Office investment sales activity reached $2.7 billion in 2004. "Volume is down in 2005 compared to 2004 due to the sale of a number of high-dollar properties in 2004," Scott Price, national director of research for Delta Associates. "However, volume remains strong ... compared to 2001 to 2003 volume." Last year, Shell Plaza sold for $352 million or $196 per sf.
The average price this year has been $103 per sf versus $128 per sf last year, according to the report. Two years ago, the average price was just $87 per sf, Price points out, adding that it factors out to a 20% increase in 18 months in the Greater Houston area.
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