Reis reports office property sales took off in the second quarter, with 11 transaction $53.6 million.* There has not been a double-digit quarterly sales volume in this market since the fourth quarter of 2007. The year-to-date sales volume of 15 sales is already on track to surpass 2011’s annual total of 20 transactions. For the second quarter, Reis reports a mean price per square foot of $107. The mean cap rate is 9.7%, and the 12 month rolling cap rate is 9.9%. Leading second quarter sale was the June sale of Palisades II, at 90,830 square feet, for $10.5 million ($116 psf).