However, those prices were less than $100/square foot in Florida’s Tampa/St. Petersburg, Chicago, Philadelphia, Atlanta, Detroit and Phoenix.
The primary source of this article is CoStar Group, Washington, D.C., on April 20, 2011.