Based on its second quarter 2014 performance, it would not be an overstatement to officially declare the U.S. commercial real estate industry a juggernaut. The dollar volume of commercial properties priced at $10 million or more sold during the quarter advanced 27.5 percent higher than the same quarter of 2013.

Some 2,768 such U.S. properties changed hands at a cost of $78.0 billion during the three-month period, for an average per-property sale price of $28.2 million.

The data, compiled by Real Capital Analytics, shows that, per usual, New York City is leading the run-up with 307 properties selling for $12.2 billion, or $39.7 million per property. Los Angeles ranked second for the quarter with $5.6 billion in sales, followed by San Francisco with $4.1 billion; Washington, D.C., with $3.4 billion; and Boston with $3.1 billion. San Francisco racked up the highest average price per property at $58.4 million.

Continent-wide, the dollar volume