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.

  • $31.68/Sq. Ft.December 2023 Avg. Asking Rent
  • $33.11/Sq. Ft.December 2024 Avg. Asking Rent
  • +4.51%12-month Asking Rent Trend

The full-service equivalent average asking rent for office space in the U.S. went from $31.68 per square foot in December 2023 to $33.11 per square foot in December 2024. In terms of rent trend variation, this represented a 4.51% 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$27.4
  • Avg. Asking Rent Class C$19.72
  • Avg. Asking Rent Overall$33.11

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 2024.

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 $27.4 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 $19.72 per square foot in December 2024.

National Average Office Vacancy Rates

  • 18.26%December 2023 Vacancy
  • 19.78%December 2024 Vacancy
  • +1.52%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 2024, the national average vacancy rate stood at 19.78%, following a 1.52% change compared to 12 months before. Class C property was the most occupied, with vacancy across this segment averaging 14.45%. The second-lowest vacancy rate by property class was recorded in class B office space, for which availability stood at 19.6%. Meanwhile, the national vacancy rate for class A&A+ space averaged 20.2%.

2024 Office Sales in the U.S.

  • $41B2024 Office Sales Volume
  • 257.1M Sq. Ft.2024 Office Space Sold
  • $174.1Sale Price per Sq.Ft.
  • 2,302Number 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 2,302 office transactions closed across top markets last year, adding up to a $40,972,700,444 sales volume. With 257,076,795 square feet of space changing hands, the average sales price in 2024 was $174.1 per square foot.

US Office Sales Volume (2020 - 2024 trend)

  • Sales Volume
  • No of Deals

US Office Sale Price per Sq. Ft. (2020 - 2024 trend)

  • Sales Volume
  • Average Price Per Sq.Ft.

In 2023, office sales amounted to $37,836,393,041 and the sale price averaged $196.44 per square foot. During that year, there were 2,169 transactions that saw 218,290,076 square feet of office space change hands.

Top 10 Office Sales by Total Price

Location Property Sale Date Sale Price
New York, NY 980 Madison Avenue 6/6/2024 $560,000,000
Austin, TX Block 185 12/11/2024 $521,800,000
Miami, FL 701 Brickell 10/8/2024 $443,000,000
Arlington, VA CEB Tower at Central Place 2/15/2024 $372,971,500
Cambridge, MA 730 & 750 Main Street 9/6/2024 $361,500,000
Mountain View, CA Microsoft Silicon Valley Campus 9/4/2024 $330,000,000
New York, NY 250 Park Avenue 8/21/2024 $320,152,500
New York, NY 180 Maiden Lane 7/11/2024 $297,000,000
New York, NY 799 Broadway 11/26/2024 $255,000,000
Washington, DC Gallery Place - 616 H Street NW 6/10/2024 $225,675,410

Top 10 Office Sales by Price per Square Foot

Location Property Sale Price Sale Price
per Sq. Ft.		 Sale Date
New York, NY 980 Madison Avenue $560,000,000 $4,720 6/6/2024
Miami, FL 888 Brickell Avenue $61,225,000 $2,662 4/23/2024
Boston, MA 149 Newbury $101,000,000 $2,322 10/16/2024
New York, NY 61 & 63 Crosby Street $54,500,000 $2,096 11/25/2024
Palm Beach, FL 95 North County Road $28,000,000 $2,010 12/26/2024
Cambridge, MA 730 & 750 Main Street $361,500,000 $1,713 9/6/2024
San Francisco, CA 535 Pacific Avenue $59,700,000 $1,686 2/9/2024
Menlo Park, CA Sand Hill Commons $222,200,000 $1,671 10/28/2024
Palm Beach, FL 222 Royal Palm Way $18,665,000 $1,596 8/12/2024
Seattle, WA 1165 Eastlake $149,962,000 $1,498 9/12/2024

Office Construction Pipeline

  • 53.3M Sq. Ft.Completed in 2024
  • 330Properties Completed in 2024
  • 56.5M Sq. Ft.Under Construction in 2025
  • 345Properties Under Construction in 2025

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 345 properties that added up to 56,486,485 square feet.

National Office Construction (2018 - 2024 trend)

  • Sq. Ft. Completed
  • Buildings Completed

By comparison, new projects completed in 2024 totaled 53,283,322 square feet across 330 properties sized 25,000 square feet or larger.

10 Largest Office Projects Completed in 2024

Location Property Property Size
(Sq. Ft.)		 Data Completed
New York, NY 7 Hudson Square 1,279,389 8/1/2024
Sacramento, CA May Lee State Office Complex 1,250,000 4/1/2024
Bellevue, WA West Main 1,043,750 2/1/2024
San Diego, CA RaDD - 2B - Rise, The 785,000 3/1/2024
Denver, CO 1900 Lawrence 719,956 8/1/2024
Boston, MA Boston Seaport - 1 Boston Wharf 707,000 10/1/2024
Nashville, TN Nashville Yards - Pinnacle Tower 678,000 12/1/2024
Miami, FL 830 Brickell 640,000 10/1/2024
Bellevue, WA Artise, The 611,693 2/1/2024
Atlanta, GA Ten Twenty Spring 557,000 12/1/2024

10 Largest Office Projects Under Construction in 2025

Location Property Property Size
(Sq. Ft.)		 Estimated
Completion Date
New York, NY 270 Park 2,500,000 8/31/2025
Redmond, WA Microsoft Redmond Main Campus - Redevelopment 2,000,000 2/28/2025
New York, NY Terminal Warehouse Redevelopment 1,300,000 3/31/2025
Bellevue, WA Tower 1 at Bellevue 600 1,140,035 12/31/2025
Cleveland, OH Sherwin-Williams Global Headquarters 1,070,144 3/31/2025
Boston, MA Fenway Center - Phase II 960,000 12/31/2025
San Francisco, CA Kilroy Oyster Point - Phase II 865,000 12/31/2025
Sunnyvale, CA Intuitive Surgical - South Building 847,000 5/31/2025
Austin, TX Republic, The 833,145 6/30/2025
Charlotte, NC 2405 Governor Hunt Road 700,000 10/31/2025

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 2024 through December 31st 2024. The construction pipeline data presented is valid as of February 2025.

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.