Los Angeles sales volume hits 10-year high in 2016

Los Angeles office sales volume climbed to a 10-year high in 2016, reaching $9.6 billion in total sales year-over-year, according to a report by L.A. County office.

As demand continues to rise, driven largely by media and entertainment companies, prices are rising as well. The average price for office assets sold in the county reached $430 per square foot in 2016 — a 39 percent increase year-over-year and more than twice the amount recorded in 2012 or 2014, according to a Bloomberg article.

A total of 88 office property sales, comprising nearly 20 million square feet, closed in Los Angeles County in 2016, according to L.A. County office.

The most active buyer of 2016 was a joint ventur