Within the final quarter of 2024, workplace gross sales totaled $9.1 billion with 365 transactions closing, totaling 46.9 million sq. toes, in accordance with the newest CommercialEdge knowledge.
When in comparison with the earlier quarter, there was a 37.1 p.c decline in gross sales rely nationally and a 25.3 p.c drop in sq. footage. Throughout the third quarter of 2024, there have been 580 offers involving 62.8 million sq. toes. By way of greenback quantity, the final quarter confirmed a 9.9 p.c decline in workplace gross sales quantity when in comparison with the $10.1 billion recorded within the third quarter.
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However, the typical sale value per sq. foot recorded a 32.1 p.c improve—leaping from the $174.03 within the third quarter to $229.93 within the final three months of 2024. Costs confirmed a consisted upward development all through the previous 12 months, regardless of a decline in general gross sales rely.
Yr-over-year comparisons additionally present a decline in workplace funding exercise. The final quarter of 2023 ended with $11.2 billion throughout 612 workplace gross sales—representing an 18.7 p.c drop in gross sales quantity and a 40.3 p.c decline in transaction rely, in accordance with CommercialEdge. The identical development is mirrored in sq. footage: in 2023’s final quarter 63.6 million sq. toes modified arms, marking a 26.2 p.c drop when in comparison with the identical interval in 2024.
Fewer workplace gross sales transpired in 2024
By way of annual deal volumes, 2024 ended with 214.3 million sq. toes buying and selling throughout 1,971 transactions. Final 12 months’s sq. toes transacted confirmed solely a 1.1 p.c drop when in comparison with 2023’s 216.8 million sq. toes, whereas it displays an roughly 9.1 p.c drop in gross sales rely when trying on the 2,168 workplace offers recorded in 2023.
Final 12 months’s complete workplace transaction quantity reached $35 billion, exhibiting a 7.4 p.c decline when in comparison with the $37.8 billion recorded in 2023.
—Posted on January 28, 2025
