The Manhattan, N.Y., office market logged $17.52 billion of property sales over the last 12 months through the end of the first quarter, the largest transaction volume of any market or property type in the U.S. by dollar value, according to data from Real Capital Analytics, or RCA, which tracks commercial real estate transactions.

Among the top 15 most populous markets tracked by RCA, the lowest average cap rate — a measure of yield — in the last 12 months was on industrial property deals in the outer boroughs of New York City, at 4.17%. Los Angeles had the second-lowest average industrial deal cap rate at 4.84%.

Multifamily deals also averaged sub-5% cap rates in the New York City outer boroughs and in the West Coast markets of Los Angeles, San Diego and Seattle.

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