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​​U.S. Office investment*
Investment sales (YTD, billions of $US)
Year-to-date investment sale growth (%)
Average cap rate (%)
12-month change in cap rate (bp)
U.S. Office property market*
12-month change in total vacancy (bps)
​​12-month net absorption (% of inventory)
12-month completions (% of inventory)
12-month rent growth (per unit, %)
  • New supply is outpacing demand, applying upward pressure on office vacancy.

  • Sizeable third quarter decline in activity positions 2017 for the highest year-over-year volume decline of the current cycle.

  • Despite broad declines in activity, secondary markets seeing largest share of overall investment since 2009.

  • Although leading year-to-date foreign office investment, Chinese capital pulled back in the third quarter.

  • Office investors continue to favor higher-quality assets in wake of uncertainty.

*Data is from Q3 2017 U.S. Office Investment Quick Look

U.S. Office cap rate map

Map data is from H1 2017

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