WASHINGTON, DC–Last year the Washington DC area was the rare market that exhibited investment sales growth compared with the rest of the nation. New stats from CBRE show that office investment sales volume in the Washington DC metro area came to $7.8 billion in 2017, compared with the $6.4 billion that posted in 2016.
Foreign investment accounted for 42% of the total activity, with most of the capital coming from Japan, Norway and Canada. Spencer Levy, CBRE's Americas Head of Research, says that global capital flows will increase this year after 2017's “down year”, which was partially due to China placing controls on the export of capital to commercial real estate.
In addition, last year saw the area's price per square record topped with the sale of 900 16th St, NW for $1,252 per square foot. In that transaction, a JV between Norges Bank Real Estate Management and Toronto-based Oxford Properties Group acquired the 135,000-square foot building from JBG Cos. and ICG Properties.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
