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First-Quarter Comparison Rings Up Significant Spike in Sales

HOUSTON-The first quarter ends with $305 million in sales in comparison to last year's $146 million. Despite the first-quarter gain, this year's volume is projected to top $1.8 billion, but not exceed 2004's $2.7 billion take, according to Delta Associates..

By Jennifer D. Duell | Updated on April 27, 2005

HOUSTON-Investors’ interest in the local office market continues to be strong. During the first quarter, office investment sales volume totaled $305 million versus $146 million posted in first quarter 2004, according to Delta Associates Outlook report.

However, office investment in 2005 is not expected to reach 2004 levels. This year, volume is expected to top $1.8 billion in comparison to $2.7 billion in 2004, according to Delta Associates, the Washington, DC-headquartered research arm for Houston-based Transwestern Commercial Services. Nonetheless, office investment in 2005 will still be stronger than activity in 2002 and 2003. Cap rates also are expected to rise over the next couple years.

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