• The national office vacancy rate clocked in at 17.6 percent in April—210 basis points lower over the past 12 months.
• The national full-service equivalent listing rate stood at $32.91 per square foot in April—11 cents higher from the previous month.
• The office pipeline comprised 29.4 million square feet, representing 0.4 percent of total stock.
• Office investment volume generated $7.8 billion, with properties selling for $218 per square foot on average.

Miami leads vacancy recovery

As of April, the national office vacancy rate stood at 17.6 percent—210 basis points lower year-over-year. Miami recorded the lowest rate nationwide, 12.5 percent, representing a 300-basis-point decline over the past 12 months. The metro’s rate kept declining from the 15.7 percent registered in early 2025.

Miami’s improvement is tied to its strong growth in office-using employment, with the financial activities sector being the key driver. Miami experienced a wave of corporate relocations in recent years, as many companies took advantage of Florida’s business-friendly environment. Palantir plans to move its headquarters here from Denver, while JPMorgan, Amazon and Citadel all expanded their operations in the metro.

Manhattan followed with a 13.1 percent rate and recording the same year-over-year improvement. In contrast, Seattle’s 25.2 percent stood out as the highest vacancy rate nationwide, despite a 180-basis-point recovery.

As for vacancy improvement, San Francisco led all markets, down 570 basis points year-over-year, followed by Denver (-470 basis points).

The national full-service equivalent listing rate stood at $32.91 per square foot—up 11 cents from the previous month and down 1.3 percent year-over-year. Manhattan remained the top metro for office rents, at $69.29 per square foot, followed by San Francisco’s $62.03 per square foot.

Class A development still the driver as activity dwindles

The national office pipeline included 29.4 million square feet in April—accounting for 0.4 percent of existing stock. Class A and Class A+ space represented the majority of pipeline, as these projects total 25.2 million square feet of 86 percent of the under-construction inventory. In contrast, Class B accounts for only 14 percent of the pipeline, at just 4.1 million square feet.

Boston led the charts for construction activity, with 3.9 million square feet underway. Manhattan and Dallas followed, with 2.9 million square feet and 2.7 million square feet, respectively. Orlando, Fla., stood at the end of the list, with 196,925 square feet underway, just below Chicago’s 202,568 square feet.

Construction activity remains low. In 2025, construction starts totaled 21.6 million square feet. General office starts accounted for 47.6 percent of that volume, while medical office represented 25.8 percent and life sciences 10.9 percent.

The national office investment volume reached $18.1 billion as of April. Investors closed 798 transactions, with properties selling at $214 per square foot on average. Manhattan led the charts for both sales volume and prices, with $2.3 billion in deals and a $712 per square foot average sale price. San Francisco followed, with $1.6 billion in dollar volume and a $686 per square foot average.

Read the full Yardi Matrix Office Market Report: May 2026.

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Read the latest Yardi Matrix Office Market Outlook.

Report Highlights

• The national office vacancy rate reached 17.8 percent as of March—210 basis points lower over the past 12 months.
• The national full-service equivalent listing rate stood at $32.80 per square foot in March—down 1.8 percent year-over-year.
• The U.S. office pipeline totaled 29 million square feet, representing 0.4 percent of total stock.
• Office investment volume at the end of the first quarter of 2026 generated $12.8 billion, with properties selling for $220 per square foot on average.

Vacancy improves among most markets

As of March, the national office vacancy rate reached 17.8 percent—210 basis points lower from a year ago. Vacancy recovery is scattered among major markets. Austin remained the metro with the highest rate nationwide, at 26.3 percent despite a 230-basis-point decline from its peak in 2025. This high value is tied to the metro’s excess new supply. As such, Austin’s office pipeline began to contract in recent months, relieving some of the stress from oversupply.

On the opposite end of the list was Miami’s 12.5 percent, the lowest vacancy rate nationwide. Manhattan followed with 13.1 percent. As for vacancy recovery, San Francisco led the charts with a 540-basis-point decline from a year ago.

The national average full-service equivalent listing rate was $32.80 per square foot in March—up one cent from a month ago but down 1.8 percent year-over-year. Manhattan led the charts once again for office rents, with listing reaching $69.80 per square foot, followed by San Francisco’s $62.73 per square foot.

U.S. office pipeline contracts

The U.S. office pipeline totaled 29 million square feet, representing 0.4 percent of total stock. Office completions as of March totaled 4.3 million square feet.

