Table 13 also presents summary statistics of regression variables by markets. I

notice that the largest average transactions are observed in the Washington, DC area with

an average sales price of $14,800,000, which is a significantly higher than the average

price of $5,353,894 for the entire office sample. Washington, DC also has the largest

average size office property in the sample with a mean square footage of 93,519, which is

also significantly higher than the average square footage size of properties in the sample,

41,718. In contrast, the smallest average transactions based on both price and square

footage of improvements, are observed in Tucson. The average office property in Tucson

had a selling price of only $1,713,384 and is just 15,370 sq. ft. in size. Office properties

sold in Oakland and Los Angeles tend to be the oldest with average ages of 34.82 and

37.96 years, respectively. The market with the newest office properties is Las Vegas. The

mean office building age in Las Vegas is only 14.54 years with a standard deviation of

15.89.

 Approximately 12 percent of the transactions in the office sample involve the

purchase of a replacement property to complete an exchange; 6 percent involve the sale

of a relinquished property; and 3 percent represent both a sale of relinquished property

and purchase of a replacement property in a separate exchange. This is in contrast to the

exchange distribution in apartment markets, where replacement and relinquished property

exchanges were approximately equal in number. The retail data, which will be analyzed

in the next chapter, also contain a much higher number of replacement exchanges than

relinquished exchanges. This leads us to the conclusion that with offices and retail

properties it is often the case that more than one property is involved in the replacement

exchange.