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Regional office sales volume well above 10-year average in 2016, nearing pre-recessionary peak

​Greater Philadelphia office investment sales in 2016 totaled more than $2.18 billion, the highest year on record since 2006. While the Central Business District and the Pennsylvania Suburbs led the way with $1.06 billion and $821 million in office sales volumes, respectively, Southern New Jersey’s $184 million in sales occurred across nine projects, the second largest number of transactions by major market. These sales were mainly concentrated in Cherry Hill/Pennsauken.The CBD saw its first infusion of foreign capital in this market cycle, with the trades of 2.0 University Place and Cira Square in the University City submarket. While these properties are significantly leased to government tenants long-term, they provide an interesting benchmark for future University City trades down the line, with both properties trading in excess of $400 per square foot. 

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