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YTD office sales volume tops $93b, as of Q3
A resurgence of large, single-asset transactions pushed U.S. office investment volume up to $93.1 billion in the first three quarters of 2018, according to JLL Research’s U.S. Office Investment Quick Look. JLL reports an uptick in U.S. office opportunities led to a strong third quarter, with office transaction volumes in the first nine months of the year up 2.9 percent on the same period of 2017.
Overall leasing activity is in line with recent quarters, reports JLL, but tenants’ flight to quality accelerated in 2018, leading to increased office availabilities in class B and C assets. The national office vacancy rate increased 40 basis points in the first three quarters of 2018 and is anticipated to increase further as the supply-demand dynamic continues to shift.
A number of trends are affecting the U.S. office sector:
Coworking is growing rapidly, with leasing activity showing no slowdown during the third quarter. Transaction volume