Office Sales Volume Rises, Prices Increase

Within the third quarter of 2024, workplace gross sales totaled $9.3 billion throughout 499 transactions, involving 51.4 million sq. toes of area, CommercialEdge information exhibits.

This displays a 9.9 p.c lower in gross sales rely and a 7.2 p.c decline in sq. footage from the second quarter of the 12 months, which encompassed 554 workplace transactions overlaying 55.4 million sq. toes. Nonetheless, whole workplace gross sales quantity elevated by 2.2 p.c, from $9.1 billion within the second quarter.

The common value per sq. foot additionally skilled a notable leap, rising by 18.3 p.c from $161.36 within the second quarter to $190.82 within the third quarter. This displays higher-value offers regardless of the general decline in exercise.

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12 months-over-year comparisons present some restoration in key areas. The third quarter of 2023 had a better variety of workplace transactions—584 in comparison with 2024’s 499—however the gross sales quantity was decrease, at $8.1 billion. This marks a 14.8 p.c rise in gross sales quantity in 2024, in line with CommercialEdge. The sq. footage transacted within the third quarter of 2024 additionally noticed a slight uptick year-over-year, rising by 1.2 p.c from 50.8 million sq. toes throughout the identical interval in 2023.

Wanting on the first three quarters of 2024, the cumulative whole of 154.9 million sq. toes transacted displays a 25.9 p.c drop in comparison with 2023’s 209 million sq. toes. Workplace gross sales quantity within the first three quarters of the 12 months totaled $26.5 billion and displays a 30.6 p.c decline in comparison with 2023’s $38.2 billion.