Single-tenant office sales volume declined in both quarters, with $1.9 billion in Q2 and $2.5 billion in Q1, down year-over-year. Cap rates fell slightly but remain above early 2022 lows. The Southeast led Q2 sales, while the West led Q1. Cap rates varied by region, lowest in the Southeast and West, highest in the Midwest. Private buyers dominated Q2 acquisitions, while institutional investors led in Q1. REIT/listed acquisitions increased in both quarters.
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