Boston remained the top metro for development, with nearly 4 million square feet underway. Other metros that followed included Manhattan, with 2.9 million square feet, and Dallas, with 2.3 million square feet.

Construction activity remains low. In 2025, construction starts totaled 21.6 million square feet. General office starts accounted for 47.6 percent of that volume, while medical office represented 25.8 percent of it and life science 10.9 percent.

Construction starts for general offices have been on a downward trajectory over the past decade, with volumes down 75.9 percent. As remote work became the norm, coupled with slower job growth, demand for general office is likely to weaken more. In contrast, medical office development is supported by steady job growth in healthcare sectors and a higher resistance to hybrid work influence. Over the past decade, construction starts for medical office fell only 17.3 percent.

The U.S. office investment volume reached $12.8 billion as of March, with assets selling at an average of $220 per square foot. Manhattan topped the charts with $1.8 billion in deals, with properties trading at $707 per square foot. However, San Francisco’s office prices were higher—properties sold at $868 per square foot in March, while the metro had $754 in total dollar volume.

Read the full Yardi Matrix Office Market Report: April 2026.

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Read the latest Yardi Matrix Office Market Outlook.

Report Highlights

• The national office vacancy rate clocked in at 17.6 percent in February—200 basis points lower over the past 12 months.
• The national full-service equivalent listing rate stood at $32.79 per square foot in February—24 cents higher from the previous month.
• The office pipeline comprised 28.2 million square feet, representing 0.4 percent of total stock.
• Office investment volume during the first two months of 2026 generated $7.8 billion, with properties selling for $218 per square foot on average.

Vacancy recovery continues

As of February, the national office vacancy rate continued to fall at 17.6 percent—200 basis points lower year-over-year. The vacancy improvement is scattered nationwide, with only eight of the top 25 U.S. office markets with rates above 20 percent in February.

Denver recorded the steepest year-over-year, with a vacancy rate clocking in at 19.8 percent, representing a 520 basis points decline. Other markets with notable decreases include the Bay Area (-420 basis points), Houston (-390 basis points) and San Francisco (-360 basis points).

Among the top 25 U.S. markets, Seattle’s rate remained the highest in February, at 25.1 percent. Austin (24.6 percent) and San Francisco (24.2 percent) followed. Miami recorded the lowest rate nationwide at 12.8 percent, followed by Manhattan (13.1 percent).

The national full-service equivalent listing rate stood at $32.79 per square foot in February—24 cents up from the previous month but 1.9 percent lower from a year ago. Manhattan remained the top metro for office rents, at $73.45 per square foot, followed by San Francisco’s $62.54 per square foot. The lowest average rents in the U.S. were recorded again in Detroit, at $21.78 per square foot.

Construction starts an downward trajectory

The national office pipeline comprised 28.2 million square feet in February—accounting for 0.4 percent of existing stock. Office completions so far included 2.3 million square feet.

Construction activity remained at a historical low as office starts slowed over the past two years. In 2025, only three markets had more than 1 million square feet commencing construction, a notable contrast from 2019, when there were 20 markets with at least 1 million square feet breaking ground.

As of February 2026, Boston remained the leading metro for construction, with 3.9 million square feet underway. Manhattan and Dallas followed, with 2.8 million square feet and 2.4 million square feet, respectively. On the opposite side stood Seattle, where only 19,982 square feet were underway.

The office investment volume reached $7.8 billion as of February. Investors closed 316 transactions with properties selling for $218 per square foot on average. Manhattan topped the charts for office sales, with $1.6 billion in deals and properties trading at $740 per square foot. San Francisco’s average sale prices reached $1,088 per square foot, the highest figure among the top 25 U.S. office markets.

Read the full Yardi Matrix Office Market Report: March 2026.

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Read the latest Yardi Matrix Office Market Outlook.

Report Highlights

• The national office vacancy rate stood at 18.2 percent in January—150 basis points lower over the past 12 months.
• The national full-service equivalent listing rate was $32.55 per square foot as of January—down 31 cents from the previous month.
• The sector’s office pipeline included roughly 29 million square feet, accounting for 0.4 percent of existing stock.
• Office investment volume reached $4 billion during the first month of the year, with office properties selling at an average sale price of $278 per square foot.

