{"id":1004538491,"date":"2021-06-08T09:27:01","date_gmt":"2021-06-08T17:27:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004538491"},"modified":"2022-12-08T17:11:04","modified_gmt":"2022-12-09T01:11:04","slug":"top-5-markets-for-office-transactions-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-office-transactions-2\/","title":{"rendered":"Top 5 Markets for Office Transactions"},"content":{"rendered":"

Some $19 billion worth of office assets across 68 million square feet changed hands year-to-date through April, according to CommercialEdge data. Dollar volume recorded a 66 percent dip from the same period in 2020 when transaction volume exceeded $26 billion. So far this year, investors mostly focused their attention on fully leased assets and tech-centered campuses in gateway markets, as well as local landmarks.<\/p>\n

The metros below represent the top-performing markets for office transactions, based on CommercialEdge data. Transaction volume in each of these surpassed the billion-dollar mark, with the total amounting to more than $8 billion. This translates into 36 percent of the nation\u2019s total sales volume.<\/p>\n\n\n\n\n\n\n\n\n
Rank<\/strong><\/td>\nMarket Name<\/strong><\/td>\nTransaction Volume ($MM)<\/strong><\/td>\nTotal Properties Sold<\/strong><\/td>\n<\/tr>\n
1<\/td>\nBay Area<\/td>\n$2,938.88<\/td>\n40<\/td>\n<\/tr>\n
2<\/td>\nSan Francisco<\/td>\n$1,522.62<\/td>\n11<\/td>\n<\/tr>\n
3<\/td>\nSeattle<\/td>\n$1,300.56<\/td>\n44<\/td>\n<\/tr>\n
4<\/td>\nDallas-Fort Worth<\/td>\n$1,269.63<\/td>\n28<\/td>\n<\/tr>\n
5<\/td>\nManhattan<\/td>\n$1,026.18<\/td>\n5<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: CommercialEdge<\/em><\/p>\n

5. Manhattan<\/h2>\n
\"\"<\/a>

410 10th Avenue. Image courtesy of SL Green Realty Corp.<\/p><\/div>\n

Transaction volume as of April totaled more than $1 billion in Manhattan, encompassing five properties trading at an average of $1,220 per square foot\u2014the highest price among the markets on the list. In the borough’s largest transaction this year so far, The 601W Cos. acquired 410 10th Avenue for $809.9 million<\/a> from an SL Green Realty Corp. joint venture.<\/p>\n

The 638,000-square-foot Chelsea high-rise changed hands at $1,336 per square foot, with JPMorgan Chase providing $809.9 million in acquisition financing. Amazon anchors the building and occupies more than 350,000 square feet. The deal represents institutional investors\u2019 ongoing interest<\/a> in well-located, premier assets and landmark properties leased by a roster of prestigious tenants.<\/p>\n

4. Dallas-Fort Worth<\/h2>\n
\"\"<\/a>

The Crescent<\/p><\/div>\n

Alongside a handful of Southern markets, Dallas-Fort Worth is poised to recover faster than other metros due to continuous in-migration, which fueled office investment in the first four months of the year. A total of 28 properties changed hands in the metro as of April for a combined $1.2 billion. The deals involved more than 7.6 million square feet, trading at an average of $270.5 per square foot.<\/p>\n

In one of the biggest deals this year through April, Crescent Real Estate paid $700 million for The Crescent<\/a>, a 1.3 million-square-foot mixed-use development in Uptown Dallas. The 2021 March transaction marks a repurchase from JP Morgan Asset Management\u2014Crescent had sold the asset in 2004. The property underwent a $33 million renovation, spearheaded by the former owner in 2016.<\/p>\n

3. Seattle<\/h2>\n
\"\"<\/a>

300 Pine St. Image courtesy of KKR<\/p><\/div>\n

Deals involving big tech names led sales activity in Seattle. Some 3.9 million square feet changed hands for a total of $1.3 billion through April, at an average of $433.98 per square foot. Investors continued to focus on fully leased tech campuses<\/a> and assets anchored by big names such as Amazon or Google.<\/p>\n

In one of the largest office deals in the metro, KKR and Seattle-based Urban Renaissance Group paid $580 million for 300 Pine<\/a>, a 770,000-square-foot landmark office building in Seattle\u2019s retail core. The former Macy\u2019s flagship store spreads across a full block and Amazon occupies the entire office portion.<\/p>\n

2. San Francisco<\/h2>\n
\"\"<\/a>

The Exchange on 16th<\/p><\/div>\n

While office properties continued to change hands at record-breaking prices in San Francisco<\/a>, sales activity tempered early this year\u2014only 11 properties totaling 2 million square feet traded for a total of $1.5 billion. The average price per square foot stood at $757.94, making San Francisco the second-most expensive office market in the nation.<\/p>\n

In March, Kilroy Realty Corp. agreed to sell The Exchange on 16th, a 750,000-square-foot premier property in San Francisco\u2019s Mission Bay neighborhood. The asset traded for $1.08 billion<\/a>, or about $1,440 per square foot, marking the highest price per square foot ever paid for a major commercial property in the city.<\/p>\n

1. Bay Area<\/h2>\n
\"\"<\/a>

Uptown Station. Image courtesy of CIM Group<\/p><\/div>\n

The Bay Area hasn\u2019t lost its shine thanks to its thriving tech-centric tenancy, which continues to fuel the office sector’s growth. Investors closed 40 transactions in the market year-to-date through April for a total of $2.9 billion. More than 5 million square feet sold at an average of $623.77 per square foot.<\/p>\n

Singapore-based Mapletree Investments was the Bay Area\u2019s top buyer in the first months of 2021 with its $419 million acquisition of Uptown Station<\/a>. The company purchased the 397,000-square-foot creative office and retail building in Oakland from CIM Group in March.<\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Investment sales in these markets accounted for 36 percent of the nation\u2019s total, according to CommercialEdge data.<\/p>\n","protected":false},"author":741,"featured_media":1004538511,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,22251,21783,41288,23891,21742,21747],"tags":[39329,50674,38853,33134,32883,34217],"class_list":["post-1004538491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-in-focus","category-investment","category-rc-listicles","category-national","category-latest","category-office","tag-topofthelist","tag-commercialedge","tag-crescent-real-estate-holdings","tag-kilroy-realty-corporation","tag-kkr","tag-the-601w-companies"],"acf":[],"yoast_head":"\nTop 5 Markets for Office Transactions - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-office-transactions-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 5 Markets for Office Transactions\" \/>\n<meta property=\"og:description\" content=\"Investment sales in these markets accounted for 36 percent of the nation\u2019s total, according to CommercialEdge data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-office-transactions-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-08T17:27:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:11:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/Top-5-Markets-for-Office-Transactions-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"533\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Corina Stef\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-office-transactions-2\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-office-transactions-2\/\",\"name\":\"Top 5 Markets for Office Transactions - 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