Topic: Office real estate in the U.S.

Office real estate in the United States - statistics & facts

The office real estate market is undergoing a seismic shift, with vacancy rates on increase and declining property values. From the bustling streets of Manhattan to the tech hubs of San Francisco, the global landscape of office leasing and investment tells a tale of uneven recovery and adaptation since the COVID-19 pandemic. With a quarter of office inventory projected to be in poor condition by 2030, the sector faces a critical juncture that could reshape urban skylines for decades to come.

Biggest U.S. office lease by tenant
Department of Citywide Administration

Volume of floor space leased
****m sq ft

Largest office sale in the U.S.
***&****Fifth Avenue, Manhattan

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Current statistics on this topic

Office

Office vacancy rates in the U.S. 2017-2025, per quarter

Office

Office space rental rates in San Francisco Q3 2024, by submarket

Office

Size of office area in Manhattan 2025, by district

Market overview

Office rent index in the U.S. 2008-2024
Office rent index in the U.S. 2008-2024
Producer price index for gross rent of office real estate in the United States from 2008 to 2024
Annual quoted rent for downtown and suburban office real estate in the U.S. 2016-2023
Annual quoted rent for downtown and suburban office real estate in the U.S. 2016-2023
Annual quoted rent for downtown and suburban office real estate in the United States from 2016 to 2023 (in U.S. dollars per square foot)
Office real estate floor space leased in the U.S. 2016-2024, by quarter
Office real estate floor space leased in the U.S. 2016-2024, by quarter
Floor space leased in the office real estate sector in the United States from 1st quarter 2016 to 3rd quarter 2024 (in million square feet)
Office vacancy rates in the U.S. 2017-2025, per quarter
Office vacancy rates in the U.S. 2017-2025, per quarter
Quarterly office vacancy rates in the United States from 4th quarter 2017 to 4th quarter 2025
Vacancy rate of downtown and suburban office real estate in the U.S. 2016-2023
Vacancy rate of downtown and suburban office real estate in the U.S. 2016-2023
Vacancy rate of downtown and suburban office real estate in the United States from 2016 to 2023 (in million square feet)
Office space under construction in selected metro areas in the U.S. 2022
Office space under construction in selected metro areas in the U.S. 2022
Amount of new office space under construction in selected metro areas in the United States as of June 2022, by type (in 1,000 square feet)
Office real estate inventory removals and groundbreaking U.S. 2016-2023
Office real estate inventory removals and groundbreaking U.S. 2016-2023
Office real estate inventory removals and groundbreakings in the United States from 2016 to 1st half 2023 (in million square feet)

Investment market

Office real estate repeat sales index in the U.S. 1996-2025
Office real estate repeat sales index in the U.S. 1996-2025
CoStar Commercial Repeat-Sales Index (CCRSI) for office real estate in the United States from March 1996 to December 2025
Recommendations to buy, hold or sell office real estate in the U.S. in 2025, by type
Recommendations to buy, hold or sell office real estate in the U.S. in 2025, by type
Recommendations to buy, hold or sell office real estate in the United States in 2025, by property type
Recommendations to buy, hold or sell an office property in the U.S. 2024, by city
Recommendations to buy, hold or sell an office property in the U.S. 2024, by city
Recommendations to buy, hold or sell an office property in the United States in 2024, by city
Market cap of leading office REITs in the U.S. 2019-2025
Market cap of leading office REITs in the U.S. 2019-2025
Leading office real estate investment trusts (REITs) in the United States from 2019 to 2025, by market capitalization (in billion U.S. dollars)
Commercial real estate cap rates in the U.S. 2012-2023 with a forecast until 2026
Commercial real estate cap rates in the U.S. 2012-2023 with a forecast until 2026
Commercial real estate capitalization rates in the United States from 2012 to 2023 with a forecast until 2026, by property type
National NCREIF Property Index annual return in the U.S. 2025, by property type
National NCREIF Property Index annual return in the U.S. 2025, by property type
Annual return of the national NCREIF Property Index in the United States in 4th quarter 2025, by property type
Largest office sales in the U.S. 2023
Largest office sales in the U.S. 2023
Largest office sales in the United States in 2023 (in million U.S. dollars)