Vacancy continues improvement

As of January, the national office vacancy rate fell at 18.2 percent—150 basis points lower year-over-year and 20 basis points from the previous month. Despite notable decreases in vacancies, there are still several metros with elevated levels, especially tech-heavy markets. Among the top 25 U.S. markets, Seattle recorded the highest January rate at 27 percent. Austin (26.4 percent) and San Francisco (24.7 percent) followed. Manhattan posted the lowest rate nationwide, at 13.1 percent in January, followed by Miami (13.9 percent).

Markets with notable vacancy improvements include San Francisco (-460 basis points), Houston (-380 basis points) and Manhattan (-350 basis points), on a year-over-year basis. On the other hand, the highest increases were recorded in Orlando (290 basis points).

The national full-service equivalent listing rate stood at $32.55 per square foot in January 2026—down 31 cents from the previous month and 2.5 percent year-over-year. Manhattan remained the leader for office rents, at $67.36 per square foot, followed by San Francisco’s $63.84 per square foot. Detroit’s $21.68 per square foot kept it as the metro with the lowest average rents in the U.S.

Development stays muted

The sector’s under construction pipeline consisted of 29 million square feet in January—accounting for 0.4 percent of existing stock and marking a 42.9 percent drop year-over-year. For context, there were 50.7 million square feet underway during the same month from 2025.

Boston remained the top metro for office development, with 4.1 million square feet underway. Manhattan and Dallas followed, with 2.8 million square feet and 2.5 million square feet, respectively.

Boston remained the metro with the largest pipeline, with 4.4 million square feet underway. Manhattan followed with 2.3 million square feet. In contrast, the smallest pipeline was in Twin Cities, where only 230,121 square feet were under construction.

Developers will likely continue to pull back on new projects, as construction activity hit a historic low. There were only 13.8 million square feet that broke ground over the past 12 months, signaling a muted pace as the sector continues to struggle. President Trump’s nomination of Kevin Warsh to succeed Jerome Powell as the chairman of the Federal Reserve may provide a shift in construction financing conditions. Warsh is expected to align with the administration’s preference for lower interest rates.

The office investment volume hit $4 billion in the first month of 2026, with office properties selling at an average sale price of $278 per square foot. There were 121 transactions closed nationwide in January.

Office pricing finally turned a corner in 2025. The average sale price recorded a 6.1 percent increase last year—the first increase since 2021 and finally reached the bottom at $182 per square foot. Even with this rebound, office pricing still remained 32.7 percent below pre-Covid values.

Following a strong performance in 2025, Manhattan stood out once again. The metro recorded $1.3 billion in sales in January—highest dollar volume nationwide—while assets sold for $760 per square foot.

Last year, the metro registered 73 transactions, marking the highest sales number of the decade, while properties sold at $495 per square foot—21.5 percent higher year-over-year.

Read the full Yardi Matrix Office Market Report: February 2026.

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Report Highlights

• The national office vacancy rate clocked in at 18.4 percent at the end of December 2025—140 basis points lower over the past 12 months.
• The national full-service equivalent listing rate was $32.86 per square foot—9 cents higher than the previous month.
• The U.S. office pipeline consisted of 30.9 million square feet of space, representing 0.4 percent of existing stock.
• Office investment activity reached $53 billion at the end of December 2025, with properties selling at $192 per square foot.

Vacancies decline

As of December 2025, the country’s office vacancy rate fell again, at 18.4 percent—representing a 10-basis-point drop from the previous month and a 140-basis-point decline year-over-year. The vacancies began to drop in recent months, from the peak in March 2025 to the 18.4 percent December rate, with 17 of the top 25 U.S. markets recording a decrease throughout 2025.

The metros with notable improvements include Houston (-430 basis points), San Francisco (-370 basis points), the Bay Area (-320 basis points), and Manhattan (-300 basis points). Meanwhile, Orlando and San Diego still posted year-over-year increases, with 310 basis points and 270 basis points jumps, respectively.

Austin and Seattle remained the markets with the highest vacancies in the country, at 27.3 percent and 27.2 percent, respectively. On the opposite end is Manhattan with 13.6 percent—the lowest rate nationwide.

The national average full-service equivalent listing rate stood at $32.86 per square foot in December 2025—9 cents higher from the previous month and 0.8 percent lower year-over-year. Manhattan continued to be the top market for average rents, at $68.15 per square foot, followed by San Francisco’s $63.15 per square foot. The lowest average rate in the U.S. was recorded in Detroit, at $21.46 per square foot.

