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WASHINGTON, DC-GVA Advantis will soon be releasing its Q2 report on DC area activity. Total sales volume in Q2 registered $1.6 billion, the report will say. That number is significant because it represents an increase from Q1′s dismal results of $936.1 million.

Report author Tonya Ginter tells GlobeSt.com that it is not clear whether this uptick is a fluke or the start of a turnaround for the District. “We saw a lot of higher-end, trophy buildings trade during Q2 which accounts for the volume,” she says. It could be that this increase is a reflection of investors only buying top tier buildings. Still, though, Ginter points out that prices have held steady in the District, Maryland and Virginia, which suggests strong underlying fundamentals for the area.

Q2 sales volume in the District almost doubled, increasing to $982.5 million, up from a first quarter total of $538.3 million, the report found. In Maryland, sales ended Q2 at $148.6 million, from $80.6 million in Q1. In Northern Virginia volume increased to $422.4 million from a Q1 total of $317.2 million. Midway through the year, total investment office sales for the DC area register $2.5 billion.

In the District, the average sales price for an office building was $572 per sf, with class A buildings averaging $662 per sf and class B buildings averaging $412 per sf. The average sales price of an office building in suburban Maryland is now $240 per sf, with class A buildings averaging $251 per sf and class B buildings averaging $237 per sf. In Northern Virginia those numbers are $318 per sf on average, with class A averaging $346 per sf and class B buildings, $268 per sf.

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