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Office Properties Selling at Deep Discounts in Key Markets

Western cities are the most expensive markets, led by San Francisco.

By Kristen Smithberg | October 23, 2024 at 05:15 AM

Office properties in key markets continue to sell at lower prices than they did before 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.

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