The value of office buildings sold in the U.S. in the first five months of the year dove by almost two-thirds from $35.3 billion as of May 2022 to $11.9 billion as of May 2023, according to a comparison of data from CommercialEdge's National Office Reports.
Furthermore, the national average sale price of an office building slumped 22% between May 2022 and May 2023 from $250 to $195 per SF, the company's June 2023 report noted. It is based on an analysis of 25 metro areas.
Manhattan has come out on top so far this year with total sales of $1.13 billion, followed by Los Angeles with $1.013 billion. At the same time Los Angeles also recorded one of the steepest price drops in the nation, slumping 43% from $412 last year to $237 per SF this year.
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