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.

  • $31.6/Sq. Ft.December 2022 Avg. Asking Rent
  • $31.68/Sq. Ft.December 2023 Avg. Asking Rent
  • +0.25%12-month Asking Rent Trend

The full-service equivalent average asking rent for office space in the U.S. went from $31.6 per square foot in December 2022 to $31.68 per square foot in December 2023. In terms of rent trend variation, this represented a 0.25% 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+$37.24
  • Avg. Asking Rent Class B$26.8
  • Avg. Asking Rent Class C$20.13
  • Avg. Asking Rent Overall$31.68

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 $37.24 per square foot in December 2023.

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 $26.8 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 $20.13 per square foot in December 2023.

National Average Office Vacancy Rates

  • 16.46%December 2022 Vacancy
  • 18.26%December 2023 Vacancy
  • +1.8%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 2023, the national average vacancy rate stood at 18.26%, following a 1.8% change compared to 12 months before. Class C property was the most occupied, with vacancy across this segment averaging 12.43%. The second-lowest vacancy rate by property class was recorded in class B office space, for which availability stood at 18.23%. Meanwhile, the national vacancy rate for class A&A+ space averaged 18.69%.

2023 Office Sales in the U.S.

  • $36.9B2023 Office Sales Volume
  • 188M Sq. Ft.2023 Office Space Sold
  • $196.35Sale Price per Sq.Ft.
  • 2,022Number 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 2,022 office transactions closed across top markets last year, adding up to a $36,904,772,757 sales volume. With 187,953,587 square feet of space changing hands, the average sales price in 2023 was $196.35 per square foot.

US Office Sales Volume (2019 - 2023 trend)

  • Sales Volume
  • No of Deals

US Office Sale Price per Sq. Ft. (2019 - 2023 trend)

  • Sales Volume
  • Average Price Per Sq.Ft.

In 2022, office sales amounted to $92,519,330,322 and the sale price averaged $253.11 per square foot. During that year, there were 3,895 transactions that saw 365,530,061 square feet of office space change hands.

Top 10 Office Sales by Total Price

Location Property Sale Date Sale Price
New York, NY 724 Fifth Avenue 12/19/2023 $425,000,000
New York, NY 720 Fifth Avenue 12/19/2023 $397,395,000
Washington, DC Metropolitan Square 10/3/2023 $305,000,000
New York, NY Fifteen Laight 2/15/2023 $273,500,000
New York, NY 850 Third Avenue 3/27/2023 $265,934,183
Miami, FL 801 Brickell 11/3/2023 $250,000,000
Minneapolis, MN RBC Gateway 7/24/2023 $225,000,000
Washington, DC Station Place III 11/15/2023 $197,750,000
Lafayette, CO 200 Medtronic Drive 8/28/2023 $188,000,000
Kenilworth, NJ 2000 Galloping Hill Road 3/1/2023 $187,500,000

Top 10 Office Sales by Price per Square Foot

Location Property Sale Price Sale Price
per Sq. Ft.		 Sale Date
New York, NY 724 Fifth Avenue $425,000,000 $6,537 12/19/2023
New York, NY 720 Fifth Avenue $397,395,000 $3,508 12/19/2023
New York, NY Fifteen Laight $273,500,000 $2,465 2/15/2023
Palm Beach, FL 125 Worth Avenue $83,000,000 $1,659 7/17/2023
Palo Alto, CA 2555 Park Blvd $58,000,000 $1,526 10/4/2023
Menlo Park, CA 321 Middlefield Road $68,000,000 $1,405 1/5/2023
Santa Monica, CA Pier Point Pacific $86,680,000 $1,297 12/18/2023
La Jolla, CA 11119 North Torrey Pines Road $86,000,000 $1,186 5/4/2023
Coral Gables, FL 1715-1717 SW 37th Avenue $14,300,000 $1,108 9/15/2023
Palm Beach, FL 375 South County Road $18,335,600 $1,098 7/17/2023

Office Construction Pipeline

  • 68.2M Sq. Ft.Completed in 2023
  • 434Properties Completed in 2023
  • 85.5M Sq. Ft.Under Construction in 2024
  • 515Properties Under Construction in 2024

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 515 properties that added up to 85,468,605 square feet.

National Office Construction (2017 - 2023 trend)

  • Sq. Ft. Completed
  • Buildings Completed

By comparison, new projects completed in 2023 totaled 68,178,697 square feet across 434 properties sized 25,000 square feet or larger.

10 Largest Office Projects Completed in 2023

Location Property Property Size
(Sq. Ft.)		 Data Completed
New York, NY Two Manhattan West 2,145,245 7/1/2023
New York, NY PENN 2 1,619,000 12/1/2023
New York, NY Googleplex - 550 Washington Street 1,300,000 6/1/2023
Arlington, VA HQ2 - Merlin 1,267,213 5/1/2023
Chicago, IL Salesforce Tower 1,200,000 6/1/2023
Boston, MA One Post Office Square 1,082,000 5/1/2023
Boston, MA One Congress 1,015,200 7/1/2023
Charlotte, NC Duke Energy Plaza 1,000,000 2/1/2023
Bellevue, WA 555 Tower 996,000 10/1/2023
San Jose, CA 200 Park 967,342 7/1/2023

10 Largest Office Projects Under Construction in 2024

Location Property Property Size
(Sq. Ft.)		 Estimated
Completion Date
New York, NY 7 Hudson Square 1,279,389 6/30/2024
New York, NY Terminal Warehouse Redevelopment 1,243,125 12/31/2024
Bellevue, WA Tower 1 at Bellevue 600 1,140,035 6/30/2024
Cleveland, OH Sherwin Williams HQ 1,070,144 12/31/2024
San Francisco, CA Kilroy Oyster Point - Buildings D, E & F 865,000 6/30/2024
Sunnyvale, CA Intuitive Surgical – South Building 847,000 6/30/2024
Denver, CO 1900 Lawrence 720,000 7/31/2024
Boston, MA Boston Seaport - 1 Boston Wharf 707,000 6/30/2024
Miami, FL 830 Brickell 638,355 9/30/2024
Baltimore, MD Harbor Point - Parcel 3 610,000 12/31/2024

The information on this page was compiled using data provided by CommercialEdge, 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 2023 through December 31st 2023. The construction pipeline data presented is valid as of April 2024.

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 CommercialEdge can guarantee that the information provided is complete.