Deliveries slow down, prices soften

The U.S. office pipeline comprised 30.9 million square feet as of December 2025—accounting for 0.4 percent of existing stock and marking a 44 percent drop from January 2024. For context, the pipeline comprised 54.7 million square feet at that time.

In December, office deliveries included only 42.4 million square feet—representing the second consecutive year of declining new inventory and another historic low in the decade.

Boston remained the metro with the largest pipeline, with 4.4 million square feet underway. Manhattan followed with 2.3 million square feet. In contrast, the smallest pipeline was in Twin Cities, where only 230,121 square feet were under construction.

With the shift to hybrid work continuing to soften office demand, tenants favor smaller, amenity-rich space compared to large, traditional office leases. On par with this, the coworking sector also expanded, as operators added over 1,000 new locations and pushed the flex space’s share of total office inventory to 2.2 percent.

The national office investment volume hit $53 billion at the end of December 2025, with properties changing ownership for $192 per square foot. Manhattan led the nation in sales, with $7.8 billion in deals, while the Bay Area followed, with $4.8 billion.

Office pricing finally signals stabilization. The top market for sale prices was Manhattan, where properties sold at $498 per square foot. The Bay Area followed, with $393 per square foot, while Miami prices stood at $360 per square foot. Meanwhile, Chicago remained the most affordable market, with the average sale price set at $65 per square foot.

Read the full Yardi Matrix Office Market Report: January 2026.

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Read the latest Yardi Matrix Office Market Outlook.

Report Highlights

• The national office vacancy rate clocked in at 18.5 percent as of November—90 basis points lower over the 12 months.
• The sector’s full-service equivalent listing rate was $32.77 per square foot in November—four cents lower than the previous month.
• The national under construction pipeline included 32.2 million square feet as of November, accounting for 0.5 percent of existing stock.
• Office transaction volume hit $48.1 billion as of November, with office assets trading at an average sale price of $190 per square foot.

Modest improvement in vacancy

As of November, the national office vacancy rate fell at 18.5 percent—90 basis points lower year-over-year. Among the top 25 U.S. office markets there were 16 metros where the rate improved during the first 11 months of 2025. However, elevated levels persist across several markets, such as Austin, that recorded the highest November rate nationally at 26.8 percent.

Seattle followed closely, with 26.6 percent, while the lowest vacancy rate was recorded in Miami, at 11.9 percent. Another bright spot was Manhattan, where the vacancy rate reached 13.4 percent in November—the second-lowest in the country-representing a 310-basis-point year-over-year decline. Meanwhile, Twin Cities stood out for vacancy deterioration, reaching 17.8 percent in November, marking a 190-basis-point increase over the past 12 months. Ameriprise Financial’s recent exit from its 1 million-square-foot headquarters office in downtown Minneapolis contributed to this rise.

The national full-service equivalent listing rate was $32.77 per square foot in November—down four cents month-over-month and 0.2 percent year-over-year. The priciest market for rents remained Manhattan, with a $68.36 per square foot average, while the lowest figure was recorded in Detroit, at $21.59 per square foot.

Pricing reaches bottom

There were 32.2 million square feet of office space underway in November—accounting for 0.5 percent of existing stock and 1.7 percent when adding projects in planning stages to that figure. Overall, there was a 44 percent drop in square feet under construction when compared to the previous year.

Boston stood out as national leader in office construction again, with developers adding 4.1 million square feet underway. However, the figure is still less than half of Boston’s pipeline from a year ago, highlighting a slowdown in demand for new lab space, where major federal funding cuts to NIH research grants could pressure life science construction.  Markets that followed include Manhattan, with nearly 3 million square feet and emerging as one of the only three major markets that expanded its pipeline in 2025, with a 10 percent year-over-increase. Dallas, with 2.6 million square feet, had the third-largest pipeline in the U.S.

The national office sales volume reached $48.1 billion as of November. Manhattan led all markets in sales with $7.3 billion, while the Bay Area followed with $4.4 billion.

Properties sold at $190 per square foot I November—up 7.1 percent year-over-year but 33 percent below the 2021 peak in the sector. For the first time since 2022, office pricing showed the first sign of stabilization, with the bottom finally appearing. However, discounted sales remained widespread, accounting for 44.3 percent of all office sales during the first 11 months of the year. As more than half of office debt will mature in upcoming years, discounted transactions will gradually increase.

Read the full Yardi Matrix Office Market Report: December 2025.

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Read the latest Yardi Matrix Office Market Outlook.

