The office sector has posted the strongest year-over-year increase in sales activity of all asset classes, with $4 billion in sales for November. That's a 36% increase, from the previous month, according to research from Colliers.
While the number of deals remained constrained, multiple above $100 million closed in November, including the $255 million sale of 799 Broadway in Manhattan, and the Los Angeles County acquisition of the Gas Company Tower for $200 million, or $152 per square foot.
Multifamily marked six consecutive months of year-over-year volume gains in November. Sector sales volumes topped $10 billion in each of those months, said Colliers. The sector logged two major acquisitions during November that drove sales volume. Standard Communities bought a 6,000-unit affordable housing portfolio in Arizona, California, Colorado and Texas for $1 billion. Meanwhile, Brookfield Asset Management purchased an eight-property, 4,143–unit portfolio from BREIT for $845 million with properties across Arizona, Ohio, Nevada and North Carolina.
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Industrial sales volume increased 3% to $6.2 billion in comparison with November 2023, the report said. More industrial properties traded in November than in October due to a departure from the overall market trend. During the month, Peakstone Realty Trust acquired a $490 million industrial outdoor storage portfolio from Alterra Property Group and JP Morgan Asset Management. In addition, EQT Exeter remained active in November, acquiring a 31-property portfolio from Raith Capital Partners and Equity Industrial Partners.
Retail has not shown a meaningful rebound in sales activity, said Colliers. After experiencing a modest monthly gain in October, volume in the sector fell below last year’s levels in November, with only 232 properties trading in November for a total of $2.7 billion. Lightstone Group bought The Outlet Collection Seattle in Auburn, Washington, for $82 million, or $88 per square foot. In Matthews, North Carolina, Windsor Square sold a property to Hackney Real Estate Partners for $70.1 million, or $106 per square foot, while Vanderbilt University acquired the Park Place Shopping Center in Nashville for $66.9 million, or $1,115 per square foot.
Sales took a step back in November in the hospitality sector, falling below $1 billion in volume for the first time since April 2023. There were no major resort trades to help drive activity, said Colliers. Prospect Ridge acquired the 228-room Holiday Inn Express in Manhattan’s Chelsea neighborhood for $59.8 million, or $262,412 per key. Crowne Plaza North Augusta in South Carolina traded for $37 million, or $205,556 per key.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
