{"id":1004668460,"date":"2023-06-23T07:26:20","date_gmt":"2023-06-23T15:26:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004668460"},"modified":"2024-02-14T05:00:21","modified_gmt":"2024-02-14T13:00:21","slug":"top-5-northeast-markets-for-office-transactions","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/top-5-northeast-markets-for-office-transactions\/","title":{"rendered":"Top 5 Northeast Markets for Office Transactions"},"content":{"rendered":"<div id=\"attachment_1004668461\" style=\"width: 837px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Top-5-Northeast-Markets-for-Office-Transactions.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004668461\" data-attachment-id=\"1004668461\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/top-5-northeast-markets-for-office-transactions\/top-5-northeast-markets-for-office-transactions\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Top-5-Northeast-Markets-for-Office-Transactions.jpg\" data-orig-size=\"827,400\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Top 5 Northeast Markets for Office Transactions\" data-image-description=\"&lt;p&gt;https:\/\/pixabay.com\/ro\/photos\/jersey-city-new-jersey-sua-america-3994051\/&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Image by 1778011 via Pixabay.com&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Top-5-Northeast-Markets-for-Office-Transactions.jpg?w=827\" class=\"wp-image-1004668461 size-full\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Top-5-Northeast-Markets-for-Office-Transactions.jpg\" alt=\"commercialedge office investment\" width=\"827\" height=\"400\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Top-5-Northeast-Markets-for-Office-Transactions.jpg 827w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Top-5-Northeast-Markets-for-Office-Transactions.jpg?resize=300,145 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Top-5-Northeast-Markets-for-Office-Transactions.jpg?resize=768,371 768w\" sizes=\"auto, (max-width: 827px) 100vw, 827px\" \/><\/a><p id=\"caption-attachment-1004668461\" class=\"wp-caption-text\"><em>Image by 1778011 via Pixabay.com<\/em><\/p><\/div>\n<p>The office landscape is currently navigating <a href=\"https:\/\/www.commercialsearch.com\/news\/what-lies-ahead-for-the-office-sector-in-2023\/\">a period of transformation and adaptation<\/a>. Amidst this changing environment, the life sciences and health-care sectors emerged as key drivers of office investment in the Northeast, where companies within these industries continue to demand modern, specialized spaces to facilitate innovation and collaboration.<\/p>\n<p>Some $3.2 billion worth of office assets across 15 million square feet changed hands year-to-date in the region through May, according to <strong>CommercialEdge<\/strong> data. Sales volume recorded a 64 percent drop from the same period in 2022, when transaction volume exceeded $8.9 billion.<\/p>\n<p>The metros below represent the top-performing markets for office transactions in the Northeast, based on CommercialEdge data. Transaction volume in these markets amounted to more than $2.8 billion, or 87.5 percent of the region\u2019s total sales volume.<\/p>\n<p><iframe id=\"datawrapper-chart-w4KZC\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"[ Insert title here ]\" src=\"https:\/\/datawrapper.dwcdn.net\/w4KZC\/1\/\" height=\"356\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<h2>1. Manhattan<\/h2>\n<div id=\"attachment_1004662280\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/new-york-3651503_1920-e1683839379637.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004662280\" data-attachment-id=\"1004662280\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/office-revival-program-coming-to-midtown-manhattan\/new-york-3651503_1920\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/new-york-3651503_1920-e1683839379637.jpg\" data-orig-size=\"1598,1200\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"new-york-3651503_1920\" data-image-description=\"&lt;p&gt;https:\/\/pixabay.com\/photos\/new-york-time-square-broadway-3651503\/&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Midtown Manhattan. Image by chatst2 via Pixabay&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/new-york-3651503_1920-e1683839379637.jpg?w=1024\" class=\"wp-image-1004662280 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/new-york-3651503_1920-e1683839379637.jpg?w=300\" alt=\"Midtown Manhattan\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/new-york-3651503_1920-e1683839379637.jpg 1598w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/new-york-3651503_1920-e1683839379637.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/new-york-3651503_1920-e1683839379637.jpg?resize=768,577 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/new-york-3651503_1920-e1683839379637.jpg?resize=1024,769 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/new-york-3651503_1920-e1683839379637.jpg?resize=1536,1153 1536w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004662280\" class=\"wp-caption-text\"><em>Midtown Manhattan. Image by chatst2 via Pixabay<\/em><\/p><\/div>\n<p>Manhattan continues to reign as the premier office market in the Northeast. Office sales volume totaled a little over $1 billion year-to-date in May, nearly on par with the investment volume recorded during the same time last year, when 13 properties encompassing 2 million square feet were sold for a total of $966 million. Furthermore, Manhattan continues to maintain an impressive average price of $711.93 per square foot.<\/p>\n<p>Eight properties totaling 1.4 million square feet changed hands during the first five months of the year. The largest sale consisted of <strong>Vanbarton Group<\/strong>\u2019s disposition of Fifteen Laight, a 111,000-square-foot premier office building in the Tribeca submarket. The asset changed hands <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-nyc-office-building-sales-february-2023\/\">in February<\/a> in a $273.5 million deal\u2014or 2,465.19 per square foot\u2014and was purchased by <strong>Hyundai<\/strong>.