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This year’s second quarter marks a 33% drop in sales, from Q2 2016 – a slump not all too irregular for the Boston office market<\/a>, which encompasses more than 215 million square feet. The average price per square foot seems to have reached maximum heights during 2017’s first quarter and is now on a slight downturn. Despite a slow office market, with the least square footage traded and the least number of deals closed than in any quarter of the past five years, developers have been confidently bringing more Class A office space to the market.<\/p>\n Find the key takeaways below and read on to see how the Boston office market fared this past quarter:<\/p>\n June wrapped up with only eight assets larger than 50,000 square feet sold in Q2 at over $5 million each, in an economy that averages roughly 19 such deals per quarter. The Q2 2017 sales volume amounted to just over $1 billion, even with\u00a0two\u00a0Downtown-Financial District office<\/a>\u00a0portfolios changing hands between April and June of 2017. This is a 48% drop in sales volume from Q1, when 13 assets traded above the $5 million mark, and amassed just over $2 billion.<\/p>\n Meanwhile, the drop from Q2 2016 is slightly less sharp, as sales volume during Q2 2017 dropped 33% year-over-year.<\/p>\n\n
Q2 Sales Volume Follows Drop in Number of Sales<\/h3>\n