Occupier market

Office real estate net absorption in the U.S. 2022, with a forecast until 2027
Office real estate net absorption in the U.S. 2022, with a forecast until 2027
Office real estate net absorption in the United States in 2022, with a forecast until 2027 (in million square feet)
Office real estate rental growth in the U.S. 2022, with a forecast until 2027
Office real estate rental growth in the U.S. 2022, with a forecast until 2027
Office real estate rental growth in the United States in 2022, with a forecast until 2027
Office rent per square foot in the largest office markets in the U.S. 2025
Office rent per square foot in the largest office markets in the U.S. 2025
Average annual quoted rent per square foot in selected office markets in the United States in 2nd quarter 2025, by market (in U.S. dollars)
Absorption of office space in the largest U.S. markets 2025
Absorption of office space in the largest U.S. markets 2025
Absorption of office space in the United States in 2025, by market (in 1,000 square feet)
Vacancy rate of office space in the U.S. 2025, by market
Vacancy rate of office space in the U.S. 2025, by market
Vacancy rate in the largest office markets in the United States in 2nd quarter 2025
Average office real estate fit out cost in the U.S. 2022-2023, by city
Average office real estate fit out cost in the U.S. 2022-2023, by city
Average office real estate fit out cost in the United States from 2022 to 2023, by city (in U.S. dollars per square foot)
Largest office leases in the U.S. Q2 2025, by tenant
Largest office leases in the U.S. Q2 2025, by tenant
Largest office leases in the United States in the 2nd quarter 2025, by tenant (in 1,000 square feet)

Manhattan

Average asking rent for office space in Manhattan 2022-2023, by district
Average asking rent for office space in Manhattan 2022-2023, by district
Average asking rent for office real estate in Manhattan in 4th quarter 2022 and 4th quarter 2023, by district (in U.S. dollars per square foot)
Average asking rent for offices in Midtown South, Manhattan 2022-2023, by submarket
Average asking rent for offices in Midtown South, Manhattan 2022-2023, by submarket
Average asking rent for office space in Midtown South, Manhattan in 4th quarter 2022 and 4th quarter 2023, by submarket (in U.S. dollars per square foot)
Average asking rent in for office space Midtown, Manhattan 2022-2023, by submarket
Average asking rent in for office space Midtown, Manhattan 2022-2023, by submarket
Average asking rent for office space in Midtown, Manhattan in 4th quarter 2022 and 4th quarter 2023, by submarket (in U.S. dollars per square foot)
Average asking rent for office space in Downtown Manhattan 2022-2023, by submarket
Average asking rent for office space in Downtown Manhattan 2022-2023, by submarket
Average asking rent for office space in Downtown Manhattan in 4th quarter 2022 and 4th quarter 2023, by submarket (in U.S. dollars per square foot)
Office space availability rate in Manhattan 2022-2023, by district
Office space availability rate in Manhattan 2022-2023, by district
Overall availability rate for office space in Manhattan in 4th quarter 2022 and 4th quarter 2023, by district
Size of office area in Manhattan 2025, by district
Size of office area in Manhattan 2025, by district
Amount of office real estate in Manhattan in 2nd quarter 2025, by district (in million square feet)

Boston

Average direct asking rent for office space in Boston 2024, by district
Average direct asking rent for office space in Boston 2024, by district
Rental rates for office space in Boston in the 3rd quarter of 2024, by district (in U.S. dollars per square foot)
Volume of office space in Boston 2024, by district
Volume of office space in Boston 2024, by district
Volume of existing office space in Boston in 3rd quarter 2024, by district (in million square feet)
Available office and lab real estate in Boston Q3 2024, by district and type
Available office and lab real estate in Boston Q3 2024, by district and type
Available office and laboratory space in Boston in the 3rd quarter 2024, by district and type (in 1,000 square feet)
Office space vacancy rate in Boston Q3 2024, by district
Office space vacancy rate in Boston Q3 2024, by district
Vacancy rate for office space in Boston in the 3rd quarter 2024, by district
Absorption of office space in Boston Q1-Q3 2024, by district
Absorption of office space in Boston Q1-Q3 2024, by district
Absorption of office space in Boston in 1st to 3rd quarter 2024, by district (in 1,000 square feet)