<\/p>\n<h2>2. New Jersey<\/h2>\n<p>New Jersey emerges as a strong contender in the Northeast office market. More than 5.9 million square feet across 26 properties traded in the market between January and May 2023 for $751 million\u2014a 50 percent drop in office investment compared to the same period in 2022, when 49 properties totaling 6.9 million square feet changed hands for $1.5 billion.<\/p>\n<p>A joint venture between\u00a0<strong>Onyx Equities<\/strong>\u00a0and\u00a0<strong>Machine Investment Group <\/strong>emerged as one of the most active buyers in the metro. <a href=\"https:\/\/www.commercialsearch.com\/news\/onyx-machine-investment-buy-2-msf-rd-campus\/\">Also in February<\/a>, the partnership acquired <strong>Merck Sharp &amp; Dohme<\/strong>\u2019s former world headquarters, a 108-acre Class A life science campus in Kenilworth, N.J. Sold by the pharma giant, the property traded for $187.5 million.<\/p>\n<h2>3. Boston<\/h2>\n<div id=\"attachment_1004645012\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/boston-g1d29e11d3_1280.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004645012\" data-attachment-id=\"1004645012\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/top-10-markets-for-office-deliveries-in-2022\/boston-g1d29e11d3_1280\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/boston-g1d29e11d3_1280.jpg\" data-orig-size=\"1106,857\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"boston-g1d29e11d3_1280\" data-image-description=\"&lt;p&gt;https:\/\/pixabay.com\/photos\/boston-water-front-city-1448339\/&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Image by bobwright via Pixabay &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/boston-g1d29e11d3_1280.jpg?w=1024\" class=\"wp-image-1004645012 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/boston-g1d29e11d3_1280.jpg?w=300\" alt=\"\" width=\"300\" height=\"232\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/boston-g1d29e11d3_1280.jpg 1106w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/boston-g1d29e11d3_1280.jpg?resize=300,232 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/boston-g1d29e11d3_1280.jpg?resize=768,595 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/boston-g1d29e11d3_1280.jpg?resize=1024,793 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004645012\" class=\"wp-caption-text\"><em>Image by bobwright via Pixabay<\/em><\/p><\/div>\n<p>Boston's office market continues to thrive, appealing to investors seeking a combination of intellectual capital and financial opportunities. Transaction volume as of May totaled close to $707 million, encompassing 13 properties totaling 1.7 million square feet trading at an average of $520.99 per square foot. This represented an 80.9 percent decrease from the $3.7 billion sold during the same period in 2022, when sales included 48 properties encompassing 6.1 million square feet.<\/p>\n<p>In one of the metro\u2019s largest transaction this year so far, <strong>CS Capital Management<\/strong> acquired CenterPoint life science campus in Waltham, Mass., for $578 million. The seller was <strong>TPG<\/strong>, which purchased the three-building property in 2020 for a little over $332 million, CommercialEdge data shows.<\/p>\n<h2>4. Philadelphia<\/h2>\n<p>A total of 20 properties changed hands in Philadelphia between January and May, for a combined $282 million. The deals involved more than 1.9 million square feet. Similar to the national trend, transaction volume decreased when compared to the same period last year, when 3.6 million square feet changed hands for $710 million, a 60.3 percent drop.<\/p>\n<p>In the biggest deal this year through May, <strong>The Buccini\/Pollin Group<\/strong>\u00a0paid $67.8 million for One Tower Bridge, a 270,000-square-foot office development in Conshohocken. The seller was homegrown company <strong>Oliver Tyrone Pulver<\/strong>. Tenants of the 15-story asset include JP Morgan, as well as diverse roster of financial and health-care businesses.<\/p>\n<h2>5. Allentown-Bethlehem, Pa.<\/h2>\n<p>Investors closed two transactions in Allentown-Bethlehem year-to-date through May for a total of $82 million. More than 396,000 square feet sold at an average of $207.71 per square foot. This represents twice as much in office investment when compared to the volume recorded in the first five months of 2022, when five properties totaling 565,000 square feet traded for $27.6 million.<\/p>\n<p>Wisconsin-based <strong>Hammes Co.<\/strong> was the market\u2019s top buyer in the first months of 2023 with its\u00a0$70 million acquisition of Integrated Health Campus. The company purchased the 301,000-square-foot medical office complex in Allentown from <strong>North Star Construction Management<\/strong> in January.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Deal volume in these markets topped $2.8 billion in May, CommercialEdge data shows.<\/p>\n","protected":false},"author":741,"featured_media":1004668463,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22251,21783,41288,23891,10,21747],"tags":[39329,50674,32920,33745,34285],"class_list":["post-1004668460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-investment","category-rc-listicles","category-national","category-northeast","category-office","tag-topofthelist","tag-commercialedge","tag-hyundai","tag-onyx-equities-llc","tag-the-buccinipollin-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Top 5 Northeast Markets for Office Transactions<\/title>\n<meta name=\"description\" content=\"Office investment volume in 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