Research - SEPTEMBER 21, 2016

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Manhattan tops list of U.S. office investment markets

by Andrea Waitrovich

Manhattan is the most expensive market for office investment in the United States, at $903 per square foot, according to Transwestern’s “Top 10 most expensive cities for commercial office investment” report. The were 140 office transactions in Manhattan during the first half of 2016, totaling more than $26.58 billion, making it also the market with the highest total volume.

Cross-border investors are the primary source of capital in the Manhattan office market, followed by domestic institutional investors. Cross-border investment has doubled since 2014, accounting for 45 percent of investment in 2016. The largest sources of capital sources were Canada, China, Germany, Norway, Saudi Arabia and the United Kingdom.

San Francisco follows as the second-most expensive office market in the United States. The City by the Bay saw 71 transactions, totaling $5.04 billion at an average cost of $571 per square foot. Some market drivers include limited del

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