NEW YORK CITY—Manhattan continued to record tremendous office sales activity in the first quarter of 2015, with 15 trades totaling $5.2 billion.

This represents the most robust first quarter since the market's peak in 2007, according to new research from Colliers International tracking investment sales over $20 million. Core properties, many with high-value retail components, dominated the market.

Sales activity may be even stronger in the second quarter of 2015, with nearly $8 billion of transactions under contract. Given this momentum, coupled with rising rental rates, healthy employment, favorable financing terms, intense investor demand, and a lack of value-add opportunities, Colliers International predicts that Manhattan sales volume for the year could hit the highest total since its peak of $30.3 billion in 2007.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.

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