Office Space Rent & Sales in Top U.S. Markets

The U.S. office sector remains a top choice for savvy investors. Find office rent and vacancy stats for each of the markets that we currently cover, in the interactive visual directly below. Read on further down the page for a national perspective on office market fundamentals over the past year, as well as office construction pipeline estimates going forward. Additionally, explore the easy-to use comps tool to compare average rents between your markets of interest.

Office Space Rents in the U.S.

  • $33.11/Sq. Ft.December 2024 Avg. Asking Rent
  • $32.86/Sq. Ft.December 2025 Avg. Asking Rent
  • -0.76%12-month Asking Rent Trend

The full-service equivalent average asking rent for office space in the U.S. went from $33.11 per square foot in December 2024 to $32.86 per square foot in December 2025. In terms of rent trend variation, this represented a -0.76% change over 12 months.

Of course, rents can vary significantly from one place to another, depending on a host of factors that can have a short- or a long-term influence on market conditions. Traditionally, geography has some sway on the overall valuation of a market. For instance, coastal locations tend to command top-dollar prices, while assets in more remote or inland business hubs tend to have comparatively more affordable rents. However, these inclinations can also be upset from time to time, so it’s a good business practice to stay informed about national trends.

Compare the Average Asking Rent for Office Space in Top U.S. Cities

Average Asking Rent by Property Class

Another factor that plays a notable role in how rent can vary even within one location is the quality of the rentable space that is being offered for lease. We generally see this when following office space rents along the somewhat standardized property classification of A-, B-, and C-grade space.

Average Office Asking Rent per Square Foot by Property Class

  • Avg. Asking Rent Class A & A+$39.56
  • Avg. Asking Rent Class B$27.57
  • Avg. Asking Rent Class C$19.5
  • Avg. Asking Rent Overall$32.86

Typically, class A or A+ properties are situated in highly convenient, amenitized, or otherwise desirable locations and themselves boast higher end, more modern furnishings, systems, and designs. Based on these and similar considerations, this type of office space typically commands the higher rents. The national average full-service-equivalent asking rent for office space in this category was $39.56 per square foot in December 2025.

Class B properties can sometimes be a relatively small step down from the class A tier in terms of furnishings, location, and structural characteristics, yet it is enough to make a difference in asking rents. For this segment, the national average asking rent rested at $27.57 per square foot.

Meanwhile, class C office properties stand farther apart in the evaluated quality of their age, amenities, location, and other characteristic, which is why you'll more often find them at the more accessible end of the asking rents scale. For instance, the national average for space in this bracket was $19.5 per square foot in December 2025.

National Average Office Vacancy Rates

  • 19.78%December 2024 Vacancy
  • 18.41%December 2025 Vacancy
  • -1.37%12-month Vacancy Trend

The idea of vacancy in a real estate market can seem disconcerting, but it is an important indicator of where the balance is between demand and supply, as well as of various factors such as the economic climate or shifts in employment and cultural trends. For instance, when a lot of new office projects are completed during a relatively short time span, there is a spike in availability that sets the market up for growth. Similarly, changes across employment sectors or in cultural views regarding the white-collar workspace can result in temporary adjustments of how the office market is occupied.

National Average Vacancy Rate by Property Class

  • Overall Vacancy
  • Class A Vacancy
  • Class B Vacancy
  • Class C Vacancy

In December 2025, the national average vacancy rate stood at 18.41%, following a -1.37% change compared to 12 months before. Class C property was the most occupied, with vacancy across this segment averaging 15.08%. The second-lowest vacancy rate by property class was recorded in class B office space, for which availability stood at 18.3%. Meanwhile, the national vacancy rate for class A&A+ space averaged 18.63%.

2025 Office Sales in the U.S.

  • $65.8B2025 Office Sales Volume
  • 391.2M Sq. Ft.2025 Office Space Sold
  • $182.48Sale Price per Sq.Ft.
  • 3,251Number of Sales

While investment activity does tend to fluctuate with the highs and lows of economic cycles, office space in the U.S. has remained a destination of choice for both national and international capital, throughout all headwinds. A total of 3,251 office transactions closed across top markets last year, adding up to a $65,838,557,585 sales volume. With 391,157,714 square feet of space changing hands, the average sales price in 2025 was $182.48 per square foot.

US Office Sales Volume (2020 - 2025 trend)

  • Sales Volume
  • No of Deals

US Office Sale Price per Sq. Ft. (2020 - 2025 trend)

  • Sales Volume
  • Average Price Per Sq.Ft.

In 2024, office sales amounted to $48,224,527,068 and the sale price averaged $172.03 per square foot. During that year, there were 2,541 transactions that saw 305,669,688 square feet of office space change hands.