Report Highlights

• The national office vacancy rate clocked in at 18.6 percent as of October—90 basis points lower over the past 12 months.
• The full-service equivalent listing rate stood at $32.81 per square foot, two cents higher than the previous month.
• The national under construction pipeline consisted of 33.4 million square feet as of October, representing 0.5 percent of existing stock.
• As of October, the office transaction volume reached $42.6 billion, with properties selling at an average sale price of $191 per square foot.

Elevated vacancies continue

Year-to-date through October, the national office vacancy rate stood at 18.6 percent—down 90 basis points year-over-year and unchanged from the previous month. As most U.S. companies still favor remote work, even with the rate declining every year since its peak in 2021, a full return to the office appears unlikely. Work patterns vary across the top 25 U.S. markets. For context, Austin, Texas, had 23.2 percent of its employees working from home last year, while Manhattan had only 11.8 percent. Even if both markets recorded a similar share of office-using jobs, Austin supports remote work options more easily due to its tech-oriented work landscape.

Office markets with elevated vacancies include Seattle (27.4 percent), Austin (26.9 percent) and San Francisco (26.1 percent). In contrast, the lowest vacancies across the top 25 U.S. markets were recorded in Manhattan (13 percent) and Miami (13.4 percent).

The national average full-service equivalent listing rate stood at $32.81 per square foot in October—two cents higher than the previous month and up 0.1 percent year-over-year. Manhattan kept the top spot in average rents, at $67.97 per square foot, with San Francisco ($65.30 per square foot) and Miami ($56.34 per square foot) following. In terms of rent growth, the metro with the highest increase was Los Angeles, posting a 10.4 percent growth year-over-year.

Construction pulls back, investment patterns change

There were 33.4 million square feet under construction in the nation as of October—accounting for 0.5 percent of existing stock and 1.7 percent when adding projects in the planning stages to the figure. As of October, Boston was still the national leader for development activity, with approximately 4.7 million square feet underway, while Manhattan followed, with 3 million square feet.

The office transaction total in the country reached $42.6 billion as of October, with office assets selling at a $191 per square foot average. Manhattan led in both sales volume and prices, with $6.4 billion in deals and a $523 per square foot average sale price. The runner-up remained the Bay Area, with $4.4 billion in sales and a $386 per square foot average sale price.

Read the full Yardi Matrix Office Market Report: November 2025.

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Read the latest Yardi Matrix Office Market Outlook.

Report Highlights

• The national office vacancy rate clocked in at 18.6 percent as of September—80 basis points lower over the past 12 months.
• The full-service equivalent listing rate stood at $32.79 per square foot, 16 cents higher from the previous month.
• The office under-construction pipeline included 38.5 million square feet, representing 0.6 percent of existing stock.
• Office sales volume reached nearly $38 billion as of September, with assets selling at an average of $195 per square foot.

Coworking expands, vacancies to stay elevated

As of September, the national office vacancy rate stood at 18.6 percent—down 80 basis points over the past 12 months. As a result of lasting changes in the office landscape after the start of COVID, the flex office sector expanded notably, reaching 2.1 percent of the total office inventory.

Chicago is one of the markets that registered the largest increase on a year-over-year basis—up 60 basis points and with a coworking footprint representing 2.6 percent of its existing office stock. Meanwhile, as the coworking footprint grew faster than its location count, the average flex office space also increased by 2.1 percent to 18,080 square feet.

As hybrid work policies offer a cost-effective alternative to long-term leases, key office markets will likely continue to record increased vacancies. Austin and Seattle remain the metros with the highest rates in the nation, both with a 27 percent vacancy rate.

The national full-service equivalent listing rate reached $32.79 per square foot, up 16 cents from the previous month and 0.3 percent lower year-over-year. Some of the markets with the strongest rent growth include Atlanta and Portland, while Manhattan kept the top spot for pricy rents, with a $66.27 per square foot average.

Sales pick up pace, development slows

There were 38.5 million square feet of office space under development as of September—representing 0.6 percent of existing stock. With projects in prospective and planning stages, the figure reached 1.8 percent. Boston led the nation in office development, with a pipeline comprised of nearly 4.5 million square feet. Manhattan followed, with nearly 3 million square feet underway, while Dallas had the third-largest pipeline, of 2.6 million square feet.

As of September, the office investment volume reached nearly $38 billion, with assets changing hands for $195 per square foot. Specifically, the year recorded just under 2,000 office transactions, representing the largest sales total year-to-date through September 2022.

