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NEW YORK CITY-Bad news for those industry watchers—and participants—who say the office market hasn’t rebounded: the sector is back in full force. The Manhattan office property sales market reached $866 per square foot in the third quarter, according to new research from Colliers International. If 2013 closes at or above this level, it would register as the all-time highest single-year average price per square foot for Manhattan office property sales, the report states.

Additionally, assuming that momentum in the Manhattan sales market does not stall as a result of the political stalemate in Washington, DC, total transaction volume for calendar year 2013 has a chance of exceeding $20 billion, which would place the aggregate value as one of the largest office property sales years ever, second only to 2007, at $30.3 billion.

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