Top 10 Office Sales by Total Price

Location Property Sale Date Sale Price
Manhattan, NY 590 Madison Avenue 8/18/2025 $1,080,000,000
Oakland, CA 300 Lakeside 6/3/2025 $906,000,000
Manhattan, NY 1177 Avenue of the Americas 10/10/2025 $572,290,334
Manhattan, NY Sotheby's World Headquarters 10/15/2025 $510,000,000
Manhattan, NY Mutual of America Building 1/7/2025 $506,250,000
Manhattan, NY 522 Fifth Avenue 5/9/2025 $456,000,000
Manhattan, NY Two Park Avenue 1/2/2025 $357,000,000
Kenilworth, NJ Northeast Science and Technology Center 7/3/2025 $322,000,000
South San Francisco, CA Gateway North Campus - 751 Gateway Blvd, The 12/30/2025 $300,000,000
Miami, FL Sabadell Financial Center 10/7/2025 $274,350,000

Top 10 Office Sales by Price per Square Foot

Location Property Sale Price Sale Price
per Sq. Ft.		 Sale Date
Menlo Park, CA 1540 El Camino Real $103,750,000 $2,272 12/26/2025
Palo Alto, CA Plaza Ramona $82,000,000 $1,976 8/8/2025
Brooklyn, NY 205 Montague Street $140,500,000 $1,848 12/29/2025
South San Francisco, CA Gateway North Campus - 751 Gateway Blvd, The $300,000,000 $1,301 12/30/2025
Manhattan, NY 165 Mercer $40,000,000 $1,292 2/26/2025
Manhattan, NY 540 Broadway & 78 Crosby Street $30,000,000 $1,198 6/20/2025
Surprise, AZ 16575 West Waddell Road $14,389,000 $1,196 5/19/2025
Manhattan, NY 512W22 $205,000,000 $1,187 8/19/2025
Miami Beach, FL 1801 Alton Road $23,500,000 $1,141 11/25/2025
West Hollywood, CA 825 North San Vicente Blvd $31,000,000 $1,128 3/20/2025

Office Construction Pipeline

  • 40.2M Sq. Ft.Completed in 2025
  • 254Properties Completed in 2025
  • 38.2M Sq. Ft.Under Construction in 2026
  • 268Properties Under Construction in 2026

With increasing interest in sustainable building practices, as well as modern systems and design, developers have been hard at work delivering new stock of the highest quality office space in top markets, as well as building up emerging markets across the country. New office projects that were under construction at the start of 2024 totaled 268 properties that added up to 38,191,703 square feet.

National Office Construction (2019 - 2025 trend)

  • Sq. Ft. Completed
  • Buildings Completed

By comparison, new projects completed in 2025 totaled 40,221,209 square feet across 254 properties sized 25,000 square feet or larger.

10 Largest Office Projects Completed in 2025

Location Property Property Size
(Sq. Ft.)		 Data Completed
Manhattan, NY 270 Park Avenue 2,500,000 10/1/2025
Cleveland, OH Sherwin-Williams Global Headquarters 1,070,144 10/1/2025
San Francisco, CA Kilroy Oyster Point - II 865,000 3/1/2025
Sunnyvale, CA Intuitive Surgical - South Building 847,000 3/1/2025
Austin, TX Republic, The 833,145 10/1/2025
Holly Springs, NC FUJIFILM Diosynth Biotechnologies North Carolina 808,993 9/1/2025
Charlotte, NC 2405 Governor Hunt Road 700,000 6/1/2025
Boston, MA South Station Tower 686,000 9/1/2025
Dallas, TX 23Springs 626,215 4/1/2025
Baltimore, MD 1307 Point Street 610,000 3/1/2025

10 Largest Office Projects Under Construction in 2026

Location Property Property Size
(Sq. Ft.)		 Estimated
Completion Date
Bellevue, WA Tower 1 at Bellevue 600 1,140,035 3/31/2026
Omaha, NE Mutual of Omaha Corporate Headquarters 800,000 10/1/2026
Richmond, VA 501 South 5th Street - Expansion 750,000 3/31/2026
Los Angeles, CA Century City Center 731,250 4/30/2026
Austin, TX Waterline 730,225 7/31/2026
Boston, MA Commonwealth Pier 680,000 7/31/2026
Boston, MA Alexandria Center for Life Science - Fenway - 421 Park Drive 600,000 2/28/2026
Sunnyvale, CA Arques Campus - Epic Center 592,567 5/31/2026
New Brunswick, NJ HELIX H-1 574,000 5/31/2026
Austin, TX Apple Austin Campus - Expansion 573,402 6/30/2026

The information on this page was compiled using data provided by Yardi Research Data, a market intelligence solution that offers comprehensive real market knowledge on U.S. commercial properties sized 25,000 square feet or larger. Rent data refers to full-service equivalent average asking rent. All averages were calculated using values pertaining to January 1st 2025 through December 31st 2025. The construction pipeline data presented is valid as of February 2026.

While every effort was made to ensure the accuracy of the data presented in this national stats report, the information is provided “as is” and neither CommercialCafe nor Yardi Research Data can guarantee that the information provided is complete.