Read the full Yardi Matrix Office Market Report: October 2025.

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Report Highlights:

• The national office vacancy rate stood at 18.7 percent as of August—down 80 basis points over the past 12 months.

• The national full-service equivalent listing rate clocked in at $32.63 per square foot as of August, marking a 0.4 percent year-over-year decrease.

• The sector’s under-construction pipeline comprised 40.2 million square feet —unchanged from the previous month. 

• Office transaction volume reached $33 billion as of August, with assets selling at an average of $190 per square foot.

Hybrid work impacts vacancies

As of August, the national office vacancy rate stood at 18.7 percent—down 80 basis points over the past 12 months. Five years after the start of COVID it is more clear that office utilization is unlikely to return to pre-pandemic levels, as hybrid work policies are here to stay. As a result, the office landscape now faces a series of lasting changes, such as elevated vacancies across multiple key metros. 

One example is Seattle, that had a 27.2 percent vacancy rate as of August. With a once-booming pipeline driven by the office-using sectors’ rapid expansion, the city’s employment in the tech and information sectors continues to fall since 2022. Coupled with remote work policies, Seattle’s traditional office sector will keep changing. For context, other markets with high vacancies include San Diego (22.6 percent), Dallas (22.4 percent) and Austin (26.5 percent), while at the other spectrum is Miami, with 14.3 percent. 

Meanwhile, the national average full-service equivalent listing rate stood at $32.63 per square foot—nine cents lower than the previous month and down 0.4 percent on a year-over-year basis. Manhattan’s rents kept the leading spot, at $67.96 per square foot, while San Francisco followed, with $64.15 per square foot.

Construction activity on standby, investment keeps steady

Nationwide, there were 40.2 million square feet under development—accounting for 0.6 percent of stock. When adding projects in the planning stages, the figure reached 1.9 percent. As of August, Boston continued to be the top office market for development, with 5.6 million square feet in its pipeline, while Manhattan followed, with 3.4 million square feet. 

The office investment volume reached $33 billion this year through August, with office properties selling at $190 per square foot—a slight increase from 2024 but significantly lower when compared to pre-COVID prices, when properties sold at $277 per square foot, back in 2019. As of August, Manhattan regained its leading position, with $5 billion in sales, while the Bay Area came in second place, with $3.4 billion. 

Read the full Yardi Matrix Office Market Report: September 2025. 

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Report Highlights

• The national office vacancy rate stood at 19.4 percent—unchanged from the previous month.
• The national average full-service equivalent listing rate clocked in at $32.72 per square foot, 3.3 percent higher year-over-year.
• As of July, the under-development office pipeline comprised 40.2 million square feet, representing 0.6 percent of existing stock.
• Office transactions totaled $27 billion year-to-date through July, with properties changing hands at an average of $182 per square foot.

Vacancies remain elevated despite market movement

The national office vacancy rate stood at 19.4 percent at the end of July—up 130 basis points in 12 months and unchanged since June. High vacancies remain sticky across multiple markets despite more return-to-office policies and mandates.

One example is Austin, which recorded the highest vacancy rate across major markets, at 27.2 percent in July. The rate was up 430 basis points year-over-year despite the metro’s strong office utilization rates and office-using employment stats. Other markets with particularly high vacancies included Seattle (27.0 percent), San Francisco (26.3 percent) and Detroit (24.6 percent).

The national average full-service equivalent listing rate stood at $32.72 per square foot—15 cents lower since the previous month but 3.3 percent higher year-over-year. Manhattan kept its top spot, at $67.97 per square foot, followed by San Francisco ($59.12 per square foot) and Miami ($57.30 per square foot).

Pipeline slows, sales pick up pace in 2025

The national under-construction pipeline comprised 40.2 million square feet as of July, accounting for only 0.6 percent of total stock. Still, when adding projects in the planning stages, the national figure reaches 2.1 percent.

Boston continued to have the largest office pipeline, with 5.6 million square feet underway, or 2.2 percent of existing stock. Other markets with large pipelines include Austin, Dallas and Manhattan, at 2.6 million square feet each.

The office sales volume totaled nearly $27 billion this year through July, with office assets trading at an average of $182 per square foot. The first half of 2025 recorded higher investment activity compared to last year. The first six months of this year clocked in at $25 billion in office deals, some $8.7 billion more than 2024’s first half.

Read the full Yardi Matrix Office Market Report: August 2025.

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