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DALLAS—Texas' top-tier office markets are off to a slow start this year, wrapping up what looks like one of the worst quarters of the last five years. Statewide, the office market recorded a total of 22 sales since the beginning of the year, adding up to $504 million in sales volume and signaling a 63% decline year-over-year, according to data from CommercialCafe.

Out of the 22 sales, only 10 were disclosed-price transactions. Even though sales amassed in the remaining 12 deals would help paint a more favorable picture, overall office sales activity remained slower than usual—the past quarter was the first quarter in five years when fewer than 30 major office deals closed across the top four Texas markets. And, the 5.6 million square feet of inventory that traded during the first quarter was the lowest quarterly total in five years, says the study.

The dollar volume dropped 63% year-over-year, concluding the first quarter with $504 million in disclosed-price transactions, while prices climbed to an average of $199 per square foot through March. The average price per square foot for office properties trading on the four combined Texas markets dropped 32% year-over-year. Average prices are inching back up from falling in fourth quarter 2017, after having reached peak values of nearly $300 per square foot.