While Manhattan, N.Y., maintained its ranking as the top market for office transaction deal volume for the 12 months ended March 31, at $15.27 billion, deal volume in the market declined 15.7% year over year, according to data from Real Capital Analytics.
Meanwhile, office deal volume in New York City's outer boroughs soared 168.6% year over year during the 12-month period to $2.68 billion.
The majority of markets logged yearly increases in retail transaction volume during the period. Los Angeles topped the list, logging 157 retail transactions totaling $5.15 billion in deal volume, a 47.3% increase year over year in terms of total dollar amount. Manhattan and Houston followed, with retail transaction volume up 35.6% and 119%, respectively.
Chicago led with the largest industrial deal volume for the 12 months, at $5.77 billion, while Dallas led for apartment volume, at $9.19 billion.
Within the most populous U.S. markets, apartment deals continued to average the lowest cap rates of all property types. Apartment transactions in Los Angeles averaged cap rates of 4.4%, while deals in New York City's outer boroughs and San Diego averaged 4.5% cap rates. Apartment transactions in the Seattle and Boston markets also averaged sub-5% cap rates.
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