The frequency distribution of commercial real estate transactions by length of holding period is not uniform. The distribution in transaction activity implies that frequently and infrequently traded properties are associated with possible clientele effects often associated with difficult to observe property and ownership characteristics. However, repeat sales index as a metrics assume that frequently and infrequently sold properties are similar in capital expenditures, maintenance and other characteristics. Therefore, returns using repeat sales likely overstate appreciation by misattributing this investment. In this paper, we investigate whether the frequency and sales sequence matter in determining price appreciation. We investigate whether the first sale of a repeat sale pair occurs at discount to properties classified as single sale properties and the second sale transactions of repeat sale pairs to sell for a premium to single sale properties. The study will focus on London office market from 1991 to 2014.