Approximately 16 percent of office property buyers reside out-of-state; out of

8,871 office sales 1,418 involved an out-of-state buyer. This is in sharp contrast to

apartment sales where only 7 percent of sales were completed by out-of-state buyers. The

markets with the highest share of out-of-state buyers are: Washington, DC, 44 percent;

Las Vegas, 38 percent; Phoenix, 30 percent; and Dallas/Forth Worth, 25 percent. Other

markets of potential interest when quantifying the price effect of out-of-state buyers

include Denver with 16 percent out-of-state buyers; Chicago, 11 percent; Tampa, 14

percent; Tucson, 13 percent; San Diego, 10 percent; Seattle, 9 percent; Fort Lauderdale, 8

percent; and Los Angeles, 4 percent.

 Approximately 4 percent of all sales are part of sale-leaseback transactions; there

are 342 sale-leaseback transactions in the office sample. The market with the highest

percentage of sale-leasebacks is Seattle, where this type of transaction represented 7

percent of all sales. Other markets of potential interest when quantifying the effect sale-

leasebacks have on sales price include Los Angeles (56 observations), Washington, DC

(32 observations) and San Diego (30 observations).

 On average, portfolio sales comprise only 2 percent of all sales in the office

sample; therefore there are only 222 portfolio sales in the sample. Washington, DC is the

market with the highest percentage of portfolio sales, where such transactions are

observed in 6 percent of all sales. The only other market where I observe a sufficient

number of portfolio sales for the purposes of quantifying potential price premiums

associated with the motivation to bundle several transactions together is Chicago, which

has 30 portfolio sales.