Office properties in key markets continue to sell at lower prices than they did prior to the pandemic, according to a Commercial Edge national market report.

The average sale price of office space in Chicago, for example, has dropped by more than half from $217 per square foot to $98 per square foot. Beacon Capital Partners acquired 333 West Wacker Drive for $125 million earlier this year, representing Chicago's largest office sale in two years. This was a steep discount to the $320 million the property fetched in 2015, the report noted.

Nearly $24 billion in office sales have been recorded across the country through the end of September, with properties trading at an average of $171 per square foot. Transactions have maintained a steady pace in markets like Manhattan, Washington, D.C., the Bay Area and Dallas-Fort Worth. Los Angeles, Phoenix and Boston each neared the $1 billion mark for office sales through the third quarter.