Office Sales Volume Rises, Prices Increase
In the third quarter of 2024, office sales totaled $9.3 billion across 499 transactions, involving 51.4 million square feet of space, CommercialEdge data shows.
This reflects a 9.9 percent decrease in sales count and a 7.2 percent decline in square footage from the second quarter of the year, which encompassed 554 office transactions covering 55.4 million square feet. Nevertheless, total office sales volume increased by 2.2 percent, from $9.1 billion in the second quarter.
The average price per square foot also experienced a notable jump, increasing by 18.3 percent from $161.36 in the second quarter to $190.82 in the third quarter. This reflects higher-value deals despite the overall decline in activity.
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Year-over-year comparisons show some recovery in key areas. The third quarter of 2023 had a higher number of office transactions—584 compared to 2024’s 499—but the sales volume was lower, at $8.1 billion. This marks a 14.8 percent rise in sales volume in 2024, according to CommercialEdge. The square footage transacted in the third quarter of 2024 also saw a slight uptick year-over-year, increasing by 1.2 percent from 50.8 million square feet during the same period in 2023.
Looking at the first three quarters of 2024, the cumulative total of 154.9 million square feet transacted reflects a 25.9 percent drop compared to 2023’s 209 million square feet. Office sales volume in the first three quarters of the year totaled $26.5 billion and reflects a 30.6 percent decline compared to 2023’s $38.2 billion.
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