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Office sales set total volume and price per square foot records in 2017

  • ​​Based on properties 50,000 square feet and greater, office sales activity in 2017 has set new records based on the first three quarters of a year.
  • From Q1 through Q3, 2017 total sales volume of $1.9 billion broke the previous record set in 2015 of $1.7 billion. Additionally, the 2017 average price per square foot of $286 shattered the 2008 price point of $282.
  • The largest transaction in 2017 saw FivePoint Holdings purchase the 1 million square foot, four building FivePoint Gateway project from Broadcom in a sale-leaseback deal for $443 million ($426 per square foot). Broadcom agreed to lease two of the buildings for 660,690 square feet.
  • Private capital firms are very active in the Orange County market of which they are attracted to the growing local economy and favorable market conditions including low vacancy and rising rents. 

Source: JLL Research

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