San Francisco

Office space rental rates in San Francisco Q3 2024, by submarket
Office space rental rates in San Francisco Q3 2024, by submarket
Office real estate rental rates in San Francisco in the 3rd quarter 2024, by submarket (in U.S. dollars per square foot)
Office space inventory in San Francisco 2024, by submarket
Office space inventory in San Francisco 2024, by submarket
Office space inventory in San Francisco in the 3rd quarter of 2024, by submarket (in million square feet)
Office space under construction in San Francisco Q1 2023, by submarket
Office space under construction in San Francisco Q1 2023, by submarket
Office space under construction in San Francisco in the 1st quarter of 2023, by submarket (in 1,000 square feet)
Vacancy of office space in San Francisco Q3 2024, by submarket
Vacancy of office space in San Francisco Q3 2024, by submarket
Vacant office real estate in San Francisco in the 3rd quarter 2024, by submarket (in 1,000 square feet)
Office space vacancy rates in San Francisco 2024, by submarket
Office space vacancy rates in San Francisco 2024, by submarket
Office vacancy rates in San Francisco in 3rd quarter 2024, by submarket

Inland Empire

Inventory of office space in Inland Empire West, California 2023, by district
Inventory of office space in Inland Empire West, California 2023, by district
Inventory of office space in Inland Empire West, California in 4th quarter 2023, by district (in 1,000 square feet)
Vacancy rate of office space in Inland Empire South, California 2022-23, by district
Vacancy rate of office space in Inland Empire South, California 2022-23, by district
Vacancy rate of office space in Inland Empire South, California from 2022 to 2023, by district
Asking rent of office space in Inland Empire East, California 2022-2023, by district
Asking rent of office space in Inland Empire East, California 2022-2023, by district
Monthly asking rent per square foot of office space in Inland Empire East, California from 2022 to 2023, by district (in U.S. dollars)

Biggest U.S. office lease by tenant
Department of Citywide Administration

Volume of floor space leased
****m sq ft

Largest office sale in the U.S.
***&****Fifth Avenue, Manhattan

Key figures

The most important key figures provide you with a compact summary of the topic of "Office real estate in the U.S." and take you straight to the corresponding statistics.

- Recommendation to hold central-city offices
- ****%
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Detailed statistics
Recommendations to buy, hold or sell office real estate in the U.S. in 2025, by type
- Most attractive market to buy office real estate
- San Francisco
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Detailed statistics
Recommendations to buy, hold or sell an office property in the U.S. 2024, by city
- CoStar Commercial Repeat-Sales Index (CCRSI), (equal-weighed)
- ***
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Detailed statistics
Office real estate repeat sales index in the U.S. 1996-2025
- Cap rate
- ***%
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Detailed statistics
Commercial real estate cap rates in the U.S. 2012-2023 with a forecast until 2026
- Delinquency rate
- ****%
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Detailed statistics
Commercial real estate delinquency rate in the U.S. 2020-2025, by asset class

- Most expensive market for renting office real estate
- Manhattan, NY
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Detailed statistics
Office rent per square foot in the largest office markets in the U.S. 2025
- Average office rent in the Presidio, San Francisco
- *****USD per sq ft
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Detailed statistics
Office space rental rates in San Francisco Q3 2024, by submarket
- Average office rent in Black Bay, Boston
- ****USD per sq ft
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Detailed statistics
Average direct asking rent for office space in Boston 2024, by district
- Average office rent in Manhattan (Midtown South), NY
- *******USD per sq ft
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Detailed statistics
Average Class A asking rent for office space Manhattan 2025, by district
- Producer price index for gross rent of office real estate
- *****
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Detailed statistics
Office rent index in the U.S. 2008-2024

- Office market with the lowest vacancy rate
- Manhattan
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Detailed statistics
Vacancy rate of office space in the U.S. 2025, by market
- Office vacancy rate
- ****%
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Detailed statistics
Office vacancy rates in the U.S. 2017-2025, per quarter
- Vacancy rate for office space in Back Bay, Boston
- **%
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Detailed statistics
Office space vacancy rate in Boston Q3 2024, by district
- Vacancy rate for office space in San Francisco
- ****%
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Detailed statistics
Office space vacancy rates in San Francisco 2024, by submarket

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Office real estate in the United States - statistics & facts

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