But agents say, based on the forward inquiries and deals already in the pipeline, the annual amount for 2015 is likely to exceed the total of $22 billion last year.

CBRE's latest quarterly update shows that the total sales of retail, industrial and office property valued at more than $5 million was down 31 per cent year on year, representing the lowest level of first-quarter activity since 2011.

CBRE's Australian head of research, Stephen McNabb, said the subdued start reflected several key factors, including a paring back from a record level of transaction activity in 2014.

There had also been a lack of supply in some areas, such as offices.

CBRE data shows  office sales activity held up more strongly than retail and industrial sales, with an estimated $2.2 billion in office assets changing hands in the first quarter, 9 per cent below levels a year ago.

Mr McNabb said there had been a contraction in yields, but it has not been enough impetus to some sellers.

He said the market was at a point where Australian owners could look to buy and sell more development sites where they could add value, but it could come with higher risk.

Some of the recent office sales completed since the start of the year include an overseas-based private investor paying $112.3 million for an office tower at 309 George Street that was sold by The Abacus Property Group/AM alpha joint venture through JLL and Knight Frank.

Settlement is due to occur in May 2015 and is conditional upon Foreign Investment Review Board approval. The property was acquired by the joint venture in October 2011 for $68.75 million.

The Hong Kong-listed Aoyuan Property Group recently joined forces with local developer Ecove to buy an office tower at 130 Elizabeth Street from Cbus Property for $121 million.

Known as part 15-33 Parker St Haymarket, the site of about 671 square metres has two frontages, is situated between George and Pitt streets and is being sold through Colliers International. No price has been disclosed but similar sites have been valued  about $20 million.

CBRE regional director of capital markets Josh Cullen said he expected office sales to continue to climb, with the potential for 2015 transaction activity to surpass last year's high.

"The first result was primarily due to a lack of available stock and we're certainly continuing to see extremely strong demand from both domestic and international investors," he said.

Retail malls are also in demand, but again affected by the highly competitive market and lack of supply.

Charter Hall Group last week bought the Pacific Square Mall in Maroubra through Phil Gartland at Stonebridge Property Group.

CBRE regional director industrial and logistics services Matt Haddon said he expected the first quarter would be the "calm before the storm" for the industrial market.

"We're currently aware of around $10 billion in buyer requirements for Australian industrial assets and of approximately $4 billion in stock that vendors currently intend to bring to the market in 2015," he said.

Goodman Group chief executive Greg Goodman has said that as demand rises for development sites for residential projects, he will look at non-core warehouse sites to sell.

To that end, Goodman has sold sites in South Sydney to Harry Triguboff's Meriton group.